Farmers Insurance has launched this new coverage within the state, providing a first for that company.
Farmers Insurance has announced the launch of a new food truck insurance coverage. This will provide protection to that type of vehicle and will be available in Utah. It marks the first time the company has stepped into the mobile restaurant coverage business.
The food truck marketplace is growing rapidly larger, presenting a considerable opportunity for insurance companies.
By way of the new food truck insurance offering, Farmers has started to sell to licensed owners. The product involves a single policy which brings together auto insurance with coverage for a restaurant business owner.
This type of policy has now been launched in Utah and New Mexico. It can be purchased by local restaurant and food truck owners. Farmers also intends to expand its insurance policies for food trucks into another 24 states throughout the remainder of 2016.
The company announced that the food truck insurance is a response to the evolving business marketplace.
According to the head of business insurance for commercial auto at Farmers Insurance, Jake Rothfuss, “At Farmers, we understand that consumer preferences and the needs of business owners are constantly evolving, and we are continuously looking for new ways to meet these changing demands for our customers.”
Food trucks have skyrocketed in popularity. This is being seen as a direct reflection of the impact of consumer preference. Farmers insurance has been watching this type of trend in order to ensure their business owner customers will always have the type of coverage they need available to them. According to Rothfuss’s statements, this intention will be central to their continued success within a rapidly and consistently changing economy.
The Farmers food truck insurance will provide those business owners with the ability to purchase coverage for the truck itself, or for the truck in combination with a traditional store/restaurant establishment. Before the introduction of this policy, those business owners were required to purchase a combination of different policies in order to obtain the complete coverage they require, such as business, restaurant and auto insurance policies.