Just received notification from underwriter that a Certificate of Insurance was requested by Amazon the “Certificate holder”. Thought this was interesting and caught me by complete surprise. Anyone else experience this? Is this cause for concern? Thoughts.
It’s been discussed for 17 days.
if you are just retailing someone elses product do we need to carry insurance if the manufacture does?
If you sell, you need insurance. There are laws about this. If you sell on Amazon you need insurance (section 9 of the ABSA existed before I became an Amazon Seller).
Ask you agent if requiring your suppliers to add you as an additional insured will reduce your premium.
I got a notice as well to provide liability insurance. I only make between 3000-4000 per month in sales and the threshhold is supposed to be $10,000. I sell sewing patterns and yarn. I tried to call Amazon to dispute but they say I need to have it. Anyone else having this issue? I’ve sold on Amazon for over 10 years and now it will probably end. I used to have liability insurance for my business when I made more money but can no longer justify the cost.
Have you tried using Amazon’s insurance accelerator? Many sellers report getting rates from them in the hundreds of dollars a year. You’re not selling in a high-risk category, your rates should be very low and affordable.
Business insurance is a business expense and can be written off on your business taxes.
This shouldn’t be the end of the world for anyone.
Technically, you were required to have insurance always, Amazon wanted documentation at $10K or whenever… This is whenever, there is nothing to appeal. Any attempt at appeal would start out with I broke the rules and didn’t have the requisite liability, but… Which is never a good start.
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