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Online Retail Business Insurance

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Insurance for online retail businesses

Online Retail business insurance NZ

Online retail business insurance is a tailored insurance package specifically designed to protect online businesses. It amalgamates various types of insurance policies into one bundle to ensure comprehensive coverage for the unique risks online retailers face.

Why is online retail business insurance important? 

Online retail business insurance is crucial as it safeguards against unforeseen liabilities, damages, or losses. By ensuring that your business is protected, you can operate with peace of mind, knowing that potential financial setbacks will be covered.

In New Zealand, the average cost of online retail business insurance typically ranges between $50 – $150 per month. 

It’s crucial to have online retail coverage if your business:

  • Handles customer data
  • Ships products nationwide
  • Operates from home
  • Stores inventory offsite

What insurance covers are typically included in online retail business insurance? 

Cyber Insurance

Insurance that helps protect online retail businesses from financial losses caused by cyber-related incidents, like data breaches and computer attacks.

Best For
  • Ransomware attacks
  • Phishing scams 
  • Cyber extortion 

Stock Insurance

Stock insurance in NZ is a type of coverage that helps protect online retail businesses from the loss or damage to the items they sell.

Best For
  • Mishaps 
  • Natural Disasters
  • Fires

Public Liability

This policy covers common online retail business risks that could result from there products. These include bodily injuries, customer property damage, and advertising injuries. 

Best For
  • Business Accident Coverage
  • Third-party Damages
  • Legal Cost Protection

Statutory Liability

This cover is a type of protection that helps online retail businesses cover costs if they accidentally break certain laws or regulations.

Best For
  • Unintentional breaches protection
  • Legal costs
  • Fines and penalties

How much does online retail business insurance cost?

Online retail business insurance premiums are calculated on several different factors including:

  • Types of cover
  • Turnover
  • Location 
  • Claims History 

Online retail business insurance in NZ typically costs between $50 to $150 per month

Who needs online retail business insurance?

Any business that sells products online in NZ should consider this insurance. Whether you’re a small business owner operating from your garage or a large e-commerce platform with a national presence, this insurance caters to the varying risks associated with online retail.

While some aspects, like liability insurance, might be mandated depending on your business type, online retail business insurance as a whole isn’t compulsory in NZ. However, it’s highly recommended to safeguard against potential losses.

Yes, you can. Gerrards, and many insurance brokers, offer customizable packages to ensure you only pay for the coverage you need.

How do I get a online retail business insurance quote? 

We understand the unique needs of online retail businesses in New Zealand. Leveraging our extensive industry knowledge and partnerships, we provide comprehensive online retail business insurance quotes from the top insurers in the country. Entrust us with your requirements, and we’ll ensure you receive the most competitive and tailored coverage options available.

To obtain a online retail insurance quote we may require you to provide some fundamental details about your business, such as:

  • The name of your business
  • The total number of employees
  • Predicted annual income
  • Years of experience in the industry

How do I get proof of online retail business insurance?

You can usually get proof of online retail business insurance same day when you purchase insurance through Gerrards.

Acquiring an online retail business insurance certificate from traditional insurance brokers may require a few weeks, a delay that could create problems for policyholders who need instant insurance proof for an imminent contract or project. We can typically provide an online retail business insurance certificate within 48 hours. 

To obtain insurance coverage promptly, contact one of our online retail business insurance brokers. 

What does online retail insurance not cover?

Contract breaches

Businesses often enter into contracts with suppliers, partners, or customers. If the business fails to fulfill the agreed-upon terms of a contract and incurs a loss or penalty, this is usually not covered by the insurance. It’s crucial for businesses to ensure they can meet all their contractual obligations to avoid such situations.

Normal wear and tear

Over time, goods and equipment deteriorate. This gradual process of wearing down is considered natural and hence is not covered by insurance. For instance, if an e-commerce business has computers that slow down over time, their natural degradation isn’t claimable.

Losses from undisclosed risks

Honesty is the best policy, especially when it comes to insurance. If a business fails to disclose certain risks or activities during the insurance application and later incurs a loss stemming from these undisclosed areas, that loss will not be covered.

Other common questions about online retail business insurance

Goods in transit cover protects against damages or losses while products are being transported. While many online retail business insurance packages include this, some may require a separate add-on or policy.

Storing inventory offsite can pose different risks. Most policies do cover these inventories, but always verify the specifics, especially if the storage site is in a different region or country.

Insurance can be adaptable. Many policies can account for seasonal changes in inventory or sales, providing protection that mirrors your business’s operational cycles.

While policies are generally cancellable, it’s essential to inquire about any potential fees, penalties, or notice periods required.

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