German insurance firm Signal Iduna has released a legal notice insurance product to protect companies forced to trade online during the Covid-19 pandemic.
The coverage was designed by London-based insurtech KASKO and will ensure that any businesses pivoting to online sales save themselves stress and money in unwanted fines if they miss important disclaimers.
KASKO co-founder and CEO Nikolaus Suehr said: “This product can make a big difference to small businesses as they move their operation online in the time of crisis.
“We’re really proud of the work we have done, and know that this product will make a difference.”
According to KASKO, 47% of German online retailers have been fined for not having fully compliant websites, and for businesses moving online during the Covid-19 challenge, the average fine they risk receiving for missing key information is up to €2000.
The insurance costs customers €24.99 per month, which will cover an initial review by Signal Iduna’s partner law firms and costs associated with legal and court expenses, dunning fees and third-party damages, up to €100,000.