These mobile restaurants are hot small businesses but still come with certain liability risks.
Consumers looking for a quick place to grab a tasty bite to eat love mobile restaurants, and if you’re aiming to open one, food truck insurance is a must on your list.
Whether you’re starting small before growing or a truck is your long-term goal, coverage is vital.
Food truck insurance is one of the most important parts of your business planning. Just as you need to think about what foods you’ll be offering, your pricing, staffing, truck design, equipment and other factors, covering yourself in case something goes wrong is critically important. Of course, to be able to choose the perfect coverage, you’ll need to have a solid business strategy in place so you’ll know precisely what needs to be covered.
Commercial auto insurance and general business liability insurance are both types of coverage to get you started, but it can go beyond that, depending on the details of your business. Moreover, you will need to make sure you purchase enough coverage so that if something does go wrong, your payout won’t fall short. For instance, typically speaking, $5 million in commercial auto is a jumping off point.
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If you don’t know just how to design your food truck insurance, speak with an agent for advice.
Your coverage needs to protect your truck and equipment as a whole as well as cover you against the risks that occur during the course of business operation. You will need your initial truck investment and all the food equipment and customizations to be covered in case of damage, theft, or anything else that could realistically happen to you along the way.
If you are a growing business and you have five or more trucks in your operation, you’ll need to think about commercial fleet coverage instead. This allows you to cover your fleet as a whole instead of covering each vehicle individually. That is usually a far more affordable and convenient way of providing the type of protection you need.
With the help of a knowledgeable agent, you’ll go through the complete list of requirements and put together the food truck insurance components you require to keep the policy affordable while making sure you’re protected against the risks most likely to affect your business.