NAS Launches Momentum™, A Breakthrough Insurance For Online Sellers
NAS Insurance Services, the leader in cyber liability insurance, has announced the launch of Momentum™, its newest insurance product for online sellers. Momentum™ is a breakthrough business interruption insurance for people who sell products on Amazon and other online marketplaces. If a seller’s account is suspended by an online vendor, Momentum provides the protection they need to cover their financial losses and help them get back to business.
“There are over 1 million sellers on Amazon in the United States, and all of them are at risk of having their account suspended, interrupting their ability to sell and generate income,” said Michael Palotay, Chief Underwriting Officer at NAS. “In the same way a retail store would carry insurance coverage for a flood or fire, we saw a need for online sellers to have a solution they could turn to when their business was suspended.”
Amazon has become ubiquitous in American culture, driving the number of sellers on the platform to grow exponentially. Today, thousands of businesses rely on Amazon as their main source of income. But as Amazon’s seller base has expanded, so too has its rules and regulations – holding sellers to rigorous standards and frequently suspending sellers’ accounts if they fail to comply.
“While most sellers strive to adhere to Amazon’s policies, there is mounting evidence that even those who are compliant have faced an account suspension for an alleged violation,” said Jeremy Barnett, Vice President of Marketing and Business Development at NAS. “With Momentum, these online sellers have an affordable insurance solution that protects them from financial loss, while providing the peace of mind that is essential for any business owner.”
Momentum’s core insurance coverage starts at $250 annually and provides reimbursement for the financial loss sustained during a suspension. In addition, Momentum’s policy provides reimbursement for the cost of a reinstatement specialist to help sellers navigate Amazon’s appeal process and procedures. The insurance also provides coverage for tax audit expenses, helping sellers cover the costs of a tax specialist in the event of an audit by the U.S Internal Revenue Service.
NAS is a full-service specialty insurance underwriting manager that provides innovative product development, underwriting, marketing, risk management, and claims handling services for a broad range of specialty products that are distributed as both insurance and reinsurance solutions.