The cost of legal fees, medical bills, and damages granted to the injured party in the event of a claim can all be covered with the aid of liability insurance. These expenses might easily put a company out of business without liability insurance.
It’s critical to comprehend the insurance plans in place when selling goods on online marketplaces like Etsy. The seller protection policy offered by Etsy covers defense against accusations of intellectual property theft, but it excludes culpability for personal harm or property damage.
You might think about getting liability insurance from a third-party provider if you wish to shield your company from potential claims made on Etsy. Make sure to carefully read the terms and conditions to make sure the coverage covers the operations of your particular firm.
After you have liability insurance, it’s critical to know how to submit a claim if necessary. The majority of insurance companies have a claims procedure that entails submitting proof of the claim, including medical bills or repair estimates, and collaborating with an adjuster to calculate the extent of damages.
It’s also crucial to remember that a business insurance policy can often have liability insurance added to it even after a shipping label has been generated. To make sure that it covers the particular goods being sent, it is crucial to thoroughly check the policy.
First-class packages are not always insured when delivering goods through Etsy. The option to buy supplementary insurance is up to the seller. However, priority mail shipments do have a minimal level of insurance.
The most crucial sort of insurance for business owners to think about is liability insurance, to sum up. It can safeguard your company from expensive lawsuits and contribute to its long-term success. Review your current insurance plans and think about getting additional liability insurance to protect your company from potential lawsuits when selling on websites like Etsy.