Randy 805 Posted September 10, 2014 Share Posted September 10, 2014 Hey guys, I've recently aquired a location that requires I carry at least $1,000,000 in Liability insurance, this sounds like a lot, it's been a goal of mine to finally aquire insurance for my small route in general, I guess now is the time, but is this amount they are requesting common? how much can I expect to pay monthly for a policy like that? What are some good vending specific or general business insurance companies you could reccommend? Link to comment Share on other sites More sharing options...
SchligVend Posted September 10, 2014 Share Posted September 10, 2014 Yes this is common I have 1m/2m liability coverage, I have heard people paying 350 to 750 a year. I would recommend contacting your current auto or house insurance and see if they can bundle. Or a broker. Link to comment Share on other sites More sharing options...
moondog Posted September 10, 2014 Share Posted September 10, 2014 Hey guys, I've recently aquired a location that requires I carry at least $1,000,000 in Liability insurance, this sounds like a lot, it's been a goal of mine to finally aquire insurance for my small route in general, I guess now is the time, but is this amount they are requesting common? how much can I expect to pay monthly for a policy like that? What are some good vending specific or general business insurance companies you could reccommend? Farmers is the best here in California - figure on less than $30 a month Link to comment Share on other sites More sharing options...
froob956 Posted July 9, 2015 Share Posted July 9, 2015 How much insurance is actually necessary? I'm still just in the looking/researching phase and wanted to know what I need to plan on paying/having Link to comment Share on other sites More sharing options...
AZVendor Posted July 10, 2015 Share Posted July 10, 2015 Get yourself a good 1 million dollar umbrella policy. Link to comment Share on other sites More sharing options...
froob956 Posted July 10, 2015 Share Posted July 10, 2015 Get yourself a good 1 million dollar umbrella policy. Define good? haha. I'm still trying to find a good trustworthy car insurance. Military makes that little easier.... Link to comment Share on other sites More sharing options...
AZVendor Posted July 10, 2015 Share Posted July 10, 2015 You need a liability policy, not just a vehicle policy. You can use your normal car insurance as you'll likely use a personal vehicle for this but you need a liability policy for the business. Don't waste your time trying to insure your machines as it's a waste of time and money for what they are worth. The liability coverage is by far the most important. Link to comment Share on other sites More sharing options...
froob956 Posted July 10, 2015 Share Posted July 10, 2015 You need a liability policy, not just a vehicle policy. You can use your normal car insurance as you'll likely use a personal vehicle for this but you need a liability policy for the business. Don't waste your time trying to insure your machines as it's a waste of time and money for what they are worth. The liability coverage is by far the most important. Liability just covers people getting hurt from the machines/damage to the property they are on right? Link to comment Share on other sites More sharing options...
orsd Posted July 10, 2015 Share Posted July 10, 2015 Liability just covers people getting hurt from the machines/damage to the property they are on right? Yes. Also get a product rider in case someone gets sick from a product. Link to comment Share on other sites More sharing options...
AZVendor Posted July 10, 2015 Share Posted July 10, 2015 The product rider is usually called Completed Products coverage. Link to comment Share on other sites More sharing options...
AngryChris Posted July 16, 2015 Share Posted July 16, 2015 As long as you aren't selling food, you shouldn't almost never have to worry about food sickness from a liability perspective, but it's good to be covered. Link to comment Share on other sites More sharing options...
MylesQM Posted July 28, 2015 Share Posted July 28, 2015 Hey guys, I've recently aquired a location that requires I carry at least $1,000,000 in Liability insurance, this sounds like a lot, it's been a goal of mine to finally aquire insurance for my small route in general, I guess now is the time, but is this amount they are requesting common? how much can I expect to pay monthly for a policy like that? What are some good vending specific or general business insurance companies you could reccommend? I see from your profile that, like me, you're operating in California. This reminds me of a joke: Why does New Jersey have the most toxic waste dumps in the country and California have the most lawyers? New Jersey had first pick. Business insurance policies are often offered in large amounts like that. When I looked at policies a couple of months ago with Hartford, I explained I was just starting out and didn't have ton of machines yet and I was offered policies for $1M, $1.5M, $2M. I opted for $1M and paid $325 for the year. Small price for your peace-of-mind and never underestimate the effect that the words "FULLY INSURED" has on risk-averse decision makers. Of course, your contracts should specify that damage due to negligence on their side is their responsibility. Link to comment Share on other sites More sharing options...
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