I'm struggling to be a wholesaler, but it is hard here in Philadelphia. They have this stupid law about wholesalers. The City wants me to have General Liability Insurance: $1,000,000 per occurrence. I don't know any insurance company that offers this. Do you have any suggestions?
@Larry Dutton Yes wholesaling is difficult. Generally businesses with zero barries of entry are dificult because anyone can participate. Liability insurance is intended to protect consumers in th event claims arise involving bodily injuries and property damage resulting from your products, services or operations. Why is this stupid? Why should you be expempt when just about every other business service provider carries insurance?
@Larry Dutton Yes wholesaling is difficult. Generally businesses with zero barries of entry are dificult because anyone can participate. Liability insurance is intended to protect consumers in th event claims arise involving bodily injuries and property damage resulting from your products, services or operations. Why is this stupid? Why should you be expempt when just about every other business service provider carries insurance?
Many of my clients are dealing with similar issues as they try to navigate the changing world of real estate wholesaling. More cities and states are putting up rules that make it harder to wholesale real estate. Because of this, many wholesalers are having to expand into new cities and states to find enough profitable deals. While it can be done, it takes a lot of work and it’s important to know that every new market you enter may have its own set of laws and rules. This means you’ll need to understand the local requirements in each area to make sure you stay compliant and avoid any problems.
I'm struggling to be a wholesaler, but it is hard here in Philadelphia. They have this stupid law about wholesalers. The City wants me to have General Liability Insurance: $1,000,000 per occurrence. I don't know any insurance company that offers this. Do you have any suggestions?
I spoken to many insurance agents & brokers, to my understanding “general liability insurance” the purpose is not for transaction, it’s for coverage of renting office space, or renting a building. “Professional liability insurance” coverage protects the transaction.
This is what I was told and am working on right now. Find someone that has a small office space for rent for cheap and get "general liability insurance" so you can have proof just incase L&I wants to investigate your practice randomly you would have proof of existence. I've tried to get "general liability coverage" but failed using my home as an office because it conflicts with my homeowner policy (your home address would loose protection getting business insurance and could be gaped into lawsuits.) I hope this post was able to help. Btw..if you registered LLC has a corporate address it will not help you get insurance either because hundreds of businesses go to the same address.