Do you know what the insurance requirements for Amazon Sellers are? If you sell goods on Amazon, you may already be aware that you are required to have insurance. If you have reached Amazon’s threshold of $10,000 in monthly sales, you are required to carry insurance. But, if you’re feeling confused about what Amazon’s insurance requirements are, i.e. what coverage you need exactly, then you’ve landed on the right page. We are going to break down Amazon’s insurance requirements, what information you need to provide to get a quote, and the questions you’ll be asked when you start the process of getting insured.
There’s nothing worse than being unsure of what coverage you actually need when you go to purchase insurance, and we want to make it simple and easy.
Looking for Amazon Retailer Insurance? Contact us HERE to get an online quote now!
Here is a breakdown of The Insurance Requirements For Amazon Sellers:
As a seller, you will need commercial general liability insurance. This coverage can be either commercial general insurance, umbrella insurance, or excess liability. If you are unsure of which one to choose, get in touch with an Advocate who can advise.
You will need a $2 million liability. The policy limit must be at least $2 million per occurrence…however, the amount you pay is based on several factors, including your business location, the products you sell, your annual and projected revenue, your years of experience, how many employees you have, and any previous insurance claims you have made.
Cover All Sales. The policy must cover all sales from products you have listed on the Amazon store.
Your Insured Name Must Match The Legal Entity. Except for single-member LLCs, your insured name must match the legal entity name you provided to Amazon in your account info.
Your Insurance Provider Must Have A Good Rating. Your insurance provider must have global claim handling capability and a financial rating S&P A – and/or AM Best A – or better.
Bound – The policy must be bound and in place in order to meet Amazon requirements.
If You Make Any Changes, Amazon Must Know. Your insurance provider must give Amazon at least 30 days’ notice of cancellation, modification, or nonrenewal.
If any of these requirements still have you scratching your head, you can get in touch with an ALIGNED Advocate.
What Will Information Will You Need To Provide When You’re Ready To Get A Quote?
The Basics:
Your provider will need to know the business name, location of your business as well as the industry/profession your business is in. You will also need to provide your contact information.
Other Information Needed:
- How long you’ve been in business
- How long your business has been insured
- If you have employees in Canada or the US
- Information about the location/building/unit your business operates from
- Your projected annual revenue
- What categories you are actively selling in
- Any previous claims your business has made
Contact ALIGNED Insurance for an Amazon Retailers Insurance Quote Today
ALIGNED Insurance has hundreds of Amazon retailers as clients and can you get Amazon retailer insurance when you need it. Get in touch with an ALIGNED Advocate who can get you covered today.
Related Posts:
- Amazon Retailer Liability Insurance
- Amazon Seller Product Liability Insurance
- Amazon Retailer Insurance Canada
