Amazon’s new digital insurance network aims to help the site’s sellers obtain quotes from reputable insurers
Broker Marsh yesterday (10 August 2021) announced that it has entered into a new partnership to help small businesses get affordable product liability coverage.
The broker will support Amazon’s new digital insurance network, Amazon Insurance Accelerator.
Amazon Insurance Accelerator aims to help Amazon’s sellers buy insurance by compiling a network of vetted insurance providers that can evaluate and, if appropriate, offer liability insurance at competitive rates to qualifying sellers.
Anita Sathe, Marsh’s US affinity leader, 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 startups - 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.”
Amazon now requires third party sellers to obtain product liability coverage after reaching $10,000 (£7,230.27) in sales on Amazon in one month, as opposed to its previous three month duration.
Marsh has curated a panel of leading insurers for small commercial business cover and has secured digital insurance distribution providers to help create Amazon Insurance Accelerator.
Thanks to the new network, US-based sellers can now obtain quotes and purchase a policy that meets their needs, as well as Amazon’s requirements, from one of the current participating insurers - including Chubb, Harborway Insurance underwritten by Spinnaker Insurance Company, Hiscox, Liberty Mutual Insurance, Markel and Travelers.
The policies will be made available digitally by Bold Penguin and Simply Business.
Commercial insurance exchange company Bold Penguin bought technology-assisted policy review firm RiskGenius in October 2020.
David Summers, group chief executive at Simply Business said: “We’ve seen rapid growth in the e-commerce industry over the last several years, and we’re looking forward to extending our digital proposition to Amazon’s third-party sellers.
“We work with a growing number of nationally recognized insurance providers and are committed to providing business owners with choice, and a fast and simple insurance-buying experience.”
Meanwhile, a Bold Penguin spokeperson said: ”Bold Penguin is thrilled to participate in the Amazon Insurance Accelerator to help more small businesses access the insurance coverage they need. Since we already power over 100,000 businesses each month in our terminal, we were well set up from both a tech and carrier integration perspective to support the initiative in collaboration with Marsh.
”Bold Penguin’s mission is to connect the businesses, brokers, and carriers across the insurance ecosystem and this partnership helps us further that goal. We are laser-focused on the US market so no current plans to expand to the UK.”