Insurance cover for business is way too mandatory and has become a big necessity these days.
Even today, insurance cover is required more than ever, because people sell out their products and services online.
The internet has become a big pathway for both big and small business, as it offers more exposure, more visitors and of course more conversions rate.
But everything has and side effects because competition level also rises high. When dealing and fulfilling end number of targets and public demands, mistakes are likely to happen.
Certain mistakes can be undone, but some can’t be. To help in such situation and to maintain the market reputation, Amazon Company has launched its own “Amazon product insurance”.
Being an Amazon seller, it is mandatory to get insurance to meet Amazon’s guidelines as well as to guard your growing business:
A) You Need to get Insured: There are two possibilities in which different sellers lie, they are:
• Professional Seller Account: If you own a professional seller account, you need to have a one million dollar general liability policy in place that lists “Amazon.com, Inc., and its associates and assignees” as supplementary insurance.
1. It is obligatory for every seller to provide Amazon with a certificate of their previous business insurance cover
•Private-Label Sellers: Generally, private label sellers face more risk if anything goes wrong with their products.
1. Whether you are industrializing your own products or having that work delegated out to a dealer, there is risk exposure for you as a merchant.
Note: In either of the case, go through all the amazon insurance policy terms and conditions that comprises coverage for bodily injury, property damage and products liability.
B) Consider Suspension Insurance: Suspension insurance is offered only after a client who owns an Amazon store asks the Amazon company if his or her current policy would offer coverage if their seller’s account was suspended.
• Amazon Company launched their own insurance policy because they did some survey and found a major issue:
1. There was nothing on the market that would have offered protection to the sellers business or services in the event of an account suspension.
2. Go through this link and you will find out that Amazon Suspension Insurance policy does not substitute Amazon’s obligatory general liability insurance policy.
3. Suspension insurance includes income protection for online sellers, multiple coverage levels to choose from and more.