Insurance

[Magiccity726]

I have a potential location that requires a certificate of insurance and for the location to be added as an additional insured. Does anyone have an insurance company that they recommend and how much should I expect to pay? Thank you

[QuikVend]

34 minutes ago, Magiccity726 said:

I have a potential location that requires a certificate of insurance and for the location to be added as an additional insured. Does anyone have an insurance company that they recommend and how much should I expect to pay? Thank you

I'm using liberty mutual right now. They usually base it on sales. I'm paying $500 for the year

[Snickers]

Additional insured will add to your premiums. We had an account that required us to add them specific to our existing policy. I think it was only $15-20 extra per month but we didn't do it instead we just pulled out of the account altogether as it was an underperforming stop. 

[AZVendor]

I have never had an additional insured client add to my premiums.  You are already expected to have such exposures so all you're asking for is that proof of such coverage to be given to the client naming them specifically as an entity insured by your policy against any losses related to your line of business.  If you were charged for this it sounds like a rip off.  Even charging a fee for that sounds suspicious unless you were asking this to happen with a non-business policy or some odd policy not tailored for vending.

Go through a broker and get a business liability policy from CNA.  The have policies for vending and food service.  

[flintflash]

TOTALLY agree with AZ.  In my 25 years, I've never had an "additional Insured" certificate cost me extra.  The companies that request it are usually following a protocol from a corporate office.  It's mainly just a CYA procedure for them, requested by their insurance company.  Some will request the Liability Certificate, and some (if you have employees) will request a copy of your Work Comp.  It's really no big deal.  BTW, we use a broker for our insurance.  They will shop prices for you AND be your "go-between" when dealing with the insurance company.  

[Snickers]

We use a broker for our insurance. It was an additional cost and yes it was a requirement  by a third party to have it name them specific. We have never had such hoops or requirements as this place wanted and it seemed absurd to me as well. 

[Southeast Treats]

I have Auto-Owners thru a local agent, and it is not very expensive (1mil coverage) for vending, as the risk is considered low.  They don't charge for providing certificates of insurance to locations that request them; but to add a location as an additional named insured does cost a little extra, since they are now insuring both businesses for liability from the machines.

[AZVendor]

Then it's being quoted incorrectly.  They need to insure you for the type of business you have which is one location (yours) that puts machines out at various customer locations that you don't own and don't insure. A certificate of insurance then only reassures the customer that you have liability insurance regarding the use of your machine only.  Your insurance is only liability for injury from the machine or the product you sell (completed products).  What Auto Owners is doing is treating you like you have various physical locations that you run your business out of.  That's why CNA is better for vending.  They actually classify your business correctly.

[WhiteRoom]

I have State Farm, about $350/year, they do not charge for adding an additional insured.

[Snickers]

I need to check into our policy.

What is CNA?

Our broker has us with Cincinnati.

[NYCandyMaN]

what is CNA?

[AZVendor]

Two people that don't recognize CNA as an insurance company?

[AngryChris]

I just checked and CNA is exactly who I have after the previous insurer (working as a broker) had ended their relationship with The Hartford.  The rate is about the same and it's something in the range of $500/year +/-.