PlatinumCat
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- Jan 29, 2013
- 2
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Hello everybody, lurker here, finally made an account because I need some advice.
I'm one of the slew of newbies who are jumping on the import arbitrage train. After nearly a year of reading and learning and plotting, I've decided to start taking action. I got my wife on board, and we are tackling this challenge together. I figure if anything, it will be a learning experience, and I can either build this starter project to success, or use the knowledge gained and apply it to more ambitious/innovative projects in the future. But for now, I'm trying to learn the ropes, and jumping in with both feet to see if I sink or swim.
Anyway, back on topic... I've decided on a product to import and sell on ebay: It's small, it's metal, and it's pointy (for the sake of example, lets equate this product to a letter opener, or a fork). Because of this, my wife insists that we need liability insurance. She says that if somebody were to throw it at somebody else, it could cause injury, which could then spell legal trouble for us. She refuses to sell even one unit until we get liability insurance. Is this reasonable? Should we get liability insurance before moving forward?
Honestly, it seems like a little much to me. I mean, we haven't even sold anything yet... we aren't even certain that it will sell, let alone enough to cover the cost of an insurance premium. Besides; theoretically, anything could cause injury if you try hard enough. Using that logic, shouldn't all ebay sellers should be insured? I'm pretty sure that they are not. Also; if I sold somebody a letter opener, and their kid manages to poke his eye out with it (or whatever), could I, as the seller, really be held liable for it? I just can't see this being an issue. On top of that, I don't think we really need the increase in overhead before we even get this thing off the ground.
So, that is my question: Is it feasible/reasonable/realistic to be thinking about liability insurance this early in the game?
Thanks in advance. This place has helped me a lot so far, and I'm hoping to take it to the next level by contributing in this community.
I'm one of the slew of newbies who are jumping on the import arbitrage train. After nearly a year of reading and learning and plotting, I've decided to start taking action. I got my wife on board, and we are tackling this challenge together. I figure if anything, it will be a learning experience, and I can either build this starter project to success, or use the knowledge gained and apply it to more ambitious/innovative projects in the future. But for now, I'm trying to learn the ropes, and jumping in with both feet to see if I sink or swim.
Anyway, back on topic... I've decided on a product to import and sell on ebay: It's small, it's metal, and it's pointy (for the sake of example, lets equate this product to a letter opener, or a fork). Because of this, my wife insists that we need liability insurance. She says that if somebody were to throw it at somebody else, it could cause injury, which could then spell legal trouble for us. She refuses to sell even one unit until we get liability insurance. Is this reasonable? Should we get liability insurance before moving forward?
Honestly, it seems like a little much to me. I mean, we haven't even sold anything yet... we aren't even certain that it will sell, let alone enough to cover the cost of an insurance premium. Besides; theoretically, anything could cause injury if you try hard enough. Using that logic, shouldn't all ebay sellers should be insured? I'm pretty sure that they are not. Also; if I sold somebody a letter opener, and their kid manages to poke his eye out with it (or whatever), could I, as the seller, really be held liable for it? I just can't see this being an issue. On top of that, I don't think we really need the increase in overhead before we even get this thing off the ground.
So, that is my question: Is it feasible/reasonable/realistic to be thinking about liability insurance this early in the game?
Thanks in advance. This place has helped me a lot so far, and I'm hoping to take it to the next level by contributing in this community.
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