Tag Archives: liability insurance

Importance Of Liability Insurance For Estate Sales

The importance of liability insurance for estate sales has become a necessary cost for estate sale companies.

With thousands of estate sales, thousands of estate sale companies and baby boomers moving or downsizing at an increased pace, estate sale companies need to protect their businesses.

The world has become a litigious place. Estate sale companies take care when staging an estate sale, but with hundreds of people moving through the occasional incident can happen. The estate liquidator works diligently to keep the estate sale a safe environment.

One company that works with a large majority of estate sale companies providing estate sales insurance is the ACNA  (Antiques and Collectibles National Association),

Understanding The Estate Sale Process

Understanding the estate sale process is very important as the liquidation business continues to grow.

Estate sale companies cannot commit until they have seen everything you are selling. The company needs to decide if there is enough in the sale to make it profitable for them.

Estate liquidators have many expenses such as insurance, staff, supplies, security and the time needed to prepare the sale. Liquidators have to include their advertising costs to compete with the growing number of estate sales.

Sellers hiring an estate sale company should recognize that they have a multitude of expenses. Working to create a successful sale for you to the best of their ability requires knowledge and marketing experience.

Estate liquidators also need empathy in many cases for clients.

A strong estate sale contract that protects and explains the estate sale company obligations and the sellers obligations is very important in the process. Many estate sale companies have their contracts prepared by attorneys.

The estate sale company may have a membership in associations such as the NAOEL. These associations and societies charge a fee to join and a yearly fee for membership. They also provide education that they charge the estate liquidator for.

The estate sale company incurs the cost of excepting charge cards. Fees are accessed and each company decides whether to charge them to a seller or absorb them. This may be part of their commission. Each estate sale company is different.

Sellers should understand what is required to prepare and conduct a sale. Reviewing the estate sale process with any estate sale company you are interviewing is important to avoid future misunderstandings.

Estate Sales Costs Evolve Over Time

One of the largest generations in our history, the baby boomer generation, has helped to create a boom in the estate sale industry, changed the way estate sales work, and the costs associated with estate sales.

Ten years ago holding an estate sale you payed a commission to an estate liquidation company or a flat fee and possibly paying an outside source to provide a clean out after the sale. The commission or fee was set by the estate sale company and was the same for almost every sale they conducted.

Not so today. The majority of estate sale companies now carry liability insurance, important for them and sellers. Workman’s compensation is also an expense for hundreds of estate sale companies. Estate sale companies that hold more than one estate sale per week or handle large content sales have had to add staff to handle the volume of sales they are working, advertising has gone from placing an ad in the local paper and hand made signs to marketing with estate sale advertising websites such as EstateSale.com (including featuring large or unusual sales an extra cost. Each estate sale adverting website is different and has varying costs), Facebook (and boosting the post for the sale) professional signage, brochures, memberships in associations, email targeting lists, and clean out costs either by the liquidation company or a company that specializes in clean outs of property.

Estate Sale Tips – Homeowners Insurance Needed

Homeowner insurance has always been necessary, but in today’s litigious world it is even more important.

Estate sales are being held by the thousands every weekend across the United States and protecting the homeowner and the estate sale company is necessary.

The large majority of estate sale companies have liability insurance, but that isn’t enough today. If an accident happens on the property whether in probate, foreclosure, just being sold or downsized it needs to have protection of its’ own.

Estate Sale Liability Insurance – Why It’s Important

liability insurance for home20 years ago most estate sale companies asked the seller or whoever was representing the sale of the home contents if they had a homeowners policy. If they did that was enough in most places and the estate liquidation process began.

Today, that is not the case. In today’s litigious world estate sale companies as well as the representative of the home contents need liability insurance. The property needs a policy (usually homeowners) and the estate liquidator also need liability insurance. Slips, trips, falls, no matter what signs are posted put estate sale companies and homeowners at risk.

At the Estate Sale Conference in Memphis there was discussion on this very important topic along with a vendor that offered liability insurance. There are several companies that sell this liability coverage for estate liquidators. It is highly recommended that you ask an estate sale company before you make your interview appointment if they have their own liability insurance. If they don’t you may want to consider other companies. If someone decides to sue they usually sue all parties; homeowner and estate sale company.

It costs an estate liquidator extra expense, however, liability insurance can provide peace of mind for all parties and save homeowners and estate sale companies thousands of dollars.

Tip- If you are representing an estate you should have a homeowners policy and an estate sale company is well within their prerogative to turn down a liquidation sale that does not have liability coverage on the property.