BanderSnatch Posted March 6, 2009 Share Posted March 6, 2009 I am relatively new to bulk vending. I mean i've been in it for a year, but not seriously. & not legitimately. I just got my business license & am ready to get serious about it. I want to get insurance, & I want advice from all of you. First of all, you can just give me a lot of random advice & I appreciate it. Also, when shopping for insurance what should I look out for? & how much should it cost? I want some kind of guide line, so when the price is too high & when the price is a good deal. I.e. "Candy machine with 3 globes should be $10 per machine" so I know when I hear an insurance company quote me at $20 a machine I know thats too high & when another company says $7 machine I know thats a good deal. Thanks! Link to comment Share on other sites More sharing options...
kawoodard Posted March 13, 2009 Share Posted March 13, 2009 You need general business liability insurance and it is fairly cheap, $500 or less per year. Covers you if anyone is injured by your machine or anything related to your business. Most insurance carriers provide it, I have head good things about State Farm. Link to comment Share on other sites More sharing options...
transpar3nt Posted June 7, 2009 Share Posted June 7, 2009 Do you know of any insurers that offer coverage based on the total value of your equipment or anything like that? $500 a year seems awfully steep for beginners like myself and BanderSnatch. That and LLC being our main options starting out, it's no wonder so many vending operators risk having no liability protection. Has anyone here heard of someone in our industry (bulk vending) actually being hit hard by a law suit because of poor liability defense? Or is it one of those things that's not likely to happen but still smart to have "just in case"? Link to comment Share on other sites More sharing options...
alyssamma Posted June 7, 2009 Share Posted June 7, 2009 Trans, simply having an LLC will be good enough for you. Also, insurance will run you about $250. The reason to have insurance is if a) you don't have an LLC/S-Corp or you have an LLC/S-Corp that have a significant value (e.g., your machines are worth a lot of $). If you are just starting out, don't sweat it. An LLC will give you all of the coverage you need. Full line vending lawsuits are out there - not sure about bulk. Kevin Link to comment Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now