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Do you own a food truck business? Food trucks are all the rage right now, from a business owner’s perspective as well as a consumer's. Food trucks can be a great business with less overhead than a restaurant with the added benefit of being able to go where the customers are.
However, because of how unique your business is, you must make sure you hold the right insurance coverage to protect you, your food truck business, and the vehicle you operate out of. You may be questioning if you need insurance on a food truck—the short answer is yes. But what do you need? How much does it cost? Keep reading to learn more.
Familiarizing yourself with some basic business insurance coverages can help you understand the process and help you make choices that can protect your business on wheels. What insurance should you get?
Food truck owners can also consider these other coverages:
Other than your stereotypical mobile food trucks, here are some other food trucks/food trailers that should get this coverage:
Other food vendors or businesses may qualify for coverage, which is why we recommend speaking to an agent to determine the best route for your business.
If you own a food trailer, the tow vehicle must be covered under a commercial auto insurance policy. Because that coverage does not usually extend to trailers, you’ll need to have a specific endorsement written into your policy to cover comprehensive and collision while the trailer is being towed.
Putting together food truck insurance that covers the basics as well as your individual needs is paramount to future success. As a food truck owner, your budget, your goals, and your risks are all pertinent—so be prepared to answer questions about your annual income and other specifics when you discuss food truck insurance with insurance companies. What else might influence the cost of insurance for food trucks?
The Food Liability Insurance Program (FLIP) offers general liability policies starting at $299 annually. Bu most food truck insurance policies insurance rates average between $300-$800 per year but it varies depending on the options chosen and factors above. Many businesses don't obtain the necessary coverage to protect their business properly. For more information, connect with an insurance agent to find out the proper coverages you should get.
Operating a food truck can be an exciting and rewarding business opportunity, but it also comes with risks. To protect your investment and give you peace of mind, having comprehensive insurance coverage is crucial.
Food truck insurance is essential because it protects your business from financial loss in the case of unexpected events. A typical policy includes three types of insurance coverage.
Accidents that involve your business operations could make you liable for financial damages. Liability coverage protects you against third-party injuries, property damage, or legal expenses resulting from lawsuits.
Property coverage for food trucks safeguards your vehicle, equipment, and inventory against damage, theft, or vandalism. Food truck owners can potentially lose hundreds of thousands of dollars without coverage.
If an unforeseen event forces you to temporarily suspend operations, food truck insurance can provide coverage for lost income during the downtime.
Food truck insurance has limitations and exclusions that are important to consider. Common exclusions may include employee injuries, intentional acts, product recall, and damage to a business' reputation. Additionally, general liability coverage may not extend to medical bills caused by your food products.
A food truck is a great opportunity and the correct insurance can help make it possible for your business to enjoy a long, healthy life. It’s important to find an insurance agent who understands the particulars of food truck insurance, whether your operation is brand new, or just undergoing changes.
Call us today at 877-907-5267 to speak with one of our insurance specialists about your food truck business insurance needs. Or you can complete the form above to start the process of getting quick, free, competitive quotes for the best coverage.
Reviewed By: Sarah Reid, Licensed Agent
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