Business Insurance is every bit as necessary as health insurance or life insurance. It only takes one personal claim against your vending business to wipe out your finances and assets. It’s not worth the financial risk to do business unprotected. While not everyone has liability insurance, you should seriously consider business insurance from the beginning of your company, regardless of its size. Most home insurance companies offer some type of coverage for business insurance. There are also companies who specialize in coverage’s for businesses which can tailor coverage for your company’s needs.
The best way to begin is to get an insurance company recommendation from a business owner you know. You can also pick up the phone and start calling companies. Online searches for insurance are also good, but eventually you’ll like have to speak to someone in person to give the details of your business.
Vending Business Liability Insurance
One of the main coverage’s you will want is liability coverage against lawsuits. Check with your attorney for specific coverage’s needed. Read the fine print in your coverage with the insurance company. If you don’t understand it, go through your policy line by line with an agent until you clearly understand what is covered.
You many also consider life insurance as a hedge against leaving massive debt to your heirs in the case of death. Term insurance is relatively cheap and a great hedge (protection) against leaving hundreds of thousands of dollars of business debt to pay off should you pass away. Again, check with your insurance professional for the finer details and recommendations.