SME insurance provider, Superscript, has launched a customisable and flexible insurance product for online retailers, ecommerce businesses and dropshippers.
The new product extends cover to international imports and exports, including goods manufactured in Asia and products shipped to North America.
Delivered through a monthly subscription, the product offers public and product liability; cyber; EL; portable business equipment cover; buildings, contents and stock cover, personal accident and BI.
Additional covers include manufacturing, importing and white or private labeling; contents and stock at a pop-up; stock in third party logistics fulfillment centres; and products out for delivery with a postal or courier service.
Ben Rose, co-founder and chief underwriting officer at Superscript, said: “Platforms like Shopify, Alibaba, Etsy and Amazon have enabled more ecommerce startups to set up and thrive, minimising the friction of national borders when fulfilling orders. With the explosion in popularity of dropshipping, and the amount of online retailers manufacturing and shipping via third parties abroad, insurers have to keep pace with how the industry is evolving.”
The global dropshipping market has grown by an estimated 53% since 2020, is now estimated to be worth £165bn and is predicted to grow to £415bn by 2027, according to September 2021 data from Statista.
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