Business owners who don’t apply for vending machine insurance are playing a dangerous game. There’s not a single business that can make do without it, especially because building managers in Los Angeles, CA won’t rent vending machines unless there’s proof of insurance. If you’re in the market for vending business insurance, keep reading to learn about the most common policies and why you need them all.
Customer lawsuits
Business owners can’t predict how customers will interact with their vending machines. From minor injuries to food poisoning, anything can happen. That’s why general commercial liability is an important part of every vending business insurance package. General commercial liability will protect your business in case a customer sues for any number of reasons.
The chance of one specific scenario occurring is very slim. Regardless, there are many factors that could easily lead to a lawsuit. Businesses that don’t take inventory let expired foods sit in their vending machines. Without proper maintenance, machines can break down and cause harm to customers. A little bit of negligence could lead to expensive consequences for the business if they don’t have vending machine insurance.
Property damage
Another essential policy is property insurance. It protects assets like merchandise, vending machines, office equipment, warehouses and whatever else you need to run the business. Property insurance covers the cost of replacing assets in case they get vandalized or stolen. Monthly premiums vary depending on the quantity and value of your business’s products.
Car accidents
There’s always a risk of collision, no matter how diligently employees drive on the road. Vending business insurance should cover commercial vehicles because there are factors beyond your employees’ control, like dangerous weather and erratic drivers throughout Los Angeles, CA.
Commercial vehicle coverage works best when it’s bundled with property insurance because the policy only covers damage to the vehicle itself. A separate policy will have to replace damaged merchandise inside the truck, even though it suffered from that very same collision. On the bright side, insurance providers offer discounts when you bundle property and commercial vehicle insurance into one package.
Credit card data theft
The digital era has brought with it the risk of data theft. It’s commonplace for vending machines nowadays to be equipped with credit card readers, since digital payment options are much more convenient than carrying cash. Though relatively uncommon, thieves can put a skimmer on top of the credit card reader and steal customer data every time someone uses that vending machine.
While your Los Angeles, CA vending business shops around for vending machine insurance, make sure cyber liability is part of the package. Annual premiums are much cheaper than paying out of pocket to fix the damage caused by a data thief. Too many business owners don’t appreciate the value of cyber liability coverage until the damage has been done.
In a world that’s unpredictable, a comprehensive insurance package will guarantee your vending business’s safety. That’s why the associates at VSI Vending & Coffee Services protect every single machine and the customers who use them with policies that are ready for anything. We encourage other vending businesses to apply for insurance policies because it’s only a matter of time before misfortune strikes.