Results 1 to 9 of 9

E-Scrap Insurance

| General - Let's talk business
  1. #1
    Holistic started this thread.
    Holistic's Avatar
    SMF Badges of Honor


    Member since
    Dec 2012
    Location
    Atlantic County, New Jersey
    Posts
    100
    Thanks
    37
    Thanked 49 Times in 28 Posts

    E-Scrap Insurance

    Have read posts... can't seem to find any good info. Need to obtain a General Liability insurance for my business which will, among other things, handle e-scrap. My broker can't find anyone willing to write a policy which would includes Products Completed coverage. I plan to re-sell reusable parts, so products completed would be nice.. Can anyone recommend a carrier that will write a policy for an e-scrap business? I am going to be considered a small quantity handler of consumer electronics. Business started 7/1/13. Thanks in advance!



  2. #2
    SMF Badges of Honor



    Member since
    Feb 2012
    Location
    OK
    Posts
    5,711
    Thanks
    6,798
    Thanked 3,455 Times in 1,985 Posts
    Not sure if it helps man, but look at the "similar threads" links at the bottom of this page

  3. #3
    ryanw's Avatar
    SMF Badges of Honor


    Member since
    Oct 2012
    Location
    Scrapramento
    Posts
    1,332
    Thanks
    526
    Thanked 1,290 Times in 648 Posts
    My insurance only covers what I paid for my inventory. I'm sure one can get more coverage, at more expense, and the choice of carriers will ve smaller. None of the 1st tier companies will insure you ( farmers, allstate, state farm, etc). Find an independant broker to help you find something that suits your needs.

  4. The Following User Says Thank You to ryanw for This Post:


  5. #4
    Holistic started this thread.
    Holistic's Avatar
    SMF Badges of Honor


    Member since
    Dec 2012
    Location
    Atlantic County, New Jersey
    Posts
    100
    Thanks
    37
    Thanked 49 Times in 28 Posts
    Thanks Ryan, I think you're talking about insuring the value of your inventory though - as in against theft, loss, etc. I am simply looking for a General Liability policy.

  6. #5
    ryanw's Avatar
    SMF Badges of Honor


    Member since
    Oct 2012
    Location
    Scrapramento
    Posts
    1,332
    Thanks
    526
    Thanked 1,290 Times in 648 Posts
    Oh, well mine covers that as well. On-site and also pick-ups and whatnot. Cost is about $1000/yr. $2,000,000 policy.

  7. The Following User Says Thank You to ryanw for This Post:


  8. #6
    Jeremiah's Avatar
    SMF Badges of Honor

    Member since
    Dec 2011
    Location
    Virginia
    Posts
    438
    Thanks
    147
    Thanked 381 Times in 138 Posts
    Quote Originally Posted by ryanw View Post
    Oh, well mine covers that as well. On-site and also pick-ups and whatnot. Cost is about $1000/yr. $2,000,000 policy.
    I checked into this as Iíve scaled down my landscaping company to concentrate on ewaste. For general liability, covering only your assets and handling other peoples assets, hauling etc was pretty cheap. Less than $75 per month I believe. However, liability to protect against being sued for wrongfully handling peoples information (Hard drives, etc) was about $350 per month. Iím looking into an LLC now.

  9. #7
    SMF Badges of Honor

    Member since
    Sep 2011
    Location
    Rochester NY
    Posts
    616
    Thanks
    19
    Thanked 526 Times in 238 Posts
    LLC's do not protect you the same way they use to years ago. People can still come after your personal assets.

    Get some good insurance.

    http://reclaimtech.com/
    We pay you to recycle!

  10. #8
    Holistic started this thread.
    Holistic's Avatar
    SMF Badges of Honor


    Member since
    Dec 2012
    Location
    Atlantic County, New Jersey
    Posts
    100
    Thanks
    37
    Thanked 49 Times in 28 Posts
    Thanks Jeremiah. Can you tell me who is underwriting your policy? Also, since I'm reselling reusable items, sometimes full working computers, I am interested in Products Completed coverage but can't find anyone to offer it. Is this something those of you who re-sell are concerned about? Does anyone have a GL policy that covers Products Completed for ewaste?

    Thanks!
    Joe

  11. #9
    Phantoms001's Avatar
    SMF Badges of Honor



    Member since
    Mar 2012
    Location
    Indiana
    Posts
    557
    Thanks
    167
    Thanked 528 Times in 243 Posts
    Quote Originally Posted by drozenski View Post
    LLC's do not protect you the same way they use to years ago. People can still come after your personal assets.

    Get some good insurance.
    That is really not true. The whole purpose of an LLC (Limited Liability Company) is that it protects your individual assets.

    I'm sure you will find cases where someone that owned an LLC was sued individually, but you will always find that the reason they lost the LLC protection was:

    1. They did something outside the scope of the LLC

    2. They personally did something wrong.

    I don't see how you can run ANY type of business without being an LLC or incorporating. It just too much risk, people are "sue" happy. Pay the couple hundred bucks and let an attorney help you make an informed decision.


  12. Similar threads on the Scrap Metal Forum

    1. Insurance and llc
      By NHscrapman in forum Scrap Business Ethics
      Replies: 5
      Last Post: 09-26-2013, 10:26 PM
    2. shipping insurance
      By GeorgeB in forum Off Topic Discussions
      Replies: 25
      Last Post: 01-10-2013, 07:38 AM
    3. Liability Insurance
      By Mick in forum General - Let's talk business
      Replies: 14
      Last Post: 10-27-2011, 08:33 AM

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

 
Browse the Most Recent Threads
On SMF In THIS CATEGORY.





OR

Tags for this Thread

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  

The Scrap Metal Forum

    The Scrap Metal Forum is the #1 scrap metal recycling community in the world. Here we talk about the scrap metal business, making money, where we connect with other scrappers, scrap yards and more.

SMF on Facebook and Twitter

Twitter Facebook