4 replies to this topic

[shepherdsflock]

I want to start out with two or three machines, and the quote I got for business liability insurance was $300 per year! That's probably more than three machines would make in a year! How may of you have insurance, and is this a normal amount to pay?

[minivend]

a child chokes on a peice of candy, gum, or small toy or a machine "falls" on them.. Are you ready to be personally liable? What do you think a judge would say to you in a court of law? If your not ready to play the game and do it right..stay out of the business. $300 is a reasonable amount. Good luck..

[shepherdsflock]

I really don't want to start with a bunch of machines, but it sounds like I'm probably going to need at least 5 machines to stand any chance of breaking even with the insurance cost. What do the other guys just starting out do? As minivend pointed out, one lawsuit would ruin me, but I also really couldn't afford the insurance at the level of business I want to start out at. Until you get enough machines making money, its pretty much a gauranteed money losing operation. Is there anything I can do to help offset the insurance cost besides buying more machines to make more money or buying cheaper product to fill them with?

[For The Kids Vending]

Organize as an LLC or a corporation. Then you'll lose the business if you get sued, but if it is not your fault (eg machine falls on kid when you weren't there) then at least you won't lose your home.

[mizugori]

What companies off the insurance - does anyone know a company that will insure me in NY?