So I started a progress thread based on my e-commerce journey HERE. One of the items I am currently working through is how much and what kind of business insurance I would need for running an e-commerce business that operates both on Amazon and eventually as my own site.
In the first business I owned, it was pretty straight forward what I needed based on the the business model. I did reach out to the insurance agent that set me up at my first business and she is currently looking into it for me. When we spoke about what I was doing, her first thought thought was that if I plan on branding the product or putting my logo on it in any way shape or form, I need to be covered and covered "big time."
Her feelings stemmed from the fact that once you involve an end-user of a product that has your name on it, the risk becomes unpredictable. She said even something that doesn't seem dangerous could always be a liability if it gets into the wrong hands (i.e. small products eaten by children, etc.). Normally the manufacturer assumes the responsibility, but if I am branding these products as my own and having them imported from China, then the buck stops with me. Or so I am lead to believe.
Unfortunately the agent I have used in the past doesn't have any experience with e-commerce related businesses and focuses traditionally on brick and mortar retail shops and local small businesses. However, I am sure the insurance companies she is dealing will be able to provide the support I would need. But while I am waiting to hear back from her, I was curious what those of you selling e-commerce products were doing. Are you aware of any places or companies that specialize in this type of insurance? Is there maybe even a barometer of what I should expect?
Any thoughts or feedback is greatly appreciated.
In the first business I owned, it was pretty straight forward what I needed based on the the business model. I did reach out to the insurance agent that set me up at my first business and she is currently looking into it for me. When we spoke about what I was doing, her first thought thought was that if I plan on branding the product or putting my logo on it in any way shape or form, I need to be covered and covered "big time."
Her feelings stemmed from the fact that once you involve an end-user of a product that has your name on it, the risk becomes unpredictable. She said even something that doesn't seem dangerous could always be a liability if it gets into the wrong hands (i.e. small products eaten by children, etc.). Normally the manufacturer assumes the responsibility, but if I am branding these products as my own and having them imported from China, then the buck stops with me. Or so I am lead to believe.
Unfortunately the agent I have used in the past doesn't have any experience with e-commerce related businesses and focuses traditionally on brick and mortar retail shops and local small businesses. However, I am sure the insurance companies she is dealing will be able to provide the support I would need. But while I am waiting to hear back from her, I was curious what those of you selling e-commerce products were doing. Are you aware of any places or companies that specialize in this type of insurance? Is there maybe even a barometer of what I should expect?
Any thoughts or feedback is greatly appreciated.
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