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Live Broadcast & Chat, July 11th from 12:30 PDT - Business Insurance

alan@ebay
eBay Staff (Alumni)

Join us for a live broadcast and chat hour today on the topic of Business Insurance.

 

Sellers, is your business property and inventory adequately protected in the event of a fire, busted pipe, or theft?  What happens if a customer sues you for damage resulting from a product they purchased from you?  Most sellers think their homeowner's policy is all they need, but that is often not the case.  A commercial Business Owner’s (BOP) or General Liability policy not only would provide you with the protection you need, but would cover the cost of legal expenses as well.

 

We'll be chatting here about this topic during our live broadcast from 12:30, and if you have questions you can post them here, our guest insurance experts will answer your questions on this thread from 1-2 pm Pacific today. 

 

Join us to learn more about how you can protect your business.

Alan - eBay Community Manager


If a member's response helped, please give it a Helpful. If you are the author of a thread and a member's response resolved your question, please click "Accept as Solution." More on Accepted Solutions.

Check out the eBay for Business podcast! For your chance to be featured on the show, call in with a question at 888 723-4630!

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Live Broadcast & Chat, July 11th from 12:30 PDT - Business Insurance

alan@ebay
eBay Staff (Alumni)

The thread is now open for questions on today's topic. 

Thanks. 

Alan - eBay Community Manager


If a member's response helped, please give it a Helpful. If you are the author of a thread and a member's response resolved your question, please click "Accept as Solution." More on Accepted Solutions.

Check out the eBay for Business podcast! For your chance to be featured on the show, call in with a question at 888 723-4630!

Message 2 of 23
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Live Broadcast & Chat, July 11th from 12:30 PDT - Business Insurance

The old adage "anybody can sue anybody at any time for just about anything" is as true today as in years past.

 

Will a rider policy attached to a home owner's policy adequately cover inventory and business equipment?  And personal liability?

 

Or would a separate business owner's policy be more appropriate?

 

 

Can a homeowner's rider policy be written to offer the same coverage as a stand alone business owner's policy?

 

Regarding a faulty manufacturer product, what is the manufacturer's financial responsibility in a legal dispute between buyer and seller?

 

Regarding the fluctuating  inventory quantity and valuation online sellers deal with,  is any one type of coverage better?   A policy that covers up to $500,000 worth of inventory based on average holdings during off season or one that covers $2 million of merchandise during the busy holiday season?     

 

 

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Live Broadcast & Chat, July 11th from 12:30 PDT - Business Insurance

For those who sell to international buyers, would a policy written by a US based insurance company provide coverage if a claim was made in another country? 

 

How would that be handled?

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Live Broadcast & Chat, July 11th from 12:30 PDT - Business Insurance


alan@ebay wrote:

What happens if a customer sues you for damage resulting from a product they purchased from you? 


Doesn't that fall to the manufacturer? I can buy an electronic gadget from Retailer X, and if it's faulty and catches fire I'm going after the manufacturer, not Retailer X. Is this naive and not how it works?

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Live Broadcast & Chat, July 11th from 12:30 PDT - Business Insurance

Just wondering....

 

Does my personal auto also need to be covered under a business policy as it is often used to transport inventory?  

 

Could my full coverage auto policy be deemed inadequate while driving on company business?

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Live Broadcast & Chat, July 11th from 12:30 PDT - Business Insurance

Today's video said there would be people from American Family insurance here on the chat to answer questions. 
Could those people give is a top-level rundown on levels of business insurance they provide and ballpark figures on premiums?

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Live Broadcast & Chat, July 11th from 12:30 PDT - Business Insurance


@b86fiero wrote:

The old adage "anybody can sue anybody at any time for just about anything" is as true today as in years past.

 

Will a rider policy attached to a home owner's policy adequately cover inventory and business equipment?  And personal liability?

 

Or would a separate business owner's policy be more appropriate?

 

 

Can a homeowner's rider policy be written to offer the same coverage as a stand alone business owner's policy?

 

Regarding a faulty manufacturer product, what is the manufacturer's financial responsibility in a legal dispute between buyer and seller?

