Insurance for online retailers is designed to protect E-commerce businesses from physical loss or damage to their own property and from claims brought against them by third parties for third party property damage and bodily injury arising from their business activities and their products. It’s also there to ensure you’re covered should, for whatever reason, you be unable to trade – perhaps due to damaged stock.
It’s wise to ensure you’re protected with online retailer insurance because, unfortunately, things go wrong and this won’t always be something you can control. Claims may be brought against you undeservedly, or your stock may be lost or damaged due to reasons that can’t be foreseen.
Who can benefit from Hiscox insurance for online retailers?
Our insurance for online retailers is designed for businesses that specifically sell physical goods over the internet. Whilst these businesses may occasionally sell their product in a face-to-face environment, at a pop-up store for example, this policy isn’t intended for businesses that have a permanent physical presence in the retail world.
However, if you do have customers, suppliers or couriers coming to your business premises or your home to collect parcels or attend a meeting, or you attend meetings, exhibitions or events away from home, then you should consider protecting yourself with public liability insurance. This could cover you against claims from a third party should an injury or damage occur in or away from your premises.
The policy is designed for UK-based online retailers (although you may sell your goods worldwide) with a turnover of less than £500,000 per annum.
Can anyone take out Hiscox insurance for online retailers?
It’s important to note that this insurance policy is intended to cover those that buy in or manufacture high quality products, and that operate on an entirely legitimate basis with reputable suppliers. This kind of cover is designed to protect online businesses should something unanticipated occur, not those that willingly enter business with a dubious source of product supply. Our product liability cover will cannot be extended to the latter.
We can provide cover for a wide range of products, however some will be subject to additional underwriting measures due to their nature.
This policy is available through our broker partners, PolicyBee. Visit PolicyBee(external link) for more information or for a quote.