Stock insurance for stock from China
Hi,
I have been selling on FBA for quite some time now, in June i started my own website which is now doing well.
The issue I now have is that I have a lot of stock in the office and cannot get insurance.
The issue I am facing is that no insurance company will offer me insurance because the stock is coming direct from China to me. They all say I need to buy public liability and the stock insurance is an add on.
They say this is an issue because if someone was to put a claim in against me they would then pursue the insurance company of the supplier, but they said they would not be able to do this if the supplier is based in China.
I have tried so many companies including simply business and direct line but with no joy.
Can anyone recommend an insurance company that will either offer me public liability and stock insurance as an add on or will offer me just stock insurance.
Any help would be greatly appreciated.
Seller_m6v5llsLC8zKj
I think I might have found a solution for anyone in the same position as me.
For stock only insurance I have found a list of of insures that offer this, use the below link
I have also just been told that to get product liability insurance I need to get a right to recourse agreement signing by the manufactures in china, with this I can get the insurance.
0 replies
Seller_7VbclcPFFRTnc
I’m glad you raised this as I believe there are many sellers in the same boat who don’t realise importing from china is an issue with regards to insurance
Have you tried specialist brokers such as hiscoxs or policybee ?
Seller_m6v5llsLC8zKj
Hi,
We have low sales on FBA and I was under the impression that you only needed it if sales were over 10k per month.
We do have stock in FBA but it is a small amount compared to our website stock. We started the website due to low FBA sales and the website just took off.
Regarding the FBA insurance these seems to have been an error on my part and I will look at rectifying this today.
Using a storage company maybe the way to go to protect my stock but as pointed out I would still need PL insurance.
Seller_m6v5llsLC8zKj
I think I might have found a solution for anyone in the same position as me.
For stock only insurance I have found a list of of insures that offer this, use the below link
I have also just been told that to get product liability insurance I need to get a right to recourse agreement signing by the manufactures in china, with this I can get the insurance.
Seller_16EevDf4Axaui
Just to clarify what’s being said here, being a Ltd company does offer a director personal limited financial liability, it will not avoid the company itself from being sued, but as long as a director acted in good faith, isn’t selling dangerous goods or goods without the required safety certifications applicable in this country, their personal liability is limited. Appropriate insurance would cover the cost of any claim arising or theft, but I just felt some comments were seen to be directed at the individual being liable, financially, instead of the company, not trying to tread on toes or anything, just wanted to clarify for the benefit of others who may be reading 
Seller_NoMNQDGnEW5Bx
Before you decide exactly what insurance you need, it’s worth checking up on Amazon’s requirements for selling in the UK and Europe, as set out in their sellers’ agreement (or Europe Business Solutions Agreement, if you want to look it up).
According to that, if your sales typically tip over £4,000 a month, then you should be insured for ‘products liability and bodily injury’, and be able to offer a certificate of proof if Amazon asks.
In other words, public liability and also products liability, up to a minimum of £400,000 per claim.
Taken from policybee
and as this is in the contract/sellers agreement, not doing it would be classed as breach of contract as so the company director could be liable
Seller_xUKHc5xSYJmI4
A friend of mine suggested Clegg Clifford or Marsh Insurance Brokers.
Seller_A0OTlwV7zzHv5
I would recommend Marsh Commercial, they managed to find us product liability, public liability and management liability insurance.
Julia_Amzn
Hello Sellers,
Thank you to @REGN_LTD for making the opening post and sharing your experience.
Moderators are closing the topic now. There is good information here, and there are off topic posts, hence the closure.
Thank you,
Julia.
