If you are starting up your own online retail business, whether on Amazon, eBay, Etsy or otherwise, you need to start thinking about your insurance.
If you are selling (or even handing out for free) a physical product you could be held liable if that product caused illness or injury to anyone.
To protect you from the cost of this, you will need to purchase products liability insurance.
The typical guidelines of Products Liability insurance are that you need it if you are:
1) Manufacturing a product
2) Designing a product to be manufactured
3) Selling or handing out the product
While it is less common for customers to chase the retailer in the event of a claim, you can still be liable.
This is particularly important if you are selling products that are manufactured abroad and therefore tracing the business responsible for them is impossible, whether because it’s not documented, or simply there is no contractual obligation to give any financial compensation.
Overall, as a retailer, purchasing Products Liability insurance is advisable.
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