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Episode Info: ularly. The first is Property Insurance. Let's say you're selling on eBay or Amazon and you have $20,000 worth of wholesale product sitting in your garage, along with your shipping materials, postal scale, etc. Suddenly there's an electrical fire or a flood or some other disaster that destroys your property. FIRST, allow me to mention that you should not be in this situation in the first place, because you should NOT be selling on eBay or Amazon. Both those platforms have miserable profit margins, are extremely difficult to work with, etc. More on that in my other Blog Posts and Podcasts. Second, if you ARE in that situation, your Homeowners Insurance will cover your home and personal property, but may not cover your business property. So that IS a reason to consider business Property Insurance. Or you could just get away from eBay and Amazon and build your own website, like you really should be doing. The second other type of insurance is Transit Insurance. This again relates to your actually handling bulk wholesale products yourself. If you're buying loads of wholesale products locally and shipping them to a fulfillment center, for example, insurance companies offer Transit Insurance in case those products get lost or damaged in transit. Of course, UPS, FedEx and USPS offer insurance for exactly the same thing, and in my opinion I would take advantage of that instead of buying blanket Transit Insurance coverage. Again, just my opinion! Just remember that a Business Insurance salesperson is always going to try to scare you into buying as much coverage as they can, whether you need it or not. While you might opt for some type of insurance for your business if you really feel the need to, you can't bubble-wrap your whole life, so don't go overboard. For much more tremendously insightful ECommerce information, check out my FREE EBiz Insider Video Series at ChrisMalta.com. Thanks for listening, and I'll catch you next time!  ......
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