Every owner of any vending machine business in Australia has endless things to do every day – from purchasing stocks, maintaining the vending machines, managing the inventory to restocking supplies. With all the things that need to be done, it’s not surprising that many business owners rarely have the time to think about whether they need to insure their business or not.
So, if you’re a vending machine business owner overwhelmed with all the work and curious on how to insure your business, we’ve made a comprehensive guide to help you out.
Insurance: What Are the Perks?
Whether your vending machine is placed outside a street curb or not, the risks of vandalism are always prevalent. Always remember that no vending machine is safe since it is in a public space. That is why insurance is a necessary purchase. It will shoulder all the expenses from machine breakdown, credit card fraud, and so on.
Without insurance, you might end up spending more money just to get your machines fixed and maintained. And what’s worse is you’ll have to devote your personal time answering customer claims and other complaints. So, if you want to have a good night’s sleep and not worry too much, it probably makes sense to insure your business.
Types of Insurances: Which is Which?
You’re probably rambling and searching for an insurance provider to help you with your problem. But before jumping into the first insurance company you find, it is important to know different policies.
General Commercial Liability
Whenever someone gets hurt while using the machine, it’s best to stay protected from the financial damages this causes. That’s where general commercial liability insurance comes in.
This type of insurance protects your business if you get sued for:
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making false claims;
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causing physical damage to someone or someone’s property; and
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using someone else’s trademark.
If any of these happened to you, you won’t have to worry since the liability coverage will handle all the bills and expenses. Not only that, but the insurance coverage will also cover the cost of a lawsuit—and if you are found negligent, the insurance will also shoulder the costs of the damages.
Property Insurance
Are you tired of having to pay a hefty sum of money to get your machines? Do you have to clean and repair them often because of thieves and vandals? With property insurance, you can protect your business assets from any type of loss.
Generally, the amount you pay for your insurance premium depends on different factors, including the type of machines you own, their current location, and their stocks. Most business owners opt to get property insurance instead of general liability insurance since it is relatively cheaper.
However, some insurance providers offer a combination of property and general liability insurance in a single policy known as Business Owner’s Policy. Combining different policies for your business’ insurance also provides benefits and discounts.
Commercial Auto Insurance
Unprecedented incidents and accidents happen on the road. As you go about your day restocking and refilling existing machines or installing new ones, it’s good to have peace of mind. With commercial auto insurance, you will be protected from any financial liability while driving your personal car to do your business.
In the worst case where your car is damaged due to collision, theft, or any other reason, you will not have to worry about the bills. Typically, a commercial auto insurance covers medical bills needed to be paid, payments to fix the car, and financial losses caused by the incident.
Remember, using personal auto insurance won’t cut it. So, it’s time to invest in insurance coverage that protects you in case accidents happen while you’re on the road for your vending machine business in Australia.
Now, What?
Finding the right insurance company that suits your varying needs and requirements is a crucial step. Some companies can offer the options and limits of a couple of thousand dollars to millions of dollars of indemnity per machine. With insurance coverage, you can rest easy knowing that your business is protected. Be smart, proactive, and responsible when dealing with any personal injury and/or property damage to third parties by getting insured.
You can choose among the types of insurance we’ve mentioned above or talk to an insurance provider to see what insurance coverage fits your business’ needs. Choosing insurance coverage is not an added expense. In fact, it is the best way to avoid spending more money in the future.
Vending Machines Business in Australia: More Things to Consider
In selecting an insurance policy, always be keen yet open-minded. Don’t hesitate to ask questions when necessary and be familiar with the detail, including the coverage of the policy and things to do to claim the coverage.
Most of the time, vending machine business owners simply get insurance without reading the fine print. This may result in expensive mistakes, such as not insuring all products – the vending machine, the inventory, and other equipment.
Other than investing in a good insurance policy, you can also find high-quality vending management software. Through the right VMS, you can stay updated with all the stocks and inventory. You can also seamlessly check records and easily calculate expiry dates. The best thing about it is that you don’t have to visit every vending machine’s location since you can check the data online to gauge every vending machine’s performance.
High-Quality and Reliable Vending Machines for Sale at TCN Vending Australia
With a variety of vending machine solutions available for different businesses and organisations, TCN Vending Australia delivers the best vending solutions for you. You can choose from snack vending machines, drink vending machines, coffee vending machines, and more.
Over the years, we have expanded our business to cater to the vending machine needs of our clients in Sydney, other neighbouring cities, New Zealand, and Australia as a whole.
Start your own vending machine business in Australia today! Check out our vending machines up close and personal by visiting our showroom.We are located at 9/16 Bernera Rd., Prestons, NSW, 2170. For questions that require immediate answers, call us at 1800 959 910.
