ATM Insurance

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Operating an ATM (automated teller machine) business is incredibly exciting – especially due to the passive income it could generate. But what about the risks? Beyond the everyday risks that businesses across all industries face, ATMs may be targeted by thieves, making operating an ATM business especially risky. Luckily, ATM insurance can help protect you. Keep reading to learn more about ATM insurance, including who it’s for and how it works.

ATM Insurance
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Who is ATM insurance for?

ATM insurance is designed for ATM business owners, as well as owners of other businesses who own and operate an ATM on their premises. It’s important to note that standard commercial insurance policies may not cover the ATM on your property, or it may only be partially covered due the special considerations around insuring large amounts of cash. That is why you need a specialized policy, like ATM insurance, that features adequate coverage to protect your ATM(s).  

How does ATM Insurance work?

ATM insurance is designed to protect businesses against potential losses and damage relating to their ATMs and the cash inside of them. When purchasing ATM insurance, it’s crucial to make sure your policy limits cover loss for each machine you own, whether that be one or 50. 

What could ATM insurance cover?

ATM insurance policies vary but they could include the following coverage types, among others:

  • Commercial general liability insurance: Commercial general liability coverage, or slip and fall insurance, may protect your ATM business from third-party bodily injury and property damage claims. For example, if a claim was brought against you, your insurance company might cover the cost of the lawsuit, along with any applicable medical expenses or repair bills up to the policy limit.
  • Commercial property insurance: Commercial property insurance covers your ATM business’s physical property and any business-related contents if they are damaged by an insured peril. Insured perils range from windstorms, fire, and theft to water damage, vandalism, and more.
  • Equipment breakdown insurance: Equipment breakdown insurance protects a wide range of equipment against internal or mechanical failures. This means that if one of your ATMs broke down due to an insured loss, your insurer might cover the cost of repairing or replacing it.
  • Crime insurance: ATM business owners might be wise to add crime insurance to their art ATM insurance policies. This type of coverage can help mitigate the financial losses of employee or customer crimes, such as a customer withdrawing cash with a fraudulent credit card or someone stealing from your ATM. 
  • Business interruption insurance: Business interruption insurance can protect your ATM business from lost income if it is forced to close due to an insured peril. Insured perils covered by business interruption insurance vary but may include theft, fire, vandalism, windstorms, water damage, etc. 

ALIGN yourself with the right insurance policy for your ATM business

Whether you own a single ATM or run an ATM business, ATM insurance could benefit you. To learn more about the coverage and protection it offers, contact ALIGNED today. You can also click here for a free quote.

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