 

Regarding the fluctuating  inventory quantity and valuation online sellers deal with,  is any one type of coverage better?   A policy that covers up to $500,000 worth of inventory based on average holdings during off season or one that covers $2 million of merchandise during the busy holiday season?     

Hi @b86fiero, excellent questions. 

 

To answer your first question, the typical homeowner's rider will provide a limited amount of property and liability coverage so it really depends on the amount of coverage you need.  In addition, the homeowner's rider most likely doesn't provide coverage for loss of business income, which is included in a commercial Business Owner's policy. 

 

With regards to a faulty manufactured product.  If you're asking about liability, the manufacturer typically is responsible for any damages (property or bodily injury) caused by their product(s), however in the event that the manufacturer is located outside of the coverage area (i.e. international) the liability is often passed on to the distributor of the product(s) sold. 

 

When it comes to choosing an adequate limit of insurance for your inventory, it is recommended to select the maximum level of coverage needed (in your example that would be $2M).  That said, the Business Owner's policy does have a provision that provides a 25% increase in coverage during peak season.  

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Live Broadcast & Chat, July 11th from 12:30 PDT - Business Insurance


@b86fiero wrote:

For those who sell to international buyers, would a policy written by a US based insurance company provide coverage if a claim was made in another country? 

 

How would that be handled?

@b86fiero

Most domestic insurance policies will provide coverage for suits filed in the U.S., Canada, and other U.S. territories including Puerto Rico.

The insurance company would typically contract with lawyers and adjusters in the area where the claim was filed.

 

Thanks for the question.

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Live Broadcast & Chat, July 11th from 12:30 PDT - Business Insurance

Is it possible to get "loss insurance", lol..........  someone mails back and empty box, in effect steals the item? 

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Live Broadcast & Chat, July 11th from 12:30 PDT - Business Insurance


@b86fiero wrote:

Just wondering....

 

Does my personal auto also need to be covered under a business policy as it is often used to transport inventory?  

 

Could my full coverage auto policy be deemed inadequate while driving on company business?


 

Your personal auto policy would not have restrictions for transporting inventory.   If a business owner provides any sort of livery services, they would need to purchase a commercial auto policy.

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Live Broadcast & Chat, July 11th from 12:30 PDT - Business Insurance


@kyle_americanfamily wrote:
With regards to a faulty manufactured product.  If you're asking about liability, the manufacturer typically is responsible for any damages (property or bodily injury) caused by their product(s), however in the event that the manufacturer is located outside of the coverage area (i.e. international) the liability is often passed on to the distributor of the product(s) sold.

Can you expand on this? When a company is US-based using a manufacturer in China, would the liability fall to the US-based company or to the distributor?

 

What about a company that is based internationally but has offices in the US - does the liability fall to them or to the distributor?

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Live Broadcast & Chat, July 11th from 12:30 PDT - Business Insurance


@dhbookds wrote:

Is it possible to get "loss insurance", lol..........  someone mails back and empty box, in effect steals the item? 


That would most likely not be covered by a commercial insurance policy and would need to be addressed through legal action.

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Live Broadcast & Chat, July 11th from 12:30 PDT - Business Insurance


@dhbookds wrote:

Is it possible to get "loss insurance", lol..........  someone mails back and empty box, in effect steals the item? 


 

Also, how about "loss insurance" when the buyer receives an empty box...someone in the carrier's chain of possession stole the item?

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Live Broadcast & Chat, July 11th from 12:30 PDT - Business Insurance


@coffeebean832 wrote:

alan@ebay wrote:

What happens if a customer sues you for damage resulting from a product they purchased from you? 


Doesn't that fall to the manufacturer? I can buy an electronic gadget from Retailer X, and if it's faulty and catches fire I'm going after the manufacturer, not Retailer X. Is this naive and not how it works?

@coffeebean832

Yes, the liability would fall to the manufacturer, in most cases. For products that are manufacturerd abroad by companies that do not have a domestic presence, it may be impossible to get the manufacturer to respond to a suit. In this case, the injured party would go to the next entity in the chain of commerce, typically the importer or distributor.

If you are directly importing products for sale, there is a real chance that you could be pulled in to products liability lawsuit.

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