Across the globe, entrepreneurs are investing in vending machines. It’s not hard to see why when you consider that we live in a fast society. People would much rather stop at a vending machine and buy themselves snacks and drinks than they would physically go inside a store and order them over the counter (or pay for them at a checkout register, even). However, because vending machines are unmanned, they are often targeted by thieves. To protect your vending machines if you are planning on buying some, you need insurance. This post will tell you everything you need to know about getting some:
Benefits of Insurance
The benefits of insurance are endless. By investing in insurance for vending machines you won’t ever have to worry about paying for new machines if yours get broken or stolen. Most vending machines are in public places, unmanned. What this means is, criminals can break into them to steal money or their contents without worrying about consequences. Robbing a vending machine can be just as lucrative as stealing from a store, except if you get caught you won’t get as severely punished. Because of this, criminals regularly target vending machines.
If your vending machine is broken into, you’ll lose money, stock, and it’s very likely that parts will be damaged. By investing in insurance, you won’t have to worry about paying for all of this yourself. An insurance policy will cover you and payout in the event of theft or damage. Likewise, insurance policies also pay out if your machines are damaged due to mechanical failure or because of extreme weather conditions. In tornadoes and hurricanes, vending machines can be blown over. All in all, an insurance policy is the best thing to buy if you are the owner of a vending machine.
Conducting Research
If you are interested in investing in an insurance policy, conduct extensive research and shop around. There are lots of different insurance providers operating online, offering policies on vending machines. You need to find the one that is best for you. To do this, you should read reviews and independent online guides. Reviews posted on Google and Trust Pilot can help you to get an idea of what a specific insurer’s clients think of them. Independent guides can do the same thing.
The reason that you need to find out what an insurer’s clients think of them is so that you know what to expect when you start doing business with them. Of course, you also need to think about how long they have been in business. If an insurance company goes under, you could lose your policy altogether. You need to try and find a stable company that isn’t going to close any time soon and that can withstand a recession and high levels of inflation. Finding out how stable a company is can be done quite easily by conducting simple internet searches.
Considering Price
The next thing that you need to think about is the price. An insurance policy covering multiple vending machines isn’t going to be cheap. You need to make sure that your machines are generating enough profit to make an insurance policy worthwhile. If your machines make less than your insurance policy costs, you are going to be in deficit, and as a consequence, an insurance policy isn’t the best idea. Prices tend to be non-negotiable when it comes to insurance policies, so find the one that is cheapest, but at the same time offers the most coverage and totally protects your machines.
In addition to price, you also need to think about benefits. Most insurance companies give policyholders benefits simply for being their customers. Sometimes they get points that they can use towards discounts on airline flights. Other times they get vouchers and codes for takeout meals. When you are looking for a policy, try to find one that offers benefits of this kind. Getting a policy that gives you these benefits means that you will save money in other ways. The cost of living has never been higher than it is right now, which means it’s the perfect time to find a policy with benefits that save money.
Machine Placement
If you are planning on taking an insurance policy out on your machines, bear in mind that the more claims you make, the higher your premiums will be. You need to make sure that you place your machines in places where they are not going to be targeted by criminals. The ideal place to put a vending machine is outside a train station or in a mall. By placing your machine in these kinds of places you’ll be able to save yourself a small fortune. You won’t ever have to worry about them getting broken into when they are in these kinds of places as they are heavily monitored and get a lot of foot traffic.
When you put your vending machines in train stations and malls though, you need to remember that there are limitations on how frequently they can be used. Most train stations and malls close at a certain time each night. Because they close, customers can’t access them 24/7. Putting your machines in places where they can be accessed 24/7 is something to think about, but bear in mind that there is also inherent risk associated with these places.
Regular Maintenance
Finally, so you can reduce the number of claims you make, maintain your machines regularly. Maintaining machines doesn’t have to be difficult. As long as you have basic mechanical knowledge you should be able to do all of the work yourself. If you do not and you do not have the time to, you can pay somebody to look after your machines on your behalf. Paying somebody to look after your machines for you is definitely something to consider as it’ll save you time. It’s only worth doing this if your machines are making you a lot of money, however.
Vending machines can be profitable investments. Individuals interested in buying them need to think about insurance, however. You should never ignore insurance as it can ensure you are compensated in the event of damage or theft.
