Sgolembiewski0903 Posted January 13, 2018 Share Posted January 13, 2018 Just wondering what you guys carry as far as liability/business insurance goes for your biz - and how much it costs you? Also, has anyone ever used that insurance? Also, is insurance a requirement or a voluntary thing? Voluntary, right? Link to comment Share on other sites More sharing options...
QuikVend Posted January 13, 2018 Share Posted January 13, 2018 Very cheap. I've got a policy through liberty mutual. $1 million coverage is only $500 for the year. Some places will require you to be insured in order to place machines. Link to comment Share on other sites More sharing options...
AZVendor Posted January 13, 2018 Share Posted January 13, 2018 Many locations and landlords require it but business sense alone requires it. It's a protection for you! Link to comment Share on other sites More sharing options...
AngryChris Posted January 13, 2018 Share Posted January 13, 2018 $1 million here. I pay around $500 as well. Link to comment Share on other sites More sharing options...
BlindVending Posted January 14, 2018 Share Posted January 14, 2018 2 milly here for around 700 a year Link to comment Share on other sites More sharing options...
NYCandyMaN Posted January 15, 2018 Share Posted January 15, 2018 Do they ask for how many machines you run to get that price? Link to comment Share on other sites More sharing options...
MidStateVending Posted January 16, 2018 Share Posted January 16, 2018 Some locations do not allow you to place your machine in their location without having insurance. Also, another vendor told me the following story: "A drunk guy tried to use an outside snack machine. He fell into the machine, breaking the glass, and cutting himself. He sued the vendor because it was dark out and the vending machine light was not on". The vendor had liability insurance, however. Link to comment Share on other sites More sharing options...
flintflash Posted January 19, 2018 Share Posted January 19, 2018 Business liability is pretty inexpensive and is a SMART thing to carry (for all the reasons mentioned above). Many of the larger accounts that you may pursue in the future will require that you carry it, may require a copy of it sent to them (your agent can handle that), and SOME will require that they be added as an "Additional Insured" (again, your agent should be familiar with this procedure and handle this for you). The "Additional Insured" just covers THEIR butts, because they don't want to be sued if someone gets injured on their premises by your machines. If you have employees, many may require to have a copy of your Work Comp policy as well. This is to make sure that your employee doesn't try to sue them if they get injured on their premises. Work Comp coverage is required by law anyways, so you SHOULD have it. Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.