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6 Best Ecommerce Business Insurance for 2022

As companies had to start participating more in ecommerce, they have found that their insurance coverage requirements changed. Businesses need less coverage for injuries and property damage and more coverage for loss shipments and cybersecurity. 

If you are an online retailer looking to enhance your insurance coverage, then there are plenty of options available. Most ecommerce business insurance companies offer online quotes or quote forms to make it easy for business owners to get started with their search. 

6 Best Ecommerce Insurance Companies

Now let’s take a look at the six best ecommerce business insurance companies for 2021. We selected these companies based on their customer service, online support, and the ability to pull quotes or request quotes.

Cover Wallet: Best for Coverage Selection

CoverWallet, the online insurance broker offers a wide selection of business insurance including, business interruption, cybersecurity, product liability, and general liability insurance. They make it easy to get a quote directly in your email based on your selection of different policies and provided information. Cover Wallet also has general estimates on their website for ecommerce insurance policies starting at $49 per month.

Embroker: Best for Technology

An online broker dedicated to providing quotes to small- to medium-sized businesses, Embroker, does almost everything through the internet. They have an online chat and phone number to call for general inquiries. Embroker offers a variety of insurance coverage, including cyber insurance, general liability, and business owner policy (or BOP) insurance. The website can also make recommendations for coverage based on your business type.

Embroker does offer online quotes for ecommerce insurance policies. However, they require a Federal Employee ID Number or a Social Security Number to complete the quote.

CyberPolicy: Best for Cyber Insurance

Another online insurance broker, Cyberpolicy offers commercial insurance with a strong focus on cybersecurity insurance. They offer online quotes and information about what various kinds of insurance covers. They also offer a free cyber checkup that will assess the security of your company and your website in just a few minutes. 

We were able to pull a quote for a Business Owner’s Policy (BOP) from Liberty Mutual through CyberPolicy. BOP is a combined coverage that covers general liability and property damage. The quote we pulled was for a furniture manufacturer that sells their products online. They have approximately $3 million per year in revenue. Liberty Mutual’s online quote for BOP insurance was a very affordable $51 per month.

We attempted to pull a quote for cyber insurance unfortunately there were problems with the online form that made it impossible to submit the data for a quote.

Hiscox: Best for Reputation

The insurance company, Hiscox has been providing a broad range of coverage since 1901. They are a well-established insurer with a global reach. They provide general liability insurance, BOP policies, and cybersecurity insurance.

It was extremely easy to pull a general liability insurance quote from their website with some basic information. We used the same furniture ecommerce shop with $3 million in annual revenue. Hiscox quoted $155 per month for $300,000 in aggregate coverage

If you want a quote for cyber insurance, you’ll need to call Hiscox directly and speak with an agent.

Nationwide: Best for Service

Nationwide has built their reputation on providing great customer service and support. They provide several programs designed to help businesses track and protect their assets, including the eRiskHub. Businesses will gain access to risk management tools, suggested roadmaps for dealing with a cyberbreach, and online training modules.

Insurance coverage provided by Nationwide includes BOP, general liability, professional liability, commercial auto, and cyber insurance. It is possible to get an online quote from Nationwide for some of these coverages. However, you will need to provide a social security number or Federal Employer Identification Number (FEIN).

The Hartford: Best for Experience

If you are looking for an insurance company that you can count on to outlast the ups and downs of the market without folding, The Hartford is your best option. For more than 200 years, The Hartford has provided a variety of business insurance, including general liability, BOP, and Cyber Insurance.

The Hartford’s website appears to offer online quotes for business insurance. However, when we clicked on the link to begin a quote it opened up a blank page. They’re online quote system may not be fully functional just yet.

What Insurance do You Need for an Ecommerce Business?

There is no single ecommerce insurance policy that businesses can purchase for their protection. Instead, ecommerce insurance tends to be a collection of policies that provide targeted coverage related to your particular business needs. Some of the different policies that your company may require include:

General Liability

This is the first kind of business insurance that companies usually purchase. General liability usually covers advertising and personal liability, medical payments, and property damage on the premises or during operations. 

Product Liability

An important policy for ecommerce is product liability that covers costs associated with faulty or defective products that cause injury to the customer.

Cybersecurity Insurance

Cyber insurance is another great choice for online businesses. It covers losses associated with data breaches, loss of data, theft, extortion, and denial of service attacks.

Business Interruption Insurance

As 2020 showed a lot of companies, it’s vital to have some financial protection in place should your business close for some reason. It covers lost profits, operating costs, training costs, relocation costs, and related expenses.

Final Thoughts

Ecommerce insurance is a collection of policies designed to protect online retailers. These policies vary depending on the retailer’s needs, but can include general liability, product liability, business interruption, and cybersecurity insurance. Some insurance companies also offer business owner’s policies which combine types of coverage like general liability and product liability. Of the quotes from the six best ecommerce insurance companies we found, CyberPolicy provided the most affordable one from Liberty Mutual for $51 a month. A few companies only offered online forms to request quotes to be delivered through email or to have an agent call back.

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