From college campuses to office buildings, sports games to parks, food truck popularity is on the rise.
With fast service times and variety being king, these trucks are rapidly becoming the preferred lunch spot for many. However, food truck owners lack reliable information on how to protect their business from any and all things that might go wrong.
It's rare to find a category of industry that you fit in when searching for an insurance quote. Should you classify yourself as a restaurant or delivery service? Is there something you may need protection from that you haven’t even thought about yet? Look no further, as we break down exactly what coverage a food truck owner should consider buying, and they fall under two easy categories.
Covering the Truck and Operations
You’ll want to start by covering yourself from damage to the truck, or damage caused by driving the truck. Unfortunately, there’s no one-size-fits-all package, but by combining a few policies you’ll be ready to go.
It’s tempting to think that your personal auto insurance will cover your truck, but most personal auto insurance policies don’t cover vehicles used for business, so Commercial Auto insurance is a must for any food truck.
You should also consider getting a General Liability policy to protect against the vast majority of lawsuits that a business can run into.
Covering the Contents of the Truck
The next step is getting Property insurance to cover the valuable equipment that you keep in the truck. A fire, a storm, or other unforeseeable occurrence can be extremely costly, especially for a business that moves around on a day-to-day basis.
Finally, Inland Marine insurance completes the protection you need. Despite its name, Inland Marine has nothing to do with the maritime travel (in most cases). Instead, it protects your goods and equipment while in transit. So, if your truck crashes, your Commercial Auto policy will cover the repairs to the truck and the medical bills of those involved, whereas your Inland Marine policy will cover the damaged or ruined inventory and equipment that was inside the truck.
The food truck industry is new and developing, and insurance companies will eventually design products to protect these businesses specifically. We're always keep an eye out for new developments, so be sure to check back here when it comes time to renew your policies.