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Wondering if you guys carry it, and what insurance company you use.  Also, what is considered good coverage?   I have an offer for $1,000,000 coverage per incident with $2,000,000 aggregate, but only $10,000 per person medical coverage.  That last part seems too low to me but the company I'm looking at won't offer any more.  Oh, and the rate is $500 per year.

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500 is not bad, as you grow, you can get more, I've been looking into this for a while now, then again, when was the last time you saw a gumball machine hurt anyone? Soda machines don't tip, and if it does, its the persons fault for tilting it. I like "vend at your own risk" and "shaking the machine can result in personal injury" another words "COVER YOUR golpher!"

also did you ask how many of your machines will that policy cover?

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2 hours ago, NYCandyMan said:

500 is not bad, as you grow, you can get more, I've been looking into this for a while now, then again, when was the last time you saw a gumball machine hurt anyone? Soda machines don't tip, and if it does, its the persons fault for tilting it. I like "vend at your own risk" and "shaking the machine can result in personal injury" another words "COVER YOUR golpher!"

also did you ask how many of your machines will that policy cover?

$500 is the cost of this policy regardless of number of machines and/or revenue.  I was willing to pay more for more per person medical coverage, but it is not offered.  I'm wondering if others carry liability insurance and what their terms are.

 

I expect that the greatest risk of a vending machine causing damage would be due to it causing a fire somehow, so the $1,000,000 per incident makes sense.  However a soda (or a snack) machine can indeed be tipped over, albeit not easily.  Still, if that were to happen and it landed ON someone I'd imagine medical costs could amount to much more than 10 thousand dollars.

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The 10k number is the limit they will pay for medical expenses of someone that is not suing you.  If they have more they will sue and can recover up to the policy limit.

You are selling food and the stakes are high. Anyone can claim food poisoning or condemnation with no evidence.  

Walta

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On 7/25/2017 at 0:53 AM, Apple Leisure said:

$500 is the cost of this policy regardless of number of machines and/or revenue.  I was willing to pay more for more per person medical coverage, but it is not offered.  I'm wondering if others carry liability insurance and what their terms are.

 

I expect that the greatest risk of a vending machine causing damage would be due to it causing a fire somehow, so the $1,000,000 per incident makes sense.  However a soda (or a snack) machine can indeed be tipped over, albeit not easily.  Still, if that were to happen and it landed ON someone I'd imagine medical costs could amount to much more than 10 thousand dollars.

What you have quoted is the norm for liability.  Sounds like great coverage.  What you need to keep in mind regarding the personal injury, is that your customers Work Comp will cover the individual first, then the liability (assuming that the injury was caused by the fault of the individual, which probably is the case).  Also, in regards to the individual, the insurance company will will go to bat for you if the injury was negligence on the part of the individual (again, probably the case).  They are not going to just hand out $10,000 to someone stupid enough to pull a Coke machine down on themselves, or cut there arm because they broke the glass on the vending machine to steal product.  I think the policy that you have is more than adequate and at $500 annually, that's a good price.  You will be covered well. :) 

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My degree was in commercial lines underwriting. I was a little concerned about some responses.  Workers Comp will only pay for work related injuries. And when purchasing a liability policy there will not be any coverage for equipment. One of the most important coverages is the legal coverage. Even though you did not make the snicker bar they claimed made them sick, you will be included in the suit.  If you have a auto. Own a home, call your independent agent and have them package it all together, much cheaper. But don't go without it. If possible.

 

 

 

 

 

 

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48 minutes ago, Poplady1 said:

My degree was in commercial lines underwriting. I was a little concerned about some responses.  Workers Comp will only pay for work related injuries. And when purchasing a liability policy there will not be any coverage for equipment. One of the most important coverages is the legal coverage. Even though you did not make the snicker bar they claimed made them sick, you will be included in the suit.  If you have a auto. Own a home, call your independent agent and have them package it all together, much cheaper. But don't go without it. If possible.

 

 

 

 

 

 

What do you think about the coverage I quoted Poplady?  I mean irrespective of the cost.

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The limits are normal. On your concern about the medical, it is fine. That is considered goodwill coverage. It is used to try to prevent suits. They pay quickly accepting no liability. If it gets bigger it is covered under your higher limits. My question would be is there products coverage and if there is, do you need it. That is for mfg and it is expensive. Your agent can explain that for you. Can I ask what company made the offer. I just saw it is Hartford, checked the financials and they are A rated under fire and casualty. Also someone mentioned that you would be covered under the medical. That would be very unusal. You would be protected but you could not benefit financially by this liability policy because you cannot sue yourself. I am not speaking as agent.

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23 hours ago, Poplady1 said:

The limits are normal. On your concern about the medical, it is fine. That is considered goodwill coverage. It is used to try to prevent suits. They pay quickly accepting no liability. If it gets bigger it is covered under your higher limits. My question would be is there products coverage and if there is, do you need it. That is for mfg and it is expensive. Your agent can explain that for you. Can I ask what company made the offer. I just saw it is Hartford, checked the financials and they are A rated under fire and casualty. Also someone mentioned that you would be covered under the medical. That would be very unusal. You would be protected but you could not benefit financially by this liability policy because you cannot sue yourself. I am not speaking as agent.

Thank you very much for your input.

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  • 1 year later...

I’m curious if anyone other thoughts on this are out there. As criminal activity evolves I’m curious if anyone has encountered any issues or taken an additional preventative steps? I’m willing to take the conversation offline as well.

 

thanks! 

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