Insurance

[paulb]

Hi Guys,
Quick question. I about to start my vending company and im wondering about insurances against stock loss (whilst in storage) and damage or accidents relating to any machines, for example a tower falls over onto a 9yr old trying to climb up it.

I will be storing my stock in one of these smart storage units and you need your own insurance, my household insurance does cover goods away from the home but i dont think i can swing it that much to include commercial stock . Im debating whether or not its worth paying for this considering I wont be holding hundreds of pounds of stock anyway.

So my question is, are there any preferred suppliers of public liability insurance for the vending operators or any companies that you deal with who you would recommend ?.

I also run an IT company and have this insured through simply business, I got a similar quote from them for vending and they wanted £302pa. Which included damages up to 2 Million and stock to £2500.

Cheers
Paul

PS I will only be doing towers initially no hot drinks etc..

[Venderbase]

Simply Business insurance comes in around £100 for me.
I think that's without Stock insurance though.

[Snackmore]

I wouldnt bother insuring the stock if its a bonefide storage place, they normally have alarms and CCTV as well as good fencing so what are the chances and as you say if you are only keeping a few hundred pounds in stock I think the cost would be prohibative. As for public liability insure I too am insured through Simply and paid less than £100 for 2 million cover

[Rossi fan]

Hi Paul,

You need PLI as this covers you if someone gets hurt.

I am also with Simply and they charge me £109, but that does not cover stock. Does your quote cover you for stock losses at sites, or damages to machinery etc.

Thanks,

Paul

[paulb]

Cheers Guys,
Im suddenly paranoid about paying £200 quid more than everyone else I'll check the details and get it to recalculate, I did think it was a bit steep.

Dont think ill bother with the stock insurance, the company is smart storage and they have huge warehouses, cctv, alarms etc.. I think anyone committed enough to break in wont be after a few tubs of sweets - i will just take the hit if anything happens.

As always great advice im glad i posted on here before accepting the premium

Cheers
Paul

[paulb]

FFs what a mess this has been, finally got my quote down to £105 with simply but smart storage insist on cover for the stock (or choose their insurance @£1.25 pw) I got another quote from simply to include stock and bearing in mind this storage place is like fort knox, CCTV, Pin Entry, Security guard etc because I dont have a 5 lever mortice lock they need to refer to an underwriter.

Looks like i may go with the smart storage option @£65 a year. Otherwise im going to get shafted.

It must get easier

Cheers

[Venderbase]

£170 is still a lot cheaper than what you started with.

[paulb]

£170 is still a lot cheaper than what you started with.

Yep im quite happy with the price. Compared to my initial quote.

Cheers

[Vendingwarehouse]

Just tell them you have stock insurance, they'll never know. And if they need a copy , draw one up yourself. Just watch out for mice in a huge storage unit. Though they normally are quite good at pest control.

[Coin Operated Group]

Good idea Noel, or ask if any memers are close to your area who could lend you a copy???