For your best business protection and savings, we recommend bundling GL with some other important coverages on one Business Owners Policy!
An ATM business can be profitable. People will always need some cash. And so, putting an ATM in a retail store, museum, or other high-traffic places can bring a stable source of side income.
Business licenses and permits check, business bank account check, business credit card check, but is your ATM business insurance checked before you open up your ATM business? Do you know which policies will best suit your ATM businesses? Are you aware of the most convenient and cost-effective ATM insurance companies? Here’s a guide that will answer all your question
| CoverWallet | NEXT (Best) | Thimble | Hiscox | The Hartford | |
|---|---|---|---|---|---|
| Per occurrence limit | $1,000,000 | $1,000,000 | $1,000,000/$2,000,000 | $300,000/$1,000,000 | $1,000,000/$2,000,000 |
| Aggregate limit | $2,000,000 | $1,000,000/$2,000,000 | $1,000,000/$2,000,000 | $300,000/$2,000,000 | $1,000,000/$2,000,000 |
| Products and completed operations aggregate limit | $2,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |
| Advertising injury coverage aggregate limit | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |
| Tenant’s legal liability coverage limit | $100,000 | $100,000 | $5,000 | $100,000 | $1,000,000 |
| Waiver of subrogation included? | Yes | No | Included | Can be included | No |
| Hired/non-owned auto liability coverage included? | Yes | No | Excluded | Can be included | Can be included |
| Equipment breakdown floater included? | No | Yes | Yes | Can be included | Can be included |
This insurance policy protects your ATM business from the following claims serve to you by third-parties:
Personal and advertising injury–Libel, slander, false arrest, and copyright infringement are some of the claims covered under this atm liability insurance
Bodily injury and property damage liability–You are exempted from the legal liability of paying third-party liabilities to injured or affected individuals. Important to note that emotional or mental distress is also considered to be bodily injury and you can be liable to pay a third-party
Medical expenses–This protects you from paying the medical expenses of a non-employee who gets injured due to the use of your products or ATM services. Such medical expenses catered under this coverage include ambulance expenses, surgical interventions, and hospital visits or admissions
Commonly, general liability insurance for ATM business will pay you approximately $1,000,000 for a single claim and $2,000,000 for all the claim notices you serve them with during the policy period, which is typically 1 year.
HNOA coverage–This can cover the cost of accidents caused by a vehicle you hired or borrowed to transport the ATM machines
Equipment coverage-This can cover the cost of replacing or repairing ATM machines that got damaged due to fire, theft, vandalism, and other covered perils
This business policy protects you from incurring expenses in the event your ATM businesses are a subject to a cyberattack leading to a data breach of your clients or employee’s information to the public. The insuring agreements under this essential ATM machine insurance are network security and privacy liability, network business interruption, media liability, and errors and omissions.
It’s usually from $1,000,000. The coverage limits under this policy depend on the size of your ATM business and the risks associated with operating it.
Cyber extortion coverage–This add-on compensates you for any costs you might have incurred when dealing with or responding to a cyber extortion threat
Electronic funds transfer coverage–This add-on shields you from any financial consequence you may be subjected to in the event your clients lose their funds due to unauthorized electronic funds transfers made at your ATMs
Business interruption coverage–When you purchase this add-on you become eligible to be compensated for the loss of income in the event you are unable to operate your ATM businesses due to a cyberattack
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| CoverWallet | NEXT (Best) | Thimble | The Hartford | Hiscox | |
|---|---|---|---|---|---|
| Building coverage limit (minimum) | $50,000 | $330,000 | $25,000/$500,000 | $60,000 | $25,000 |
| Contents coverage limit (minimum) | $50,000 | $35,000 | $25,000/$500,000 | $60,000 | $15,000 |
| Outdoor signs | Excluded | $2,500 | Excluded | Excluded | Included |
| Accounts receivable | Excluded | Excluded | $5,000/$10,000 | Excluded | Included |
| Money and securities | Excluded | $2,500 | $1,000 | Excluded | Included |
| Lock and keys | Excluded | $2,500 | Excluded | Excluded | Included |
| Business interruption floater | Excluded | Included | Included | Excluded | Included |
| Equipment breakdown floater | Excluded | Included | Excluded | Excluded | Included |
| Inland marine insurance floater | Excluded | Excluded | $10,000 | Excluded | Excluded |
| Employee dishonesty floater | Excluded | $5,000 | $2,500 | Excluded | Excluded |
This is an ATM business insurance that protects your business assets which are your rented or owned commercial buildings, inventory, and related business structures such as garages, signages, office equipment, and furniture from losses caused by fire, vandalism, and theft. In the event your business assets are damaged by any of the insured perils, you are protected from incurring the costs of replacing or repairing them.
Just like any other policy, commercial property insurance for ATM businesses also has some coverage exclusions which are: damages resulting from floods, earthquakes, pests and insect infestations and acts of terrorism.
How much an insurer will pay you in the event you issue them with a commercial property insurance claim notice will depend on the specific needs and risks associated with the running of your ATM business. However, you should expect to receive a sum of $300,000 to $1,000,000 as compensation.
Equipment breakdown insurance–This add-on protects you from incurring the costs of repairing or replacing your ATM machines in the event they stop functioning due to mechanical or electrical malfunctions
Crime coverage–This confers you with the immunity of footing the costs of repairing and replacing any damages on your ATMs or commercial building resulting from acts of crimes such as theft
Business interruption insurance–This add-on helps you regain your lost income in the event you are unable to keep your ATM businesses running due to the occurrence of an insured peril
| CoverWallet | NEXT (Best) | Thimble | The Hartford | Hiscox | |
|---|---|---|---|---|---|
| General liability aggregate limit | $2,000,000 | $1,000,000/$2,000,000 | $1,000,000/$2,000,000 | $1,000,000/$2,000,000 | $300,000/$2,000,000 |
| Commercial property coverage limit | $50,000 | $330,000 | $25,000/$500,000 | $75,000 | $75,000 |
| Optional policies can be added? | Yes | Yes | Yes | Yes | Yes |
| Name additional insureds for free? | Yes | Yes | Yes | Yes | Yes |
| BOP discount? | Yes | Yes | Yes | Yes | Yes |
This business insurance merges ATM liability insurance, commercial property insurance, and business interruption insurance into one comprehensive and extensive policy. After purchasing this critically important ATM insurance, you are protected from incurring any costs arising from lawsuits, repairing and replacing damaged properties, loss of income due to business interruption, and paying up third-party medical expenses.
Most insurers' coverage limit for the business owner’s policy ranges between $500,000 to $2,000,000. This limit is dependent on the exclusion and deductions as stated in the policy and the insurance company you purchase your BOP for ATM businesses.
Money insurance coverage–This add-on provides coverage for the cash inside your ATM(s) in the event it's stolen or vandalized following an act of crime
Cyber liability coverage–This add-on protects you from financial consequences arising from a cyberattack on your ATM business
Equipment breakdown coverage–This add-on helps compensate you for any losses caused by a mechanical or electrical malfunction of your ATM machines or any other equipment you used in running your business
