Bulk Vending Liability Insurance

[cavity]

I am in the market for a new policy and looking for some specific names of insurance companies. 

I know there are tons of posts regarding this matter.  However, no one seems willing to step up and name a reputable company.  Now, you don't have to name yours specifically, but it would be great if we can come up with a good sized list to get an idea of the more reputable companies that are avail. to us without having to spend tons of time searching on our own.  I guess that's the benefit of synergy.

Any info would be of great help.  Thanks.

OK, ready.... you go first.

[alyssamma]

Cavity, lots of people have named names. I said I use State Farm. The problem is that rates vary greatly by state - and sometimes by area within state. So unless someone from FL names who they have, it won't do you much good.

Kevin

[cavity]

Gotcha.  I scoured through all the posts in Reg. Affairs and came up with a few, consolidated here.

Travelers

Statefarm

The Hartford

Allstate

Liberty

Country

Hub International

US Liability

Centurion

AIS

[tooldini]

Statefarm my liability which is for my windshield repair biz is around $40.00 a month for 1million coverage. I was told this policy also has language in it that would cover vending situations.

[proshine43]

I'll be going with heartwell. they quoted 450 a year, they said everythings covered and its a 2,000,000 policy.

[proshine43]

just curious what's the minimum amount of ins u guys would go with? is 1 ,000,000  enough

[gumball guy]

I have $1,000,000.00 in liability coverage. Unless someone grabs one of my candy machines and beats 50 people to death with it I should be good.

[agrantha]

Ok

I have been in the bulk vending business for two months.  I have 4 Vendstar 3000s at locations.  Should I acquire liability insurance, or am I a joke?

[mission vending]

If it was me, here in Texas, I wouldn't ....... here's why.

1. With only a few locations your risk exposure is very small.

2. In Texas we have almost unlimited homestead protections.( Your state might be different)

3. Retirement accounts are also well protected.

4. Bulk vending is mechanical, no electricity involved, no potential for electrocution. What's the worst that can happen with a bulk head? I have never heard about someone dying from messing with a bulk machine head.

So unless you have significant assets to shield in the unlikely event of a lawsuit the expense probably outweighs the benefit.(For that a LLC might be a better course of action). For a $250 premium you can buy several more heads.  Talk to your accountant and any others that you consult with about your business. That's my opinion, others will surely differ. Bottom line you need to look at the risk reward scenario and determine what you feel is best for you and your business.

[The Mage]

People sue for ridiculous reasons.  Liability insurance could be a safety net.  But having an LLC in place may be a better option.  Then they can only take the value of the business, which if it is just a few machines, then that is all they can take.

Something else to keep in mind is how much you are worth, and what kind of income do you make?  If a person really has nothing of value, then I would doubt a lawyer would even touch you.  But if you do have something built up, then you will need to protect it.

Again I am not a lawyer, so don't take legal advice from me.

[droyce]

Just got a quote from state farm..$233.34/yr for $300,000 liability only.  I only have vendstars. They didn't ask for much info. Does neone know how the LLC thing works?

Thanks

Dave

[Iolaus]

.... Does neone know how the LLC thing works?

Thanks

Dave

Dave,

Read this thread, it's pinned at the top of this forum:

http://vendiscuss.com/forum/index.php?topic=5975.0