Vending Machine Insurance

Vending machines are convenient fixtures that can be found in or outside of many different kinds of businesses. Investing in vending machines can be a lucrative business venture for many professionals. Since this line of work requires you to purchase your vending machines, which can be quite expensive, you want to protect your investments with the right kind of business insurance. 

An independent insurance agent can help you find the right vending machine insurance for your specific business. They'll get you matched to all the coverage you need. But first, here's a closer look at insurance for vending machines and why it's necessary.

Why Do You Need Insurance for Vending Machines?

Vending machines can be expensive to purchase, repair, and replace. The inventory inside vending machines can range in value but can also be pricey if it gets lost, stolen, or damaged. 

You, as the vending machine's supplier, can also be held responsible for lawsuit expenses related to customer claims of injury or property damage caused by these fixtures. Having the right insurance for vending machines can help protect your business's assets in case of these disasters and others.

What Does Vending Machine Insurance Cover?

Vending machine business insurance must consider many possible risks that can apply to this unique industry. You can expect to find some or all of the following types of coverage in a vending machine business insurance policy:

• Inland marine insurance: This insurance covers business property while in transit, such as while your vending machine is being transported to its final location, against theft, vandalism, and damage or destruction by many different hazards.
• Commercial property insurance: This insurance can cover your vending machines themselves and the inventory inside them against theft, vandalism, loss, damage, or destruction due to various perils such as fire and more.
• Commercial general liability insurance: This covers the costs of third-party claims of bodily injury or personal property damage caused by your vending machines and possible resulting lawsuits. If a customer injures themselves while trying to get a stuck item in your vending machine, for example, they might press charges against you.
• Commercial vehicle insurance: If you have a business truck or van used for restocking and servicing your vending machines, you must have this coverage to protect against the cost of possible accidents, lawsuits, and other incidents involving company vehicles and their drivers.
• Hired and non-owner auto insurance: This coverage is necessary if you or your employees use personally owned vehicles to tend to any vending machines you've supplied.
• Workers' compensation insurance: This covers the costs of medical treatments and can provide partial wage replacement for employees who get injured or ill due to the work environment or job tasks.

An independent insurance agent can help you assemble your vending machine business insurance policy with each type of coverage required.

Vending Machines Need Insurance Protection Against Crime

By far, the biggest risk faced by most vending machine merchants is financial loss caused by crime. Since many vending machines accept cash, there's an element of risk when a worker collects money from the machine. You face not only the possibility of being robbed but also of an employee stealing from your business. To protect your business from these risks, you can add crime insurance to your policy. This coverage can be tailored to the needs of your unique vending machine business. 

If you own a vending machine that accepts credit card payments, such as Redbox or many of the vending machines found at airports, you face additional risks in the form of cyber-attacks or data breaches. Criminals can install skimmers, which are added to a vending machine to steal credit card numbers and even record PIN numbers. 

If a vending machine you supplied is targeted for skimming, you may be held liable by customers, banks, and credit card companies. You can protect yourself from losses due to this kind of disaster by adding cyber liability insurance to your policy. Be sure to discuss this coverage with your independent insurance agent if credit cards are accepted by any vending machines you distribute.

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How Much Is Vending Machine Insurance?

Vending machine insurance costs can vary based on many different factors. These can include:

• The size and location of your business
• How much revenue your business generates
• The value of the inventory inside your vending machines
• The value of the vending machines themselves
• Your business's prior claims history
• The types and amounts of coverage your business needs

An independent insurance agent can help you get set up with the most affordable vending machine business insurance available near you.

Here's How an Independent Insurance Agent Can Help

Independent insurance agents know which business insurance companies can create customized vending machine insurance policies for you. They can shop and compare quotes and policies from multiple carriers to find you the best overall blend of coverage and cost. Better yet, your agent will still be there for you down the road to help file business insurance claims or update your coverage when necessary.