Amazon seller insurance:
What kind of insurance is best for Amazon sellers? When sellers sell on Amazon, they will definitely encounter a lot of problems every day, such as accidents, and when an accident occurs, you will need to deal with it and may take corresponding responsibilities. If you are a company manager, you will no doubt do your best to protect the interests of you and your employees. But if there is a better way to protect your rights and protect your business from some losses and adverse effects, isn't it great to think about it?
Cool Tsai invites Costa Kleoni of NAS to organize some basic insurance policy lists for sellers, for reference only ~ We also welcome all sellers to share with Cool Tsai when using better insurance services.
1. Loss of profit insurance
Loss of profit insurance is basic insurance and is a good choice for any e-commerce seller. For example: if you have a brick-and-mortar store and a fire accident occurs, you may need to temporarily close the store and stop your business to calculate the loss caused by the fire. At this time, if you purchase this type of commercial insurance, you will be partially compensated to make up for the income from closing your store and not being able to operate normally, and the cost of repairing the store.
Although the online operation will not cause a fire, etc., if your account is suspended or closed by Amazon due to some illegal operations, it will cause losses to your store. Whether it is storage costs or operating income, it will affect your interests to a greater or lesser extent. When you purchase such insurance, you can effectively reduce these costs to a certain extent, that is, you will receive a corresponding compensation subsidy.
Maybe some sellers think like this: I have strictly followed all the rules of Amazon, so the store is very safe and will not be closed by Amazon. Amazon is constantly updating the rules of the store, so you may accidentally step on the minefield, even if the probability is very low, it is necessary to take precautions in advance. In order to protect the rights of buyers, Amazon usually deals with the following: first suspend the processing of the store, and then resolve your appeal. And during the period of your appeal, the store will not operate normally, which will cause you to lose a lot of income.
And the loss of profit insurance can compensate for your loss in proportion during the period when your store is closed. At the same time, you can contact the insurer and ask experts and lawyers to help you appeal, so that your store can be re-operated in a faster time and reduce your losses. In addition, some loss-of-profit insurance businesses, such as Momentum ™, also come with value-added services that include the cost of tax audits, so you can avoid paying tax practitioners' fees when auditing.
2. Commercial Comprehensive Liability Insurance (CGL)
Comprehensive commercial liability insurance that can protect you and your business from personal injury, property damage, and advertising (meaning that damage in an advertising campaign that occurs during the insured's period is caused by defamation, slander, reputation, or privacy violations) Rights, patent infringement, unfair competition, or copyright infringement). If you are a manufacturer, your policy can also include product liability insurance to protect you from claims arising from the use of your product.
If the total proceeds from the transaction exceed $ 10,000 for three consecutive months, Amazon requires its seller to assume comprehensive commercial liability insurance. The insurance limit must be at least USD 1,000,000 each time, and the total must include product liability, personal injury, property damage, etc. Amazon and its assignees must also be designated as additional insured persons for this policy. Note that the above policies will vary depending on the policies of each country.
Although the core coverage of the CGL policy is basically the same, it is important that you confirm that you meet Amazon's requirements before purchasing coverage.
3. Work injury compensation
If you have your own employees, then you definitely need to buy insurance for them, and they can enjoy a certain subsidy after an accident during work. Because if an employee has an accident at work, your company needs to bear the corresponding financial responsibility. If some companies do not purchase workers' compensation insurance for their employees, when employees have accidents and do not receive corresponding compensation, then employees can sue the company. At this time, the company not only needs to compensate a large amount of money and pay legal costs related to the lawsuit This is very uneconomical.
When you buy workers' compensation insurance for your employees, you don't need to worry about this issue. The insurance company will give your employees a corresponding proportion of compensation according to the standards you have insured, and your employees will not sue you. Workers' compensation insurance varies from place to place, so you need to be familiar with your local laws when considering employee compensation.
It is very important to prevent all security accidents by using the correct insurance, not only to protect their own interests to a certain extent but also not to worry about high expenditures. Sellers, you need to be concerned about buying insurance, and you must choose the insurance that suits you.
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