Jon’s got a few questions after reading the Liquidators Guide. Let’s get right to his email:
Thanks for your liquidation guide — it has some great info in there! I Was wondering if you have any suggestions for who to purchase liability insurance from and what a fair rate would be? I live in the state of Colorado, in case that helps. One of the quotes I got was $700 min for the whole year, but I just started contacting insurers today.
Can I ask how much you paid in shipping for those Urban Outfitters clogs? Does looks like a good deal! I noticed someone on eBay named affinityretail or something like that is selling several of those.
One more question, if you don’t mind. What is your opinion of liquidation.com? Noticed it is BBB accredited, so that seems like a plus. Anyway, thanks for your guide and time! Jon
Hey Jon, thanks for the purchase and subsequent email. Sorry my response was delayed.
Liability insurance, an often overlooked aspect of any business, will be rated based upon a few factors, including your business experience; type of business; gross annual receipts; and each quote will take into consideration the insurance companies minimum premium. To me, it sounds as though your $700 quote was minimum annual premium; as such, I think this is a great rate. I would have a local insurance broker look into a Hartford Insurance quote; I carry my general liability through Hartford at a rate of about $495.00 per year.
Urban Outfitters shoes – yes, you can ask about freight. I’m located on the west coast and the shoes shipped from Beacon Falls, CT. Due to the weight of the shipment and point of origin, the freight was approximately $240.00. Even at this rate the shoes were a great deal!
Liquidation.com – This is a difficult question to answer. I’ve heard mixed reviews, but even with a bad review you’ve should understand that each and every buyer I’ve spoken to has a different expectation about sourcing liquidation merchandise. Some newcomers to the industry have a hard time understanding the concept of customer returns and un-manifested loads. Most of the time liquidation loads will not live up to inflated buyer expectation. Having said that, I’ve had numerous email conversations with buyers, over the years, who continuously source goods through liquidation.com.
Question – For the Macy’s contact you provided in your guide — would you happen to know the minimum purchase they require?
Answer – To get a decent load, you’re looking at a $5-8k spend. It’s all based upon percentages of wholesale cost, and each load is different.
Question – Also, is it ok to resell the items on eBay and also craigslist?
Answer -You will be fine reselling Macy’s items on eBay and Craigslist.
Thanks for the email Jon, please keep in contact with us. Let us know what you decide to purchase!
Our 2020 Liquidators Guide chronicles 12 years of wholesale product sourcing experience and includes my personal black book of direct source contacts! As an industry expert, I'll share the success I've enjoyed along with the mistakes I've made buying and reselling liquidation merchandise.
If you are thinking about buying pallets of liquidation merchandise from a liquidator, broker, or direct from department stores, you need to check out The Liquidators Guide