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Tailored insurance for your online retail business. Maximum coverage, minimum cost.
As an online retailer, your customers rely on you to provide great products and quick delivery. However, if your products get damaged while being shipped, or your products cause harm to your customers, your business will suffer. That’s why Provide offers specialised online retailers insurance to protect your digital business.
What insurance do online retailers need?
Property, inventory, and equipment insurance: Coverage for your shop premises and equipment. Protects you from risks like fire, water damage, burglary, vandalism, etc.
For instance, a fire in your shop breaks out and destroys the premises. This insurance will pay for repairing your shop, replacing your inventory, and replacing any damaged equipment.
Shipping insurance: Coverage for both international and domestic shipments. Pays for lost/damaged goods.
Work injury insurance: Coverage for employee injuries/infectious disease, including Covid-19 infections.
For instance, one of your staff gets Covid-19 after interacting with customers, and spreads it to all your other staff. This insurance will pay for lost wages while quarantined, medical expenses, and legal expenses if your workers sue you for creating an unsafe work environment.
Cyber attack insurance: Coverage if hackers steal sensitive data (e.g. credit card details) from you, or shut down your IT systems.
For instance, if a hacker steals credit card and personal information from your website, you can be sued by your customers. You can also face government penalties. This insurance will pay for lawyer’s fees, and costs to restore your IT systems. It also pays for Public Relations (PR) firms to manage any PR damage that has been inflicted on your brand.
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What are the major risks online retailers face?
Products causing injury or illness to customers: Customers getting hurt while in your shop.
For instance, if a customer slips and falls, they can sue you for personal injury damages and medical expenses. Barbers can also accidentally hurt customers while doing things like cutting hair, or applying strong hair dyes.
Staff suffering injuries/infectious disease: Staff injuries, or staff contracting Covid-19 infections. Given the close proximity that barbers work with clients, the chance of Covid-19 infections cannot be ignored.
Under Singapore law, business owners are responsible for paying the medical expenses and lost wages of staff who are injured/sick due to work-related causes.
Inventory/property/equipment damage: Risks like fire, water damage, burglary, and vandalism.
For instance, an electrical fault could occur from a power outlet with too many attached devices. This could start a fire, destroying your premises, inventory, and equipment.
Cyber attacks: Hackers often target online retailers because of the wealth of credit card information they can steal.
What are the benefits of using Provide for online retailers insurance?
Provide gets you tailored online quotes for online retailer insurance, at the lowest premiums.
Save up to 25% on premiums
Save time with our convenient online platform to get quotes, file claims, and manage policies
Expert insurance team with 20+ years experience serving both SMEs and large multinational firms
Available by phone 7 days a week