Vending Machine Distributor Insurance
The vending machine business is one of the easiest to get into since the investment required is low, and you should see a return on that investment almost instantly. Whether you stock your vending machines with drinks, candy, snacks, or a mixture of all three, you can usually mark up your products by up to 300 percent. But as simple as the process seems, it’s still a business, which means you need to be properly insured. More specifically, you need vending machine distributor insurance, which features a few types of coverage.
General Liability For Vending Machine Distributors
One of the main risks of being in the vending machine industry is the possibility that your machine could hurt someone. After all, vending machines are heavy and can therefore cause injuries when they get tipped over. This is why the general liability portion of your vending machine distributor insurance is so important. This coverage also extends to the property in case the machine damages it, such as by starting a fire after an electrical short. In addition, if an item the machine dispenses makes anyone ill, your general liability coverage will protect you from being held personally liable.
Even if you take every precaution and are confident that your vending machine will not injure anyone or damage any property, you still need to have general liability to simply place it in a building. This is because many property owners require proof of vending machine distributor insurance.
Business Owners (BOP)
Business owners policy (BOP) can ensure you have a few different types of coverage aside from general liability. For example, it can cover necessary repairs or replacement for your vending machine so you don’t miss out on sales for long when the machine is stolen or damaged by fire. It can also cover any buildings you use for your business, along with their contents in case of natural disaster. If you lose any profits after a fire, flood, or other destructive event, your BOP can make up for your lost income. In addition, a BOP can protect you if your electronic data is compromised or if any employees steal from you.
Commercial Auto Coverage For Vending Machine Distributors
Distributing vending machines requires a lot of driving. Whether you have a company vehicle or use your personal auto for your business, you need to include commercial auto coverage in your vending machine distributor policy. This is because your personal car insurance policy will not pay for any damages incurred when you are driving for business.
Workers Comp Insurance For Vending Machine Distributors
The vast majority of states require you to have workers comp coverage if you have one or more employees. This will protect both you and your employees in case they are injured while distributing vending machines or performing other tasks for this business. If you do not have this coverage, you will be expected to pay for their medical treatment, rehabilitation costs, and other expenses related to the injuries sustained on the job.
Excess liability coverage exists in case you exceed the general liability limits of your vending machine distributor insurance. If you have an expensive liability claim, you will be happy to have excess liability, which is also called umbrella coverage.