In another first for the insurance world, specialist lines underwriting agency, CFC, has introduced a fully combined modular policy designed exclusively for online retailers.
Underwriting Director, Andrew Holmes, comments: “Online shopping has become part and parcel of everyday life over recent years. Back in August, the Office for National Statistics estimated that the average weekly spend online in the UK was £466.1 million with online shopping representing 8.1% of all retail spending. With Christmas on the horizon, online retailing giant Amazon has predicted that Monday 3rd December will be the UK’s busiest day of the year for internet sales.”
He continues: “While consumers have embraced the concept, insurance policies have struggled to get to grips with the distinct needs of online retailers. Some include product liability, others provide stock cover, a fair few will cover cyber exposures but none combine all these elements into a simple integrated package – until now. Our new Esurance WEB product is the world’s first fully combined modular policy designed exclusively for online retailers. Unlike any other policy available on the market right now, it covers their cyber exposures as well as the more traditional general liabilities such as product, public and employer’s liability. We’ve made it as easy for brokers to buy comprehensive cover for their online retail clients as the retailers themselves make it for their customers to buy their products online.”
Esurance WEB includes all the cyber exposures such as network security, privacy breach notification and cyber liability. It includes cover for media and advertising exposures with a fully comprehensive multi-media liability insuring clause. Uniquely, it also covers the traditional exposures of product liability, public liability, employers’ liability and property including stock. Cover is provided on a full worldwide basis.
Designed for all web retailers ranging from individual sellers through to global brands, package prices start from as little as £500 and, as with all CFC policies, Esurance WEB is simple to arrange and supported by fast service from CFC’s specialist underwriting teams.
