Ensure your business continues to purchase the most appropriate online retail insurance at the most affordable cost because online stores can be exposed to a number of liability and property damage risks.
Every retailer is different and will need to consider their own circumstances when deciding which online retail insurance to purchase. As a Willis Towers Watson Network Broker, we have access to wide range of insurers which provide product liability insurance for both physical and online stores.
Online retail insurance is a comprehensive and flexible solution designed to reduce the financial burden of something unexpected occurring, such as a compensation claim of damages, or stock damage at a third-party warehouse.
Not all online stores are the same, therefore its worth considering what are the worst circumstances that could occur. Then purchase adequate business insurance that has been designed to meet your shop's needs.
Whether your retail business is online or on the high street, we can assist you with purchasing broad policy cover at a cost-effective premium that can offer protection in a variety of different circumstances.
The most commonly purchased policy covers include, product liability, public liability, employers liability, contents insurance, and stock insurance. However, an increasing number of digital stores are also purchasing cyber insurance, and D&O insurance.
Online retailers will supply goods to their customers, therefore are exposed liable claims as a result of a fault with a good you provided.
A legal requirement to purchase the cover if you have employees, offering financial protection against claims arising from injury or illness.
Can offer valuable protection against loss or damage from a range of insured perils, such perils include fire, theft, accidental damage, and flood.
The policy can cover your costs and expenses legal liability to pay compensation in the event of accidental injury or accidental loss of or damage to material property caused by your products.
Covers your costs and expenses and legal liability to pay compensation to any person suffering accidental injury or accidental loss of or damage to material property.
The policy can cover your costs, expenses and legal liability to pay compensation in respect of injury to employees in the course of their employment.
Covers damage to contents and stock arising from insured perils, such as fire, lightning, explosion, accidental damage, storm, flood, escape of water, theft or attempted theft.
The policy can cover loss of revenue, additional cost of working, and rent receivable, can be incorporated into your online retail insurance, resulting from damage to your insurable property.
The policy can reinstate, replace, repair or pay, following damage to your property whilst in or on or being loaded into or onto or unloaded from any motor vehicle owned by or operated under your direct control.
When you sell products online you will be held responsible for any damage or injury resulting from their use, even if you sell via an online marketplace, such as Amazon, Etsy, or Not On The High Street.
It's a misconception that if your online store has not manufactured the goods, your business can't be held liable for a compensation claim from a product sold that results in bodily injury or property damage.
If the product bears the name of your business, or where the manufacturer cannot be traced, you carry a higher exposure to claims. The courts will seek to apportion blame and compensate the claimant.
For digital stores that trade online, whether through a marketplace such as Amazon or their own website, there are additional risks that your business should consider protection against. Whether that be insuring your cargo from overseas, protecting the data you hold on your customers, or financial protection for the personal assets of the directors of the business.
Covers the loss or damage during transit. Whether that’s importing or exporting from overseas and/or domestic transit, including storage.
Protection for data breaches and cyber crimes. With criminals are targeting online retailers with the objective of committing fraud.
With retailers becoming increasingly reliant on technology, consideration should be given to risks such as security and privacy breaches. What would happen in the event a cyber attack removed your ability to transact online and stole customer information?
Product liability insurance isn’t a legal requirement in the UK. However, you may find you are required to buy the cover as part of your contractual requirements with the manufacture or online marketplace, such as Amazon. We can provide you with the necessary certificates of insurance to meet these obligations.
If you don't have a physical store, you could argue you have a very limited exposure to incidents such as slips, trips, and falls, which are the most common type of claim. However, if one of your employees visits another office or workplace, the business could be exposed to bodily injury or property damage claims resulting from their actions.
Of course. We just require some details concerning the products you plan to supply, where you plan to distribute to, where you sourced your products from, and your projected turnover to obtain quotes from insurers.
The US and Canada are perceived a higher risk to insurers given the litigious nature of their legal systems. If someone suffers an injury as a result of a product fault, the awards made by the courts can be high. We can identify insurers able to provide cover, however it will impact the cost of your retail insurance.
When importing your goods from the Far East, including China, your risk to compensation claims increases. If there is a fault with the product, it can be very difficult for your insurer to subrogate and recover costs and expenses against company's operating in the Far East.
With greater numbers of UK companies now creating social media accounts, consideration should be made to social media insurance protections.
If employees aren’t achieving their individual goals or become disruptive, it becomes increasingly difficult for management to achieve their strategic objectives.