Foxquilt, a Toronto-based insurtech serving North American small businesses, has announced the launch of a new eCommerce insurance product.
The new eCommerce insurance product is an all-online solution designed to allow e-commerce business owners to quickly access insurance and fulfil compliance requirements. Foxquilt also noted that the pricing of the new product starts at $500 annually.
According to Foxquilt, its new offering is designed to meet the evolving needs of modern business owners. In a release, it said that the pandemic accelerated the rise of eCommerce as the primary channel for shopping, which meant more small businesses and entrepreneurs relying on eCommerce and online marketplaces to reach out to customers. But major eCommerce marketplaces like Amazon, Etsy, and Shopify require sellers to purchase their own insurance policies – Foxquilt said its new product can fulfil this requirement while protecting business owners from risk.
"Innovating insurance solutions for our small business customers has always been the epitome of our business at Foxquilt," said Foxquilt co-founder and CEO Mark Morissette. "That's why we're proud to introduce this new product offering to ensure that eCommerce business owners can secure insurance online and on-demand while protecting them from exposures where they trade."
The eCommerce product is currently being offered to Canadian clients, but Foxquilt indicated that it will also be made available in the US later this year. The insurtech added that it has partnered with eCommerce marketplaces and online stores to help offer the insurance to sellers.
Last September, Foxquilt managed to raise $8 million in Series A financing. The round was led by Luge Capital, with other participants including AmTrust Financial, Extreme Venture Partners and Side Door Ventures.
Foxquilt was awarded as one of the winners for the top insurtech companies in Canada. See the full list of winners here.
