With all the responsibilities business owners juggle on a daily basis, one consideration that often goes overlooked and can have a huge impact on operations is business insurance.
All businesses are different, which is why you need tailored protection that will ensure you’re covered against any unexpected events. SellersFi has partnered with Cover Genius and its global distribution platform XCover to provide solutions for your business, which you can browse here.
Cover Genius is a licensed insurance producer in all 50 states and has provided this helpful article below. Read on to learn more about the different types of business insurance and how you can find the right protection for you — so you can focus on growing your business.
What is business insurance?
Business insurance comprises many different types of protection for businesses, including general liability, professional liability, cyber liability, and more. Broadly speaking, business insurance can protect your business and assets from claims made against them.
If something happens — say one of your employees damages a customer’s property or you’re the victim of a cyber attack — you can file a claim to recover the necessary costs, which may include repair costs, legal fees and more.
Why do I need business insurance?
All companies should have insurance to protect themselves against the unexpected — yet often inevitable — risks associated with operating a business. Smaller businesses especially should be protecting themselves as any unforeseen costs could be detrimental to their bottom line (approximately 43% of small businesses are sued every year).
Though it is an added cost, businesses should keep in mind that the cost of coverage is far cheaper than the out-of-pocket costs needed to address potential claims or damages.
Protection Required by Amazon
Any business regardless of size will benefit from having business insurance. However, if you’re a seller on Amazon and you’re grossing more than $10,000 each month in sales for three consecutive months, you’re required to obtain a general liability policy.
There are additional conditions that your policy needs to meet, which we’ve outlined in a previous article, but overall, you’ll need general liability insurance with a minimum limit of $1 million per occurrence and in aggregate. As Amazon doesn’t offer insurance itself, it’s important to find the right partner to help protect your business.
Protection Requirements by State
While business insurance is highly recommended regardless of where or what your business is, there are different requirements depending on your industry and the state you’re operating from. It’s important to understand the requirements for your business and choose the plans that suit your unique needs.
Types of Business Insurance
As mentioned, there’s a wide variety of business insurance, from workers’ comp to commercial auto insurance. Here, we’ll be going through a few common ones that may make sense for your business: general liability, professional liability, and cyber liability.
General Liability
General liability protects your business from damages caused by your operations, ranging from property damage to bodily injury. If a customer slips and falls in your store, general liability insurance would cover the costs incurred.
General liability also includes advertising injury, which protects your business against claims of copyright infringement, libel, slander, and more.
Professional Liability
Professional liability protects you if a client or customer sues your business for losses stemming from your professional services — like bad advice or negligence. This type of protection is most relevant for businesses that provide a service, such as event planners or consulting firms.
Cyber Liability
Cyber liability insurance has become increasingly necessary for businesses as cyber attacks become more and more sophisticated, as it helps your business recoup the losses sustained after an attack has occurred.
Cyber insurance covers the costs and fees caused by anything from data breaches to fraud to cyber extortion. With 60% of small companies going out of business within six months of a cyber attack, cyber insurance can be vital for businesses that don’t have the internal resources to protect themselves against cybercrime.
What is Sellers Protect?
Business protection can be complicated, especially when it comes to understanding what types of protection are right for you. That’s why we’ve teamed up with award-winning provider XCover to offer Sellers Protect, our business protection solution that safeguards your business against the unexpected.
With Sellers Protect, you’ll get tailored protection for your business and a sense of security, all easily accessible directly from the SellersFi platform. Additionally, XCover offers customers award-winning service that has made protection simple, with an efficient digital claims process.
What does Sellers Protect cover?
Sellers Protect gives you General Liability coverage up to $1,000,000, with rates starting as low as $300 per year and protection that starts the moment you complete your purchase. If you do need to make a claim, you can do so in minutes directly through your SellersFi portal. Cyber liability and professional liability will also be rolled out through Sellers Protect in the future.
How to get started
It only takes a few minutes to apply and start protecting your business:
- Sellers can first choose the coverage or coverages that best fits their business.
- Then answer a few questions to check eligibility. If eligible, a quote will be generated automatically within a few seconds.
- After reviewing the quote, it only takes a few easy clicks to purchase.
Protect your business with customized coverage
Any business, no matter the industry, needs customized protection that enables them to grow with confidence. With Sellers Protect, we’ve built upon our commitment to empowering you and our network of 45,000+ businesses by making protection easy, allowing you to focus on what matters most.
Ready to get started? Get a customized Free Quote in minutes to protect your business with up to $1M in coverage that begins instantly.
