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When you pop to your local servo to grab a bag of ice for the barbeque, you may not realise the ice vending machine may be operated by a separate independent business. We often take vending machines for granted, but because they’re complex machines with their own risks, their operators require good business insurance to make sure they’re covered in case things do go wrong.
You can compare quotes for many types of business insurance here with Savvy. Just answer a few simple questions about your vending machine business and the insurance you need and you’ll have multiple quotes from a range of respected insurers to compare instantly. Use our quick and easy comparison service to help you get the best value insurance for your vending business today.
There are many types of vending machine businesses in Australia. These include:
What these businesses have in common is they face similar risks and so require similar business insurance, including:
Public liability insurance
Public liability insurance is essential for anyone who makes part (or all) of their living from a vending business. It can cover you against claims that your business activity caused injury to a member of the public or damaged their property. This insurance can offer between $5 million and $20 million worth of coverage.
What it covers:
Product liability insurance
Product liability insurance can cover you against third-party claims that a product you sold in one of your machines was faulty or caused material loss, sickness, injury or death. This type of insurance is important to protect you against any liability claims arising from the products which are dispensed from your machines, including any food, drinks or confectionary. Cover starts from $250,000 and can be bundled together with public liability into a business insurance package.
What it covers:
General business insurance
General business insurance may also be worthwhile to cover your valuable machines against vandalism or theft. It may be compulsory to take out insurance to protect your machines if you apply for finance to assist with their purchase or the vending business itself. However, a common exclusion with business insurance is glass breakage, so you may need separate glass insurance as part of your insurance package.
Another aspect of insurance to consider as a vending machine operator is the safety of the cash you use to stock your machines and the money you collect regularly. In some business insurance policies, cash is excluded if there is a break-in, so you may also require specialist business theft insurance which may cover you in some cases where your machines are vandalised and have money stolen from them.
Commercial vehicles aren’t included, so you may need separate commercial vehicle protection for any vehicles or trailers used to transport your vending machines.
What it covers:
Cyber liability insurance
As vending machines become more complex and sophisticated, the risk of cybercrime increases. Cyber liability insurance can protect your machines in case they are hacked or illegally re-programmed. They can also protect you if skimming devices are illegally attached to your machines, resulting in financial or identity theft from a third party.
What it covers
What isn’t covered under general business insurance?
The most common general exclusions include:
There is no set cost for an insurance policy, as each applicant is different and faces unique risks. Many factors influence the cost of business insurance, including the following:
The main factor which will affect the cost of your insurance is the industry you’re in. All businesses in Australia are classified according to the risk their industry poses, and are allocated a risk ratio. These ratios are used by insurers to calculate the comparative risk of any one business compared to another. Therefore, the cost of public liability insurance for a vending business in the Australian Capital Territory may be similar to one in New South Wales.
Most small to medium-sized businesses have some contingency funds to fall back on, but they’re rarely sufficient to cover the cost of a major catastrophe. For example, if several of your vending machines were vandalised and broken all in one week, you could find yourself with a substantially reduced income until you had the money to repair or replace them. If this happens and you have adequate insurance protection, you’ll have a far better chance of recovering and getting back on your feet quickly.
You’ve worked hard to build up your business, so it makes sense to want protection in case things go wrong. Because vending machines are complex, repairing them can take time, with locating the necessary spare parts not always a simple task and potentially delaying your business’ return to full operation. This is the same type of risk also faced by auto car wash businesses and operators, where spare parts may have to be sourced from overseas.
Most small to medium-sized businesses have some contingency funds, but they rarely have sufficient to cover the cost of a major catastrophe. The reason you need business insurance is to give you peace of mind and protection in case anything does happen which is covered by your policy and could otherwise threaten your business income. If you have adequate insurance to keep you afloat, you’ll stand a far better chance of recovering quickly and getting back on your feet.
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Savvy is partnered with BizCover Pty Ltd (ABN 68 127 707 975, AFSL 501769) to provide readers with a variety of business insurance policies to compare. Savvy earns a commission from BizCover each time a customer buys a business insurance policy via our website. We don’t arrange for products to be purchased from these brands directly, as all purchases are conducted via BizCover.
Savvy does not compare all business insurance policies or providers currently operating in the market. Any advice presented above or on other pages is general in nature and doesn’t consider your personal or business objectives, needs or finances. It’s always important to consider whether advice is suitable for you before purchasing an insurance policy.
For any further information on the variety of insurers compared by BizCover or how their business works, you can read their Financial Services Guide.
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© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
