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Company insurance is intended to safeguard the financial assets of a business owner and is a necessary investment for an ATM business.

ATM Companies

This article will discuss the primary insurance coverage for ATM firms, general liability insurance, as well as additional products that are appropriate for this industry.

ATM Businesses Need General Liability Insurance

Every firm, regardless of sector, has risks that should be insured. General liability insurance is the most frequent and comprehensive form of coverage that company owners purchase.

General liability insurance covers the following risks:

Physical harm

Damage to property

Medical expenses

Legal defence and decision

Personal and commercial harm

While general liability insurance is not legally needed for companies, operating without it is exceedingly dangerous. If your company is sued, you might face costs in the hundreds of thousands of dollars (or more). The only way to avoid this sort of catastrophe from destroying your organisation is to have an adequate general liability insurance coverage in place to assist pay for these losses.

Common Situations That General Liability Insurance For An ATM Business May Cover

Example 1: While removing and replacing an old ATM, you lose control of the dolly and dump the ATM on the booze shelves of a convenience shop. The general liability coverage would most likely pay the expense of replacing the owner’s property.

Example 2: An ATM fails, and the user reaches inside the cash dispenser to retrieve his money. His hand becomes entangled and he suffers an injury. The expense of treating the damage would most likely be covered by general liability insurance.

Example 3: Before they will deal with you, many property owners where you locate ATMs may need you to get general liability insurance. Having a policy in place will guarantee that you can achieve these standards while also serving as many locations as feasible.

Example 4: An irritated ATM user shakes the machine and flips it over on himself. He experiences injuries and sues your firm to recover the costs of those injuries. A general liability insurance coverage will almost certainly cover the expenses of defending your company and paying for damages if the court rules against you.

Of course, this is not an entire list of risks covered by a general liability insurance policy, and certain situations may result in a specific peril not being covered. To minimise coverage gaps, it’s always better to speak with your agent about the terms of your policy.

General Liability Insurance Cost

The typical ATM firm in the United States pays $400-$700 per year for $1 million in general liability coverage.

The cost of your coverage will be determined by a number of variables. Among them are your:



Employees’ number

Per-occurrence restriction

The overall aggregate limit

You may be able to get general liability insurance at a lower cost if you buy it as part of a business owner’s policy (BOP) rather than as a separate policy. A business interruption policy (BOP) is a more complete option that covers numerous types of coverage, such as business interruption and property insurance.

Other Types of Coverage Required by Businesses Right Now

While general liability insurance is the most crucial, there are various different types of coverage to be aware of. Other forms of insurance that all ATM firms should have are as follows:

Insurance for Commercial Vehicles

Maintaining ATM machines necessitates extensive travel by you and/or your workers. Commercial car insurance must be purchased for any vehicles utilised for business reasons. Your business car insurance coverage will protect your company’s vehicles, staff, and other motorists on the road.

Insurance for Commercial Property

The instruments you use to maintain your ATMs and the facilities where you keep them might be costly to repair or replace—for example, in the case of a fire. When your business property is damaged or destroyed, commercial property insurance may help you pay the expenses of repair and replacement.

Coverage Options for Some Current Businesses

In addition to the insurance listed above, your ATM company may need other forms of coverage based on particular elements of your activities. Some of them may not apply to you, so be sure to ask your agent whether policies are appropriate for your company.

Insurance for Workers’ Compensation

If you have any employees that assist you with your ATM company, workers’ compensation insurance is almost certainly necessary by state law. This sort of insurance will cover the expenses of assisting an employee who is injured on the job and is unable to work. Workers’ compensation not only helps you comply with state law, but it also assures that you do not have to pay exorbitant medical expenditures out of pocket for workers injured on the job.

Insurance Against Crime

Your staff may be enticed to do a criminal crime in order to profit from your ATM company. While you may do your best to choose trustworthy staff and put in place adequate security measures, you cannot ensure that you will not be a victim of crime. Crime insurance will very certainly assist to cover some of the expenses involved with such crimes, allowing you to recover faster and get back to business.

Additional Security Measures for Your Company

Although investing in company insurance is simple (and necessary), it should not be your first line of defence. Yes, insurance will reimburse your company for cash losses incurred as a result of an occurrence, but it is much preferable to avoid losses altogether.

With this in mind, here are a few steps you can take to better secure your company:

Make use of legally binding contracts and other business agreements. (We provide free templates for several of the most often used legal forms.)

To safeguard your personal assets, form a limited liability company (LLC) or a corporation. (To discover how to incorporate an LLC or company in your state, see our step-by-step tutorials.)

Keep your company licences up to date.

Streamline the internal procedures of your company. This will eliminate unneeded variables from routine activities and establish a secure, consistent environment in which to do business.

If your company is an LLC, you should check into LLC insurance.