Getting suspended from Amazon, whether for a few weeks or more, could ruin not only your finances but your life.
That especially holds true if you use the Amazon marketplace as your main source of income; you don’t have an eCommerce site, a bricks-and-mortar shop or a regular job.
Getting banned means losing sales, and subsequently the ability to pay for your everyday expenses.
Amazon can suspend third-party sellers for various reasons: high order defect rate, high cancelation rate, late shipment, etc.
Other sellers are even been suspended not because they violated a rule, but because of their competitor’s unfair tactics.
It’s a good thing you can do something about it now thanks to the Amazon suspension coverage which was underwritten by international insurance market Lloyd’s of London.
Protect yourself and your business
Anyone can be banned from Amazon without notice regardless of their seller rating or performance metrics.
It’s an ordeal which you never want to suffer, but you have the option to protect yourself and your business just in case it befalls you.
Lloyd’s of London, which has gained global fame by insuring famous celebrities’ body parts, is offering insurance plans that compensate sellers for lost sales and expenses during a suspension.
Businesses of all sizes can be insured; coverage limits range from $50,000 to $1,000,000 for a period of 30 to 180 days.
Monthly premiums depend on many factors, among them are your annual sales, how long you’ve been selling on Amazon and your average feedback rating.
Even sellers who have been suspended in the past can apply for coverage, but this too will influence their premiums.
Be reinstated and receive payout
In case you get banned from Amazon, Lloyds of London will see to it that the company reinstates your account within 72 hours and your payout is processed.
The amount you will receive will be based on your average gross sales volume plus regular day-to-day expenses.
Note that your coverage will only take effect after the waiting period stipulated in your policy.
If Amazon lifts your suspension before that period is over, you won’t be able to collect from your policy.
Getting suspended from Amazon is no joke, so it’s good to know that third-party sellers now have an option to preserve what they’ve worked so hard for.
What are you doing to protect your business from the giant?
We hope to hear from you in the comments.
To your continued success,
Dave & Matt