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Newbie Needing Assistance


ghorton91

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Hey Everyone,

 

If anyone cares to read it, I wanted to lay out my scenario and see if I can get some advice.

 

I acquired my first machine, cleaned it up. Stickers/labels are on the way for candy and charity.

Candy is on the way as well and I have a location lined up (restaurant I used to work at when younger).

I know the manager well and he doesn't like how the guy in there now services his machines, so all is well there.

 

Here is my issue. The restaurant has been sued before (didn't amount to much) because someone tripped on
a machine. So the manager/GM wants an insurance policy. 

The quote I just grabbed is $400 down, and then $42 a month. That obviously is over what I'll be making with
this one (TRIPLE) machine I assume.

 

On the other side, I've also been talking to someone about purchasing 5 machines (on location) for $100 each
and taking that route over. It's in my town and close. Those locations have been going for 5 years at least and 
are in lobbies and breakrooms of various businesses. All vendesigns.

 

The only way I know to pay for the insurance that the first guy wants is to drop over 1k in funds to buy that route
and then stock/refill. Then looking at about 16-18 months to pay off investment.

 

I don't know if I need advice, or if I'm more looking for the right way to approach all this. Am I looking at this in the right
ways?

 

Thanks.

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Try Conover or all state. I pay around 30 a month and that's for a million liability insurance. That is all you should need I wouldn't insure your equipment just get liability in case someone chokes or something. I didn't have to pay an upfront fee just the first month.

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1. As others have already mentioned, your quote is too high. Shop around.

 

2. Maybe you should avoid this location FOR NOW. 

 

If you are going to have less than a few locations AND an insurance bill, you are basically going to be working just to pay off the policy premium after you factor in gas and product cost.

 

Place your first machine(s) in places that don't have an insurance requirement at start-up.

Otherwise, vending may not even be worth your time after expenses are covered.

 

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