MrGranger Posted February 26, 2011 Share Posted February 26, 2011 How many of you have insurance? And can you recommend a good carrier for bulk vending? Link to comment Share on other sites More sharing options...
amc-vending Posted February 26, 2011 Share Posted February 26, 2011 I use state farm, I pay 19.75 per month for a 1 million dollar policy that covers liability and vandalism with a 500.00 deductable Link to comment Share on other sites More sharing options...
noved1 Posted February 26, 2011 Share Posted February 26, 2011 I just purchased the same coverage from state farm for 21.00 per month with a 1 million dollar policy that covers liability and vandalism. I purchased this policy yesterday. Link to comment Share on other sites More sharing options...
anyvendingcom Posted June 1, 2011 Share Posted June 1, 2011 I use state farm, I pay 19.75 per month for a 1 million dollar policy that covers liability and vandalism with a 500.00 deductable How many machines are insured under the policy? Link to comment Share on other sites More sharing options...
Hillbilly Posted June 1, 2011 Share Posted June 1, 2011 I have State Farm as well. About $200 year for 1M coverage. Covers however many machines I have. Link to comment Share on other sites More sharing options...
agrantha Posted June 3, 2011 Share Posted June 3, 2011 How many of you have insurance? And can you recommend a good carrier for bulk vending? Granger The amount you are charged will be based on your annual income from your bulk business. I pay $16.25 per month. This amount will increase once my income goes past $10,000 per year. This is for liability only. It does not cover theft. Link to comment Share on other sites More sharing options...
agrantha Posted June 7, 2011 Share Posted June 7, 2011 Granger The amount you are charged will be based on your annual income from your bulk business. I pay $16.25 per month. This amount will increase once my income goes past $10,000 per year. This is for liability only. It does not cover theft. Kelly That is what my insurance provider told me. If I am false, then I need to have a talk with Wells Fargo. Link to comment Share on other sites More sharing options...
Crimson Tide Posted June 28, 2011 Share Posted June 28, 2011 Is there any reason to carry liability insurance if you are operating your business under a LLC? Link to comment Share on other sites More sharing options...
Crimson Tide Posted June 29, 2011 Share Posted June 29, 2011 The LLC is meant to protect your personal assets........Liability Ins. will protect your business(hopefully) in the event a kid chokes on gumball or machine falls on grandma and other crazy stuff like that. The reason I purchased ins is I had a Pizza place owner (6 locations) request it before I could place a machine in their restaurants. Thanks! Link to comment Share on other sites More sharing options...
PnutGallery Co. Posted July 2, 2011 Share Posted July 2, 2011 Is there any reason to carry liability insurance if you are operating your business under a LLC? The LLC should protect you personally if there is a problem, but you could still lose all of your business assets if you get into trouble. Insurance will protect your business from such issues. Like others have said it may also be required to get some locations as they do not want to think they have any liability issues with you vending there. Having insurance is also a very good tool to land some locations. It can give you and edge and possibly one more thing that your competition may not have. I know that in starting a business and paying for insurance and all of the other needed items it seems like one more expense you don't need, but it is really needed whether you have 1 machine or 1000. It just is more cost effective the more machines you have. Link to comment Share on other sites More sharing options...
Poplady1 Posted August 5, 2011 Share Posted August 5, 2011 The LLC should protect you personally if there is a problem, but you could still lose all of your business assets if you get into trouble. Insurance will protect your business from such issues. Like others have said it may also be required to get some locations as they do not want to think they have any liability issues with you vending there. Having insurance is also a very good tool to land some locations. It can give you and edge and possibly one more thing that your competition may not have. I know that in starting a business and paying for insurance and all of the other needed items it seems like one more expense you don't need, but it is really needed whether you have 1 machine or 1000. It just is more cost effective the more machines you have. I agree insurance is important to protect you personally and with your business. On these insurance quotes do they all cover your machines from theft or V&MM. Those prices seem very very good. Poplady Link to comment Share on other sites More sharing options...
mission vending Posted August 5, 2011 Share Posted August 5, 2011 General liability insurance typically does not insure your machines from theft and vandalism. I've also had to upgrade my liability policy from 1M and 2M aggregate to 2M and 4M at the insistence of a couple of property managers. Link to comment Share on other sites More sharing options...
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