Retail giant Amazon has teamed with global insurance broker Marsh to help small business sellers get affordable coverage on product liability.
According to Insurance Business America, Marsh will also collaborate with Amazon on the Amazon Insurance Accelerator – the company’s new digital insurance network.
The publication added that in order to help third-party sellers more easily and affordably secure product liability insurance, Marsh curated a panel of leading insurers of small business and secured digital insurance distribution providers to support the accelerator program.
This comes after a new mandate introduced by Amazon now requires third-party sellers to secure product liability after reaching $10,000 in sales in one month – instead of three months – on the Amazon platform.
Small business sellers that use the new Amazon Insurance Accelerator will be able to secure product liability quotes as well as purchase a policy that meets their needs and the retail specialist’s new coverage requirements.
InsurTech companies taking part in the accelerator include Chubb, Harborway Insurance underwritten by Spinnaker Insurance Company, Markel, Travelers, Liberty Mutual Insurance and Hiscox.
Marsh US Affinity leader Anita Sathe said, “Product liability insurance allows Amazon sellers to focus on scaling their businesses, knowing they are protected should one of their products accidentally cause bodily harm or property damage. However, finding the right insurance policy at the right price — especially for new business start-ups — can be a daunting task.
“Amazon Insurance Accelerator makes it easy for sellers to obtain competitive quotes from reputable insurers that will stand behind their business and give them peace of mind.â€
Amazon was recently issued with a fine of $887m by a European privacy watchdog for allegedly violating the bloc’s data protection laws.
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