MidStateVending Posted September 4, 2014 Share Posted September 4, 2014 Has anyone here honestly ever encountered a situation where they were happy they had liability insurance on their business? If so, could you provide an example? Lately I have had reservations on keeping $1 million in liability insurance on my 15 accounts. The chances seem remote that there will be an incident. I have talked to all my vending buddies and they have insurance but never an incident... some after 20 years in the business. Link to comment Share on other sites More sharing options...
AZVendor Posted September 4, 2014 Share Posted September 4, 2014 I had a customer here who was sued by a family from an apartment complex when a teenager tipped a machine over and broke his leg. This customer had let his liability policy lapse and so was sued personally for the injury for a couple of million dollars. I believe he was a sole proprietorship so he wasn't even protected by an LLC or corporate veil. The policies are well worth it as a safety net because you never know when a calamity will occur. When I was vending I had a 3/8" coffee machine water line break overnight in a retail breakroom. The water flowed under the wall and into adjacent offices ruining the wall and the carpet. I was very glad to have the liability policy. While the chance are remote that you will have a claim, the rates you pay reflect that so it's really very affordable insurance. Link to comment Share on other sites More sharing options...
shepherdsflock Posted September 4, 2014 Share Posted September 4, 2014 How much does it cost? Link to comment Share on other sites More sharing options...
MidStateVending Posted September 4, 2014 Author Share Posted September 4, 2014 $42/ month... I know I just hate spending money. AZ, good example. Pretty convincing. Link to comment Share on other sites More sharing options...
mjacks Posted September 10, 2014 Share Posted September 10, 2014 I had a kid rip a change machine off the wall and it fell on another kid. Parents sued us and the restaurant but they didn't follow through (or pay their lawyer). It could still come back up but I doubt it. Be a responsible business owner and pay the $42. It may save your rear one day. Link to comment Share on other sites More sharing options...
ghorton91 Posted November 7, 2014 Share Posted November 7, 2014 Who is a good company to get this through? Link to comment Share on other sites More sharing options...
TWvend Posted November 8, 2014 Share Posted November 8, 2014 Here is my scenario ...... I have a coin operated amusement route . Internet jukeboxes , pool tables , video games , cranes , a few pinballs , and one air hockey. I recently added bulk racks to the mix . Total around 55 locations with 150 machines give or take a few , plus around 10 bulk locations with 5-7-9 way racks. I was negligent in the beginning , and around 6 months ago decided it was time to do the responsible thing and get insurance. I've been getting the run around ever since. I call agents for a quote , and never hear back from them , including the agent I have my other policies with . May I kindly ask what company your dealing with to be able to get liability insurance for a mere 42.00 a month ? Yesterday , I was quoted 2186.00 for 1 million in liability , with no coverage of any kind to my equipment. Link to comment Share on other sites More sharing options...
AZVendor Posted November 9, 2014 Share Posted November 9, 2014 Check with any insurance broker who represents CNA insurance. They sell policies specific to vending and vending services so they will probably have a policy that would apply to amusements and bulk vending as well. Link to comment Share on other sites More sharing options...
MidStateVending Posted November 9, 2014 Author Share Posted November 9, 2014 I have Nationwide. It is bundled into my home and auto. But stand alone I can't imagine it being a whole lot more. Link to comment Share on other sites More sharing options...
rodney69 Posted November 16, 2014 Share Posted November 16, 2014 Even Farmers without another policy was about that! I had an Alstate rep stop and talk to me while I was servicing my machine on a route and he told me he gets it for clients at 245.00 a year. They do figure it mostly on how much your business grosses a year though. Link to comment Share on other sites More sharing options...
ghorton91 Posted November 16, 2014 Share Posted November 16, 2014 Farmers? I'll have to check it out. Link to comment Share on other sites More sharing options...
rodney69 Posted November 16, 2014 Share Posted November 16, 2014 And alstate. Might be cheaper to switch over your car too. Link to comment Share on other sites More sharing options...
Hillbilly Posted November 16, 2014 Share Posted November 16, 2014 Even Farmers without another policy was about that! I had an Alstate rep stop and talk to me while I was servicing my machine on a route and he told me he gets it for clients at 245.00 a year. They do figure it mostly on how much your business grosses a year though. I know you are correct but that is just wrong. That's what is wrong with the insurance industry today. Basing our premiums on what we gross and how good our credit scores are. That's bullshit! It should be based on how many machines and how much the replacement value is. Link to comment Share on other sites More sharing options...
musser Posted November 16, 2014 Share Posted November 16, 2014 Nope, I respectfully disagree. There are two parts to this thread one is equipment insurance the other is liability. I have never in 30 years of vending thought the premiums for equipment insurance were worth it, vehicles, buildings, product in storage, everything BUT machines on location are doable but insuring against damage to machines on location has never been worth it. Insuring my warehouse and the ones I rent, all my inventory, equipment stored, forklift, machinery should cost more than someone working out of a 10X10 storage unit. Liability insurance, product, employee, accident, employee wrong doing, etc must be based on exposure (your income) and your financial health ( your credit worthiness). I have $5000 deductible because it saves money and I always use that every year so would you like to pay the premiums I do ? Link to comment Share on other sites More sharing options...
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