The insurance industry is known for being complacent. It is this complacency that left a gaping void in the marketplace for more solutions for e-commerce businesses. Well Insurance was born from this void in the marketplace and the need of one Ecommerce business woman seeking more coverage and better solutions.
Lori Jurans is the founder of two successful eCommerce brands. After listing on Amazon in 2012 Lori was thrilled to see their sales begin to grow rapidly. With that growth quickly came the necessity to leverage more and create larger purchase orders. As their purchase orders and overhead expenses began to rise, so did Lori’s anxiety with the realization that they needed to understand their exposure and protect their assets. In addition to traditional coverage, she also had concerns that a large portion of their business was being built on a platform they did not own. Sound familiar?
It is this fear that caused her to go to her General Liability Insurance agent, Nicole Welden, and ask if her current general liability insurance would cover them if their Amazon Seller Account was suspended. Nicole and her partner, Matt Lovell researched the policy and came back with the conclusion that it would not and, moreover there was nothing on the market that would cover an e-commerce seller in that scenario.
As of March 1, 2017 the Amazon Suspension Insurance policy is now available to purchase directly through Well Insurance Agency and backed by Lloyd’s of London. Furthermore, as of 2019 we now offer the first ever General Liability + Suspension Insurance Combo policy. These revolutionary products are changing the way insurance coverage is offered in the eCommerce industry.
We are so proud to offer specialized eCommerce Insurance products and to work with Amazon Sellers directly to help them regain some control and power over their livelihood. We know how hard these men and women have worked to build their businesses. Most sellers are trying their best to follow Amazon’s policies and only want to follow best business practices, however mistakes and misunderstandings can happen. We hope our sellers can sleep better at night knowing that they have a policy that will back them up in case a suspension happens. We have you covered so you can focus on what you do best – growing your business!