Hi all. I'm new to this forum. I've read this whole thread and decided to buy @Walter Hay 's ebook. For now, Ive just skimmed thru it, but I already know there is lots of golden nuggets of info. Walter, I applaud you for not only this great ebook of yours, but also your replies back to posters not only on this thread, but other threads I have perused where you have replied. It's refreshing to know that you show concern about other people learning what you know. That is awesome!
I'm going to be a newbie in getting into the PL sourcing game thru amazon FBA. Great to know there are better avenues to resource than what others tell you to go thru alibaba.
I have a question, and forgive me if this is not the best thread for it. If not, it would be great if anyone can direct me to a thread where this topic is discussed. It concerns CGL insurance. I'm trying to do some DD ahead of time so I don't have any surprises. I don't know if I am needlessly worrying, but I am in "stuck" mode, and not totally sure on how I need to proceed. I have not even selected a product yet, but came across a youtube video explaining a negative viewpoint on doing PL, coming at it from the angle of insurers being hesitant to insure overseas products, and even if they do, you may have to pay an arm and a leg to get it. I brought up this issue in another group I belong to, and currently waiting on some replies. I understand that Amazon requires sellers to carry CGL insurance once you reach a certain threshold of sales. But what to the majority of FBA sellers do before they even get to that threshold of sales? Are most just winging it without insurance, thereby taking a risk, even if it's a slim risk with a low liability product?
I heard someone say, and I do not know at this point if this is misinformation, that insurers can charge anywhere from hundreds to thousands "a month". Obviously that is a broad brush, and I know it depends on what type of product one has and the potential liability associated with that particular product. I actually called Insureon to see if they can give me some general info so I can have some kind of ballpark numbers in my head. Figured if they'd ask, I'd just think of a low liability product in my head to see if they could give me some quotes. Didn't even get that far. They told me they don't insure Import/Export products. They did give me another contact, so I'm waiting to hear back from them.
Any other newbies, or experienced FBA sellers have any insight? Insurers to contact that will leave my arm and legs intact? LOL. I do understand insurance is a cost of running a business, but starting out, and knowing I have to test products first before I know what sells, having a "bigger" expense of insurance sure would eat into funds that I would rather put towards marketing my products.
I'm going to be a newbie in getting into the PL sourcing game thru amazon FBA. Great to know there are better avenues to resource than what others tell you to go thru alibaba.
I have a question, and forgive me if this is not the best thread for it. If not, it would be great if anyone can direct me to a thread where this topic is discussed. It concerns CGL insurance. I'm trying to do some DD ahead of time so I don't have any surprises. I don't know if I am needlessly worrying, but I am in "stuck" mode, and not totally sure on how I need to proceed. I have not even selected a product yet, but came across a youtube video explaining a negative viewpoint on doing PL, coming at it from the angle of insurers being hesitant to insure overseas products, and even if they do, you may have to pay an arm and a leg to get it. I brought up this issue in another group I belong to, and currently waiting on some replies. I understand that Amazon requires sellers to carry CGL insurance once you reach a certain threshold of sales. But what to the majority of FBA sellers do before they even get to that threshold of sales? Are most just winging it without insurance, thereby taking a risk, even if it's a slim risk with a low liability product?
I heard someone say, and I do not know at this point if this is misinformation, that insurers can charge anywhere from hundreds to thousands "a month". Obviously that is a broad brush, and I know it depends on what type of product one has and the potential liability associated with that particular product. I actually called Insureon to see if they can give me some general info so I can have some kind of ballpark numbers in my head. Figured if they'd ask, I'd just think of a low liability product in my head to see if they could give me some quotes. Didn't even get that far. They told me they don't insure Import/Export products. They did give me another contact, so I'm waiting to hear back from them.
Any other newbies, or experienced FBA sellers have any insight? Insurers to contact that will leave my arm and legs intact? LOL. I do understand insurance is a cost of running a business, but starting out, and knowing I have to test products first before I know what sells, having a "bigger" expense of insurance sure would eat into funds that I would rather put towards marketing my products.
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