Home – New Forums Starting your journey Ebayers & Online Sellers – How Do You Handle Product Liability Insurance?

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  • #991086
    Mr Lang
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    Good Saturday long weekend morning to yo all :)

    I’ve just started a part time business working from home where I sell imported electronics mostly on ebay and a few other places. Revenue is not high and profits are low which is fine for now as I learn and grow.

    The need for product liability has just come up and I’m curious to know how experienced and successful ebayers/online sellers here handle product liability insurance.

    Spoken to a few insurance brokers and as an importer, I am classed as the manufacturer and liable for any damages. Product insurance for just the electronics category is at least $3000 which is a large amount for a new start up.

    My choices as I see it are currently
    -do nothing. Many smaller ebayers would be doing this but I doubt any of the larger ones would
    -pay for the product I’m currently importing, hope profit is enough to cover it and still be worth while. Add extra cover for new products as I introduce them
    -can’t think of a 3rd option

    Looking forward to your feedback and suggestions

    #1179898
    alliedib
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    Hi Mr Lang,

    Did these brokers just tell you $3000 or did they actually give you a quote?
    I have insured my fair share of importers and that seems quite high. Obviously every client is different but my I remember an electronics importer who paid a fraction of that amount (less than $1000 if I recall correctly). It was done through an insurer that only deals with brokers and they properly reviewed the risk before writing it.

    I know of some eBay sellers that ‘just take the risk’ but as the deemed manufacturer the buck stops with you and the costs involved in defending a claim could be substantial.

    Happy to discuss if you have any questions.

    Regards

    Mark

    #1179899
    Mr Lang
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    Hi Mark, Thanks for your reply.

    I wrote you an email before starting this thread. Hoping you’ll have time to answer soon.

    alliedib, post: 209743 wrote:
    Hi Mr Lang,

    Did these brokers just tell you $3000 or did they actually give you a quote?
    I have insured my fair share of importers and that seems quite high. Obviously every client is different but my I remember an electronics importer who paid a fraction of that amount (less than $1000 if I recall correctly). It was done through an insurer that only deals with brokers and they properly reviewed the risk before writing it.

    I know of some eBay sellers that ‘just take the risk’ but as the deemed manufacturer the buck stops with you and the costs involved in defending a claim could be substantial.

    Happy to discuss if you have any questions.

    Regards

    Mark

    #1179900
    Mr Lang
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    • Total posts: 9
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    None of the ebayers or online sellers here bother with product liability???

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