April 8, 2020
Peace of Mind with E-commerce Insurance

Peace of Mind with E-commerce Insurance

E-commerce is a trillion-dollar industry
and if you are one of the 1.7 million
ecommerce site owners listen up. For the
first time there’s a way you can protect
your online retail sales, after all
you’ve worked so hard to build your
online business. Are you
prepared for loss of income if a platform
like Amazon or to suspend you for something
like a customer dispute? In many cases
at no fault of your own, that would be
devastating! Here to talk about
insurance for your e-commerce business is
Lori Jurans from well insurance. Good
morning. Good morning, thanks for being
here. Thank
you. You know we’ve talked a lot
about the internet, we’ve talked a lot
about e-commerce sites this is really
new to me and this was really personal
to you wasn’t it? It was, yes it was,
we own our own e-commerce business and we
were ecstatic to see it growing. Fast. Yes we’ve
been working it for about five years and
about a year ago as we became more
reliant on the income that we were
bringing in with this business I started
to realize that if something happened
tomorrow, perhaps at no fault of our
own that we would maybe not be able to
pay the bills the next day and that
became very scary for me and that’s when
I said this really should be available. So here’s a question why would a
platform shut down the e-commerce
business? Well so it’s an
interesting question. Right? And it happens
every day unfortunately yes and oftentimes
at no fault of the business owner. Give me some
examples. The big giant is
Amazon right? A
lot of e-commerce sellers depend on
Amazon to do their online sales and
Amazon really works to protect the
consumer and believes that if something
is suspicious they will shut down your
account while they investigate it. Because the customer is always
right. The
customer is always right in the Amazon
world which is a beautiful thing and as
it should be however while they’re
investigating this they may suspend
your sales. It could be that
your account was hacked or that you have had
too many delayed shipments lately, it
also could be that you’ve been accused of
counterfeit products. Oh! Yeah,
things like that. So
then you’re shut down for that time
being and then you’re losing money. That’s right. And that’s your
business. That’s right so that’s when you
have an aha moment. Yes. And you said I
have to do something. Yes. What did you
do? Yes so
at that point I went to my general
liability insurance agency company and
so we really should work to develop this
policy because general liability is
necessary and provides a lot of protection but there’s
not any insurance companies currently
providing any type of loss of income
insurance and really not any insurance
agencies that know the ins and outs of the
e-commerce business. So what did you
create? So we
created a loss of income suspension
insurance policy. How does it
work? So, it uh, you can
really customize it to make it work for
you. So your premium is based on
your annual gross income and it’s
also based on if you choose to cover
yourself for 30 days up to 180 days, you also
can cover yourself for $50,000 in
annual gross revenue up, to a million
dollars in annual gross revenue, and that’s
really how it works you can purchase
this policy and were you to be
suspended based on the insurance policy
you purchased you can protect your
loss of income for the days that you are
out of income. Who should be using this
policy? Everyone? Anyone that has an
e-commerce business absolutely, I believe
should be considering the policy. And
let’s talk about the legitimacy of the
policy because you know you hear so
many things fraud all this stuff so yes you
know talk about that aspect. Absolutely well this is backed
by Lloyds of London. We’ll that’s huge. It’s huge. It’s the oldest insurance
company in the world and that’s his backing
this policy, so no worry about the legitimacy
of the policy. So have you heard from
business owners that say “oh my goodness
thank you so much for this idea because now I
have peace of mind”? Yes, yes we
have. We’ve had
people tell us that they can sleep
better at night because they know that
if something happens tomorrow that they
can continue to pay their employees, they
can keep the lights on, they can keep
food on the table. It’s
personal. It
really is personal you know business
owners have worked very hard to build
their business and they deserve the
right to protect it. Great idea,
great lightbulbs that went off. Thank
you. Congratulations and good luck on
the business and hopefully it keeps
on growing. Yep that’s the plan. Thank you
so much and for more information about
suspension insurance for your ecommerce
site visit well dash insurance com or go to
our website the balancingact.com

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