What insurance do online retailers need?

10th October, 2018

The retail landscape has drastically changed in recent years with the emergence of e-commerce businesses and online retailers. But how does this affect standard Retailers Insurance? And what cover do you need to have in place?

Public Liability
Just because most of your customer interactions are virtual, it does not mean you shouldn’t consider Public Liability Insurance. Perhaps you have couriers or suppliers visiting your premises, or customers picking up their packages.

Products Liability
This type of insurance covers damage to people and/or property that was caused by the products you sell.

Employers’ Liability
Only a legal requirement if you employ staff, such as warehouse workers, couriers, marketeers and so forth.

Property Insurance
You may not have a physical shop, but perhaps you do have a warehouse or maybe you operate from your home, in which case, standard Home Insurance would not suffice.

Stock
It is likely you will keep most, if not all, of your stock in one place. Therefore, Stock insurance cover is essential for protection against loss, damage and theft.

Business Interruption
This insurance covers your gross loss of profit should your business suffer an interruption, such as a flood.

Cyber Risks
Possibly the most important insurance for your e-commerce or online retail business to consider. Relying on technology opens leaves your business open to risk due to the many transactions that take place online and all of the customer data you will collect.

Find out more about our Cyber Risks Insurance policies here.

Talk to Routen Chaplin today to discuss your Retailers Insurance requirements, whether you operate largely online or in store.