eBay Resellers should not Ignore This at their own perril. Protecting Ebay inventory can be an easy thing to overlook. Small buisnesses have a difficult time justifying the cost until it’s too late.
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Commonwealth Picker is our Garage Sale Video Channel https://www.youtube.com/c/CommonwealthPicker
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https://www.joinflyp.com/tools?code=9786
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Garage Sale Nation FB Group
https://www.facebook.com/groups/1763082704064139/
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Follow our Facebook Page for more content
https://www.facebook.com/Commonwealthpicker4
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Buy Me a Coffee/Shed Link if you find anything particularly helpful
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Garage Sale Nation YoutubeChannel https://www.youtube.com/channel/UCjZEZyIDxG1F4jd8mGUDfMw
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Worthpoint Affiliate Link https://www.worthpoint.com/partner/24523
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LINK TREE
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Two in one Tape dispenser https://amzn.to/36L6qLN
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Contact by Mail
Commonwealth Picker
PO Box 1427
Bedford VA, 24523
Contact by email
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#CommonwealthPicker, #ebay, #reseller
42 Comments
Mine is in a storage unit and I am required to have an insurance policy at the storage place so I guess yes I have my inventory insured.
Hope the kids are feeling better real soon. My daughter, her husband and both our grandchildren have had the stomach virus for a week. It’s been awful for them.
No I don't insure mine.
It is really hard to insure vintage inventory. Not many agencies will write the policy. It is extremely expensive. I couldn't get anyone to write a policy for my antique mall back in the 90s.
Oh, I never thought about inventory insurance. I am also an Amazon Influencer, so I have a ton of Amazon Products I use for that part of my job and should find a way to include them.
This may sound silly but I purchased thousands of rounds of ammo for my plinkers. I bought soooo much during the Obama era. Living in CA with all of the silly laws. My biggest concern is if my place catches fire is AK47 rounds piercing firemen, not my 600ish ebay inventory items. Not going to elaborate on what else I hold during scare tactic buys but I haven't bought ammo in years and won't need to any time soon. Love some outdoor range time. Great topic Kevin.
No, I haven’t even thought about insurance for my eBay collection of merchandise for resell. Thank You for bringing it to my attention. Most of my mulch is high end Art Glass. Murano, WESTMORELAND, Lefton, and many more. All of my items are in my home. Does anyone know if it needs to be separate if it’s in my home? Thank You 🙏 Again for bringing it to our attention.
Praying for the babies to get well soon.
Absolutely! I pay an additional fee for my business insurance to cover ALL listed and unlisted inventory. Separate policy that I bundle with my home and auto And Life insurances. Get a bit of a discount doing it that way also.
Guess whatm nobody cares about how much you rip off the seller and the buyer for.
G'Day Kevin, wow my gifts finally made it onto your show. Cool. Thanks for the kind words. I hope your family enjoy them. Yes you can sell any of the items that's fine. Yep the 2 Door Torana is great.
Yes Karen's store "Beautiful Lovey" gives 10% to Cancer Research. Her Mom Passed away from this illness… the Store name is in honour of her. Its a term she used all the time.
Does anyone ask if your Red Coca Cola Boxes are for sale? As I have never seen you talk about them.
I hope your kids get well soon.
No I don't insure my Inventory. (@650 Items).
Merry Christmas.
I've been selling on eBay part time for about two years and I definitely have insurance. My husband is an insurance adjuster and when I asked about it, he actually thought it was covered with our home owners policy. Well, when I asked again, he realized I needed a separate policy. The peace of mind knowing that if something happens, I am covered is well worth the cost of the insurance.
So hypothetically, a house fire happens and inventory is a total loss. We now know that you need a seperate policy for insurance. My question is you have 1500 items listed, you lose 1200 in the fire. How does Ebay handle it?
Yes, Full insurance on equipment, computer, software, inventory. Everything. Cost about $650 a year
Insurance means nothing until one needs to file a claim. Companies will fight you every step of the way. It's their business model not to pay out, especially for total loss claims. Been there and have seen it happen too many times. Liability on home and auto, yes. This, no.
