6 Best Ecommerce Insurance Companies 2023

A business owner’s policy (BOP) containing general liability, $15,000 in protection for your property, and data breach insurance costs $687 annually with The Hartford.

The liability portion provides a limit of $1 million per occurrence and also protects against data breaches your business may face. The Hartford offers specialized cyber resources for online business through The Hartford Cyber Center.

The Hartford has excellent customer service, with 24/7 access to claims, customer service, and online policy management.

Customers and agents have a positive experience working with it. Complaints filed with the National Association of Insurance Commissioners (NAIC) are lower than the national average. And, in J.D. Power’s independent agent satisfaction survey, The Hartford was voted the third-best provider to work with.

However, you will sometimes have to call to purchase the policy, but the process is quick and straightforward. Typically, you can get a quote online for most coverages and conveniently purchase the policy in a few minutes.

With more than 200 years of experience, The Hartford has the financial strength you would expect from a successful insurance company. It received a rating of A+ (Superior) from AM Best.

You can save up to 10% on ecommerce policies with Next. We received a quote for a BOP costing $59.59 a month. This policy provides product liability coverage and $10,000 in coverage for equipment and property.

Next offers a great app that functions like a 24/7 service center when you need to speak with someone; however, the customer service team is available only on weekdays. You can make changes to your policy, pay your premium, request a COI, and file claims through the app.

Next also offers insurance for more than 1,300 different professions and industries. If your business isn’t strictly ecommerce but does work online, Next is still a great choice because of its wide range of industries covered.

Customers are happy with their experience with the provider. Its complaints monitored by the NAIC are lower than the national average. On its website, there are over 5,000 user reviews with an average score of 4.5 out of 5 stars.

Despite only being founded in 2016, Next is rated A- (Excellent) by AM Best, which has determined Next’s balance sheet is very strong.

You can begin a quote online or by contacting either Nationwide or an independent agent in your area.

We received a quote for a BOP for $1,391 annually. The general liability limits were for $1 million per occurrence and $2 million aggregate, and $25,000 for business personal property with a $1,000 deductible. This BOP also contained coverage for a 2,500-square-foot free-standing building. You cannot purchase the policy online—to finish the process, you have to call to speak with an agent.

The retail BOP by Nationwide has several endorsements you can add to fit your ecommerce business. In addition to the ones mentioned above, another standout coverage is contingent transit coverage, which protects you when selling an item to someone but the goods are either damaged in the shipping process or the customer refuses to pay for the product. This coverage has a limit of $5,000.

Nationwide has the lowest complaints via the NAIC of any provider evaluated in this guide and was ranked third in JD Power’s small commercial customer satisfaction survey.

When you sign up for a policy with Nationwide, you gain access to an online account portal where you can pay your bill, file a claim, and even track the progress of the claim. However, there is no app for managing your policy, and you cannot buy policies online and must speak to a representative to finish the process.

With nearly 100 years of experience, Nationwide has proven stability. It has an AM Best rating of A+ (Superior).

A general liability policy with professional liability costs $67.11 a month. If you are just breaking into the space and trying to spread brand awareness by going to craft shows, Thimble offers policies by job, month, year, and even hourly coverage.

In terms of coverage, its crafter’s insurance policy is for small businesses with a sales cap of $500,000. It also offers $5,000 in coverage for equipment.

Convenience is where Thimble shines, with online quoting, purchasing, and maintenance of your policy. Its app functions like a 24/7 call center, and there is no cap or added cost for requesting COIs. Both the app and its website are easy to navigate and user-friendly.

Customers are responding well to Thimble. On the independent review site Trustpilot, there are over 1,000 user reviews with an average score of 4.6 out of 5.

Thimble offers policies underwritten by Markel Insurance and National Specialty Insurance Company. Markel and National Specialty are rated A by AM Best.

A general liability policy with a $2 million limit costs $77.10 monthly. If you want to add cyber security to the policy, it costs an additional $250 in total.

If you’re a home-based web designer, Hiscox has a custom policy combining general liability, professional liability, and commercial property coverage.

Its property coverage has protection against business interruption due to malfunctioning computer operations and losses related to electronic data. It also has $2,500 in coverage for personal effects destroyed or damaged by theft.

Beginning with an underwriter working at Lloyd’s of London in 1901, Hiscox has the history, experience, and global reputation for being a carrier you can count on for your ecommerce business.

Hiscox provides you with a convenient experience. It offers an online portal for managing your policy and requesting a COI. Its in-house claims team is available to help you if something goes wrong.

Hiscox received an A (Excellent) rating from AM Best, the only financial rating company for insurers.

After answering a few questions, we received a quote for cyber liability insurance for our ecommerce business. The quote was for $250 annually and came with an aggregate coverage of $250,000 and a deductible of $1,000. The policy was through USG Insurance Services. It carried multiple coverages within that limit, but some did have a lower coverage amount. The quote came with $10,000 in extortion and $50,000 in forensic and legal expenses.

While you can purchase the policy entirely online, there is the option to call and speak with one of its agents about other options to insure your ecommerce business.

Simply Business is available in all 50 states. You can get a quote and purchase a policy entirely online. Usually, it will provide multiple quotes from different top-rated carriers, allowing you to compare for the best price. When you purchase a policy, you gain access to an account where you can manage it, file a claim, and get an instant COI.

Unfortunately, it is not open 24/7—and if you want to call, you will need to do so between 8 a.m. to 8 p.m., Monday through Friday.

Simply Business is well-reviewed by customers, scoring 4.7 out of 5 with over 600 reviews from users on Trustpilot.

While Simply Business works with multiple top-rated carriers, it is also owned by one. Travelers purchased Simply Business in 2015, which has an AM Best rating of A++ (Superior).

Ecommerce insurance is insurance that covers small business owners who sell products online. While most of the policies are common, ecommerce businesses often require additional coverage, like cyber liability or data breach, as well as products-completed operations coverage. These policies protect your assets and help control costs when something goes wrong.

Any small business owner selling products or services online should consider purchasing ecommerce insurance. Some ecommerce platforms, like Amazon, require vendors to buy such insurance. If you sell soap on Etsy or books on Amazon, or if you operate a clothing store that ships products to customers across the country, then review your policy to see if you need ecommerce insurance.

Premiums have a wide range and can vary from $500 to $10,000. When assessing risk for a business, insurers take many factors into account, such as industry, products sold, country of origin for the products, labeling, revenues, and claims history.