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!

Not sure if it helps man, but look at the "similar threads" links at the bottom of this page

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.

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.

Oh, well mine covers that as well. On-site and also pick-ups and whatnot. Cost is about $1000/yr. $2,000,000 policy.

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Originally Posted by ryanw

Oh, well mine covers that as well. On-site and also pick-ups and whatnot. Cost is about $1000/yr. $2,000,000 policy.

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I checked into this as I’ve 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. I’m looking into an LLC now.

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.

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

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Originally Posted by drozenski

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.

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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.