It's TOE MAX and ZAY MOT
That supply hut packing paper is so nice. No I don't insure my inventory at this time. You could set up a poll as a community post to ask this question and probably get a pretty good response.
You should always insure your inventory. It is an investment and loosing could bankrupt many.
i do not insure
I used Quickbooks Pro for my resale business and keep track of everything I purchase. You can print out a inventory valuation report that will give you a summery or detail on the cost of your inventory and even the retail value (if you put the information in) of what you have on hand. As of today I have about $3141 in inventory on hand .
Yes fully covered for Fire, theft and Lawsuits for injury. We used to have to be insured if you sold on Amazon. Mine is only about 1000 a year, but I have a small store on my property, It is so worth it to not have to worry.
We thought it was kinda silly, but our CPA was insistent on insurance. Our premium is less than $300 per year.
Yes, I have coverage on my inventory – but understand, I have inventory for my "true" business, so it was just a matter of increasing the value of coverage. I use PRO Insurance Managers.
Not sure if you said fer-de-lance. . . but fer-de-lance is a venomous snake.
I have commercial insurance for all my stock, we sell a lot of brand new items and our stock is in excess of £30-40k
we are based in the UK and home insurance will not cover any loss or damage that happens to your stock
and as our ebay, amazon and websites are our main income stream it makes sense to protect it
I had a tornado come through and do damage to our home on July 6th of this year in Goshen Ohio. I had a good bit of inventory lost and kinda lost interest in listing anything for a while. Going through everything I probably should have insured my inventory. My homeowners insurance (ALLSTATE) has denied our claim several times and we are now in process of legal issues with them. In the meantime we are having leaks into the add on of our home ( my eBay office and storage ) which was the biggest part of the tornado damage. I have averaged the damage out to be about $4k in lost eBay inventory. We had just bought the house 8 months prior to the tornado. I am glad I watched this video. I should insure the rest of my inventory now that I have seen this, insuring the inventory separately is a great idea.
The GI Joe action figures make me ill (joking). My brother used his for shooting practice when he was in late teens. Oy'
Hello Kevin. I do not insure my inventory. I lost everything I own in hurricane Ian do to flooding… 95% of my own Pez collection was also disroyed. I lost my home and 3 vehicles 1 being a RV which I lived in these passed few months. I'm finally back in the house but have no kitchen or appliances. So no I don't insure my inventory.
Storage Legends, he recently had a GARAGE fire, come to find out he had no insurance on the garage not to mention the contents……. Ouch!
Nice t-shirt…Steve Miller Band! Book of Dreams…one of my all time favorite albums!
Could you put a link to the Ecoflo power storage and solar panel devices?
Most insurance will cover if: you use your home (a dedicated room, garage, or out-building) for anything. Every 6 months I contact my agent and say "I need to make sure my coverage is good. I have added $100K in value of goods." And I then get a rider added to renter's insurance. And, the insurance is a tax write-off.
As for storage units, brick and mortar, etc, I have no idea. Never went that route. Inventory is way easier to manage at my fingertips – at home.
Its almost impossible to insure due to it changes daily. I do not.
All my sewing machines and beauty products are because of the amount I have but not my other inventory
I do not insure my inventory. My biggest worry is fire, since most of my inventory is in my house. It's stacked wall to wall, one spark could set it off. I change out all electrical power surgers every 6 months, make sure the printer is off when not in use (they are a big fire hazard and overheat). Fire alarms are in every room along with carbon dioxide alarms. Certainly no open flames no candles.
Hey Kevin. Big fan of Picker and Flipper channels. Recently bought shippers from Three B which is now Supply Hut.
Thanks for the shipping paper recommendation! That's saving us a lot of money.
Good question. I think I should look into it.
Why were you piddling around all day??? 😂😂
Blessing the your kids. It's worst duty. Love you all!
i think you are so right about inventory ..we look at it as a personal thing , buts its a real business you spend money and make money …i cant afford it insurance in florida in crazy
You'r so funny. You are always so positive until your not. Lol. I wish I was a kid in one of your history classes. You would have made me smile. Great Video Kevin. No I do not have special insurance on my inventory other than my house insurance. SoCal picker, Gail