caserri Posted September 13, 2007 Share Posted September 13, 2007 All votes are anonymous. Link to comment Share on other sites More sharing options...
caserri Posted September 17, 2007 Author Share Posted September 17, 2007 I cant believe only 2 votes and 47 views? Link to comment Share on other sites More sharing options...
Alan Sampson Posted September 17, 2007 Share Posted September 17, 2007 Hi Steve I am starting a route in Crestview Florida. The below web-site has quoted me a price of $284 a year. It may be worth a phone call to others that may be interested in protecting their assets also. Thank you. www.djjinc.com Alan Link to comment Share on other sites More sharing options...
Alan Sampson Posted September 17, 2007 Share Posted September 17, 2007 Personal Liability insurance protects your assets in the event that you (or a member of your household) accidentally injure another person or damage someone's property. It's known as "third-party insurance," because it protects you if a third party files a claim against you. Liability insurance will pay for a legal defense in the event of a lawsuit, and pay medical and/or property claims for which you are found legally liable, up to the limits of the policy. Personal liability insurance can be purchased as part of a package policy (such as homeowners, renters, or auto insurance), or as a separate policy (such as a personal umbrella liability policy). Naturally, no one expects to be sued. But a good personal liability policy can definitely help to protect both your family, and your future.Personal Liability insurance protects your assets in the event that you (or a member of your household) accidentally injure another person or damage someone's property. Ask for Wendy Care at 941-766-3944 or e-mail wendyc@djjinc.com Alan Link to comment Share on other sites More sharing options...
caserri Posted September 20, 2007 Author Share Posted September 20, 2007 Thanks for the great post Alan, I am going to copy this one to our regulatory section as well. Some good info here that may go unseen here. Still only 2 votes with 84 views. I'm surprised. Link to comment Share on other sites More sharing options...
sr122179 Posted October 3, 2007 Share Posted October 3, 2007 Hi Steve, I'm new to vending (and this board) so I wasn't able to vote in your poll. However, I was hoping to get your thoughts on this. I was told by my attorney that even if you incorporate, someone could still attempt to sue you personally -- it would then be up to the judge. I definitely don't want to leave myself unprotected, but am not looking to spend money on something that is unneccesary. The lowest priced insurance policy I could find (that affords at least $1,000,000 in liability and still had an A rating or better) was slightly under $500 per year. If anyone has any thoughts or opinions as to whether this is worth it, I would very much appreciate it. Best, Steve Link to comment Share on other sites More sharing options...
caserri Posted October 3, 2007 Author Share Posted October 3, 2007 Wow, I didn't realize the poll was closed! That explains the low vote count! :shock: It is now re-opened. Steve Link to comment Share on other sites More sharing options...
lew Posted October 7, 2007 Share Posted October 7, 2007 I have been researching the differences of Incorporating and forming an LLC. In the future I may Incorporate or become an LLC but for now I carry the liability insurance. Trying to keep it simple as possible then expand as needed. I came across this article that might answer your question on being sued even though you incorporate or form an LLC. This is a direct quote from the site that I am performing my researching. I would seek professional guidance before making a decision. Here is the link if anyone is interested in reading about Incorporating or forming an LLC. http://www.nolo.com/index.cfm Exceptions to Limited Liability While LLC owners enjoy limited personal liability for many of their business transactions, this protection is not absolute. This drawback is not unique to LLCs, however -- the same exceptions apply to corporations. An LLC owner can be held personally liable if he or she: personally and directly injures someone personally guarantees a bank loan or a business debt on which the LLC defaults fails to deposit taxes withheld from employees' wages intentionally does something fraudulent, illegal, or reckless that causes harm to the company or to someone else, or treats the LLC as an extension of his or her personal affairs, rather than as a separate legal entity. Link to comment Share on other sites More sharing options...
caserri Posted October 12, 2007 Author Share Posted October 12, 2007 Great post lew! I took the liberty of posting this in the regulatory section as well. It will get more views there and possibly answer a question or two. Steve Link to comment Share on other sites More sharing options...
Beer980 Posted November 3, 2007 Share Posted November 3, 2007 I am just starting out in this business and while it's not the best answer I don't carry any. Link to comment Share on other sites More sharing options...
antoniocinisi Posted November 11, 2007 Share Posted November 11, 2007 I dont carry any yet.I only have 10 used u-turns for now and want to see how this goes before expanding.I do intend on getting insurance because 1 of my beuties is in a skateing rink and i would hate it if a kid knocked a machine onto another kid. Link to comment Share on other sites More sharing options...
nam Posted January 31, 2009 Share Posted January 31, 2009 Can anyone suggest what companies write business liability coverage for bulk vending at a reasonable rate? Is the rate based on how many machines as well as what type of machines you are using? Link to comment Share on other sites More sharing options...
jaharra Posted May 20, 2009 Share Posted May 20, 2009 Hi Steve, Regarding your post: "I'm new to vending (and this board) so I wasn't able to vote in your poll. However, I was hoping to get your thoughts on this. I was told by my attorney that even if you incorporate, someone could still attempt to sue you personally -- it would then be up to the judge." I spoke to an accountant specializing in small business about this and his recomendation was to have an LLC for personal protection and still have liability insurance to protect a profitable business because a lawsuit could be entitled to future earnings and business assets. It also provides remuneration to one that suffered damages. His feeling was that $500/yr. for $1M in coverage was small considering. Although newbies may feel that squeeze their pockets, but may be worth the peace of mind. An additional note regarding protection, that may be considered a little bit of an advanced strategy is to have a parent co. LLC own all the co. assets including vehicles and lease it to the operating co. which is your vending service. So if your vending service is ever sued, it doesn't own any assets to go after. Wendy Link to comment Share on other sites More sharing options...
Mr_H Posted August 10, 2009 Share Posted August 10, 2009 Since I don't have any machines on location as of yet I don't have insurance. However, this may change once I start growing the business. Link to comment Share on other sites More sharing options...
chrisdunn77 Posted August 22, 2009 Share Posted August 22, 2009 i only have 2 machines right now with no insurance. But im picking up 15 machines this week. i think because of cost im going to have to place them first see the profits then look into insurance. Link to comment Share on other sites More sharing options...
denishthomas Posted April 23, 2012 Share Posted April 23, 2012 Liability protection is likely be the biggest benefit you will receive when you incorporate your business. & I have both Inc. & Ins. liability insurance cost Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.