is this insurance amount request reasonable

[divot]

I have been at a warehouse location for about one year now.

 Have 2 machines and sales each month are roughly $2k.

They are moving to a new location and property owner is requiring vendors to have:

$1 million of general liability

$2 million general aggregate with products. Completed operations coverage (w/ P/CO shown for 2 minimum years)

and

$1 million of commercial vehicle coverage.

 

I still plan to reach out to the property management company and ask if these requirements are for our vending machines or maybe this is more for their other vendors ( semi trucks that make deliveries all day). Though, before contacting them I wanted to see if anyone on this site has an idea if this sounds like an average instance request or if it is excessive for a vending location.

Thanks for your time.

Edited August 23, 2023 by divot

[AZVendor]

If you're a real vendor and have quite a few machines out then you need that coverage anyway.  Then all you have to to is provide a certificate of insurance when it's requested.

[divot]

So, those are average coverage levels?

[AZVendor]

Yes, that's pretty normal coverage when you get into commercial accounts.  Any government or school location will also require them.

[divot]

Thanks for the info. I will just move forward with getting the insurance.

[divot]

Thanks to your help , and all the info on this site, I found a carrier and got liability covered at a decent price per year.

Though, an issue came up with getting commercial liability on my vending van. I was told vehicle title needs to be in name of business. My question ( didn't think to ask insurance rep. until I was off the phone) is could that just be for LLC's? Because I am currently sole proprietor / DBA. So, my van is titled to myself, the sole proprietor.

And, if the van must be titled in DBA name of business - Is that as easy as going to DMV and showing my seller's permit?

Thanks again for your time/ help .

[AZVendor]

Send them the info on your DBA and see if that makes a difference.  All carriers are different.  I had coverage as a sole prop then a C-corp.  I never went to LLC or to full Corp.

[divot]

Thanks again