MrGranger Posted April 28, 2011 Share Posted April 28, 2011 All the crazy tornadoes had me thinking about about how prepared I was for disasters. Not just me personally but locations. Since earthquakes are the most likely events here, I think I need to start building a plan as I grow. It's very likely a major earthquake will knock over machines. Maybe a few at different locations. Location owners might not come back for a while, shops closing for weeks, and your machines will sit where you cannot get to them. So many things could happen really. Another reason to have insurance, but I think most have liability which wouldn't help in a disaster. Has anyone been affected by big disasters and what happened? Link to comment Share on other sites More sharing options...
PnutGallery Co. Posted April 28, 2011 Share Posted April 28, 2011 All the crazy tornadoes had me thinking about about how prepared I was for disasters. Not just me personally but locations. Since earthquakes are the most likely events here, I think I need to start building a plan as I grow. It's very likely a major earthquake will knock over machines. Maybe a few at different locations. Location owners might not come back for a while, shops closing for weeks, and your machines will sit where you cannot get to them. So many things could happen really. Another reason to have insurance, but I think most have liability which wouldn't help in a disaster. Has anyone been affected by big disasters and what happened? This is a very good question and a possibility to anyone in business. Having insurance on your equipment would be the only thing that could protect you, and even then it would be up to you to prove locations and equipment placed in them. I would guess you would maybe need inventory numbers on each machine as well as records of what is where and more than likely receipts of each purchase. I know the pros here would more than likely be doing this already, but the small operators may want to invest some time into being prepared for such a situation. Link to comment Share on other sites More sharing options...
Guest Vending Big guy Posted April 28, 2011 Share Posted April 28, 2011 This is a very good question and a possibility to anyone in business. Having insurance on your equipment would be the only thing that could protect you, and even then it would be up to you to prove locations and equipment placed in them. I would guess you would maybe need inventory numbers on each machine as well as records of what is where and more than likely receipts of each purchase. I know the pros here would more than likely be doing this already, but the small operators may want to invest some time into being prepared for such a situation. Well i thought about it. An earthquake probably will not destroy all your machines, maybe just some. Most likely, the ground will just shake and you will have most of your machines still working fine. Link to comment Share on other sites More sharing options...
Team Mass Posted April 28, 2011 Share Posted April 28, 2011 Well i thought about it. An earthquake probably will not destroy all your machines, maybe just some. Most likely, the ground will just shake and you will have most of your machines still working fine. So if I started making an eathquake proof unit with a very thick plexiglass and shock absorbers would it be worth the cost? I'm not sure but I could be fun building one. An nother note with a 20 pound base the only thing that could really get damaged on NW units is probably the glass on my units. Link to comment Share on other sites More sharing options...
mission vending Posted April 28, 2011 Share Posted April 28, 2011 For the full line stuff anyway the insurance to cover the replacement of the equipment is not worth the cost. I've had 4 machines destroyed since I got into the business in 1995 that were not vandalism related. Two went about 1/2 mile downstream when the location was flooded in 1998. The other 2 were destroyed in a explosion and fire at a small refinery a little over a year ago. The insurance company for the contractor that caused the fire settled with me for the equipment. Link to comment Share on other sites More sharing options...
Team Mass Posted April 28, 2011 Share Posted April 28, 2011 That is very good to know, I was curious abou how it would work out and if it was worth the cost. Link to comment Share on other sites More sharing options...
PnutGallery Co. Posted April 28, 2011 Share Posted April 28, 2011 I was thinking that it would not be worth the price of insurance as you will mostt likely have a deductible of $250-$500 per occurance. Losing a machine here and there would be a poor deal, but a person could recover. If there were a big disaster such as a tornado that wiped out a big portion of your machines all at once, that would be a different story and very hard to recover from. Immagine losing your machines, your products, and all of the money in them all at the same time. Link to comment Share on other sites More sharing options...
The Mage Posted April 30, 2011 Share Posted April 30, 2011 Have pretend insurance. Figure out how much you are willing to pay for insurance, and put that money away each month into a savings account. By the time something happens, you will probably have the money to cover it. Also if you build it up enough, you might get to a point where you quit adding anything in, until something actually happens. Link to comment Share on other sites More sharing options...
Jax Snacks Posted April 30, 2011 Share Posted April 30, 2011 Never checked on that type of insurance. Not sure what it would cost or if any company would want to write a policy on a bulk route. I met a vendor from New Orleans at an arcade auction a few years ago. He said he lost almost everything after the hurricane. He then told me he was retiring from vending, but his son wanted to rebuild the route. I recall another New Orleans vendor from another board that also got hit pretty hard. Not sure how those situations played out. Other than New Orleans, I have not heard of any other catastrophic vending losses. I remember one guy at the beach lost a few machines to a hurricane, but it was not a total wipe out. Link to comment Share on other sites More sharing options...
Profits Posted May 1, 2011 Share Posted May 1, 2011 Have pretend insurance. Figure out how much you are willing to pay for insurance, and put that money away each month into a savings account. By the time something happens, you will probably have the money to cover it. Also if you build it up enough, you might get to a point where you quit adding anything in, until something actually happens. What you're talking about is self insurance. It's a real thing. You can self insure your car, too... with a $30k bond. Then you can get away without paying a monthly insurance premium. Link to comment Share on other sites More sharing options...
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