Q: What do you guys do? I know you have a new product you’re offering, people are going to want to hear about this, because a product seller insurance is complicated with all the Amazon changes?
A: So, Spott set out about a year ago with a mission to help eCommerce entrepreneurs with all the challenges they meet along the way. We are trying to find creative, technological ways to help them do what they do best – building a business, building a life for themselves. We believe that insurance is a big part of it.
Q: What made you want to start a service, specifically to help Amazon sellers with eCommerce product insurance?
A: Businesses deal with the daily hustle, events they need to react to. They have opportunities to grow and need to be prepared for the moment they can actually be successful – but most importantly, there is a sustainability point which I personally believe is one of the most important things for a business. To make sure nothing goes wrong. In the world of insurance there are so many things that need to be covered, just to make sure that your business doesn’t go under water. This is one of our biggest missions. To make sure no business goes under water.
Q: You work with many sellers. What challenges do you see eCommerce business owners facing today?
A: So I usually divide it to three types of challenges:
First, there’s the daily hustle. Sellers need to be updated on so many things on a day-to-day basis: what their competition is doing, what is happening in the ecosystem, working with the manufacturer, etc. And that’s just the day-to-day.
Second: Be ready for a scenario where something goes right. Meaning, all of a sudden one of your products is successful and you need money to invest in inventory to boost your business, catch this opportunity. This is a big pain point for all of our sellers: sometimes success is a surprise to them. This is the “good” kind of trouble.
Third: The “bad” kind of trouble. Things tend to go wrong on Amazon. It can be insurance-related, or Amazon suspends your store or one of your listings, which happens a lot.
Q: Do both Amazon and eCommerce sellers need insurance?
You really need insurance just in case something goes wrong and – things tend to go wrong. You can all of a sudden face a lawsuit that you cannot recover from. Sometimes it can be from a failure on the manufacturer’s side, but if this manufacturer is in China, you will not be able to defer the lawsuit to them, and you will have to take responsibility.
Or let’s say that you sell wine glasses. The customer puts a glass in the dishwasher, it breaks, and he cuts his hand. This insurance covers you for any physical or property damage that is caused by your product.
Insurance can be a long and tedious process. We developed a technology that helps you do it in one click. Meaning, when you onboard our system, you give us some very basic details, based on that we use technology to tell your story – this is my favorite part – to tell your story to the carrier, and then get the policy that’s right for you, that covers what you do. This doesn’t require you to pay even one dollar more than you need to pay. That’s what we offer, a one click process, frictionless as possible, using a lot of technology telling your story and giving you the right policy. I’ll give an example. One of our customers sells pacifier holders, so after you wash the pacifier you put it near the sink and let it dry. But the title for his store is “Baby Equipment” and when carriers look at this type of business, it’s really really scary for them, it’s risky.
Q: Any time kids are involved there’s always more risk?
A: Exactly. If you sell the pacifier holder, it’s a different story. And we want to make sure that the carriers get that full story, that they cover what you need. You don’t need to pay extra just because they classify you as “baby products.”
Q: You guys also do insurance for product suspensions and account suspensions, is that right?
A: Yeah, that’s correct. We constantly monitor your listing to make sure that nothing goes wrong, that nothing changed, that you’re not in violation. If it is, we alert you and help you fix it and in case that your listing is suspended, we take care of it for you with no additional charge and make sure it’s up and running in no time – and that’s the service we provide.
For more helpful tips and videos, be sure to subscribe to Spott’s YouTube channel.
To learn more about Spott’s innovative financing and insurance solutions, click here:
Read more about: