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Whether you use Fulfillment by Amazon (FBA) or Fulfillment by Merchant (FBM) to deliver your products, you are liable for any type of injury or property damage a customer sustains from using your product. We’ve evaluated the best amazon seller insurance providers based on coverage, financial stability, customer satisfaction, and overall quality.
Next Insurance leverages AI technology to streamline the process to purchase insurance, track claims, and manage policies at no additional cost.
Coverwallet began its journey in New York City in 2015 operating under the Aon Insurance banner. At Coverwallet, you can access everything you need to keep your company well-protected at an unbeatable price.
Simply Business provides insurance policies for a range of professions and small businesses.
With a 100-year history of insuring businesses, Hiscox is well-known across America and globally. With more than 500,000 small business customers, Hiscox is fully aware and trained in the unique risks a business can face.
Thimble provides business insurance that can be tailored to your business by the year, month, day, or even the job. At Thimble, the process to getting the right business insurance is simple, scalable, and flexible.
Spott will ensure that your policy coverage is tailored to your business while complying with Amazon’s Terms and Conditions. They also track changes to Amazon’s Terms and Conditions to identify potential issues with listings before a suspension.
Like all businesses, an Amazon seller account on their platform is a business, which makes insurance necessary to protect it. Amazon seller insurance can help you avoid a financial hole due to claims against your business. If your new electric knife short circuits and turns on while someone is cleaning the blade, you are liable for their injury. If you have Amazon seller insurance though, you are covered.
All Pro Merchant seller accounts on Amazon with gross revenue of $10,000 or more are required to have Amazon seller insurance. Even if you are not a pro seller, it is still recommended to get insurance if something bad happens.
Amazon sellers have a few different types of policies that can cover most of their bases in terms of risk. Common ones include general liability insurance, commercial auto insurance, and others. Depending on whether you use Amazon’s FBA (Fulfillment by Amazon) services, you may also need coverage for your property and/or inventory on-site to mitigate your risk.
Here are common types of policies:
This type of policy can help cover damages to third parties through products you sell on Amazon. It can protect against a wide variety of things such as an injury due to faulty products, accidents, copyright infringement, and more.
If you use a vehicle for day-to-day operations, you should consider a commercial auto insurance policy. It will protect you and your business from any claims made due to auto accidents. Most states require this insurance from businesses if they have a vehicle.
Workers’ compensation insurance will ensure that an employee that gets injured on the job will have medical bills and rehabilitation paid for, as well as any lost wages. Also, it is required in most states. This is only relevant if your business has employees.
This coverage can help protect your inventory, gear, and even the building if you are the owner. If your assets are damaged due to water, fire, vandalism, or theft, commercial property insurance can help pay for the repairs.
This type of policy can help your business pull through if it is attacked by hackers that stole sensitive information such as credit cards and social security numbers.
As an Amazon seller, once you surpass $10,000 in sales in 30 days, Amazon requires you to provide proof of a product liability policy that has a minimum coverage of $1,000,000. The limit is based on per occurrence and covers all products listed on the Amazon marketplace. Furthermore, the policy should have a deductible of less than $10,000 to be compliant with Amazon’s Terms of Service. It helps mitigate the risk that Amazon assumes as the selling platform.
Here are some of the following costs for various policies:
Amazon is one of the biggest retailers in the world, so no wonder so many people list their products on the platform. There are lots of variables to consider the best policy for your business. Here are a few useful tips that can help: