When it comes to insurance coverage, there is a lot of overlap between restaurants and mobile foodservice businesses like food trucks and caterers. All food businesses need standard policies like commercial general liability and worker’s compensation, but being on the move and operating in different locations exposes you to unique commercial risks that demand additional protection.
Food trucks face the samerisks asany other vehicle on the road, but your truck also containsvaluable equipment and inventory, and a serious accident can damage your vehicle and your business.
Catering businesses likewise move equipment and inventory while also risking damage to venues. If you cater special events like weddings or parties, you may also face exposure to liability in the case of any errors or accusations of improperly delivered services.
Commercial auto insurance covers your business against bodily injury and property damage as a result of operating a company vehicle, such as a commercial truck and company car. Different types of coverage that accompany commercial auto insurance include medical payments from accidents, collision coverage for car damages, auto liability if someone sues, comprehensive coverage in case of a theft, and uninsured motorist coverage.
Workers' compensation provides monetary and medical benefits to workers who get injured or disabled during the course of employment. Typically, if an injured employee accepts worker's compensation, they cannot sue the employer.
Commercial general liability typically provides coverage in case an injury or damage takes place on a business' property or while a business is operating. For instance, a customer could slip on the floor of your property, or an employee working at someone's home can slip and cause damage.
Business interruption insurance, also known as Business Income insurance, is a form of time-element coverage. It replaces lost income a business would have made during a specific period had no loss occurred. Coverage, however, is triggered only if there is direct physical damage to covered property by a covered cause of loss. Operating expenses can also be covered if a business needs to change locations or make loan payments. However, it often does not protect closed businesses if a pandemic occurs.
Tools and equipment insurance is a type of inland marin insurance that provides coverage if essential and expensive tools get destroyed or stolen. You can add this as a supplement to your insurance policy to typically cover heavy and rare equipment that can be difficult to replace and find.
There is no one-size-fits-all solution for any food business, which is why it’s important to discuss where and how you operate with a qualified insurance provider with experience writingpolicies for caterers and food trucks. You want a comprehensive plan that can safeguard your business, your equipment, and your personnel wherever you go.
Some types of coverage that may make up that plan can include:
To find out what you need to keep your food truck or catering business protected, fill out the quote request form today. We’ll match you with an insurance provider that will work tounderstand your business and get you the right coverage at the right price.
Something many businesses don't know is that commercial insurance carriers have preferences for which types of businesses they insure.
The problem for most business owners is that they don't know which carrier is the best fit for their business, leading to high premiums or declined applications for coverage .
The 321 LaunchPad is connected to the largest network of commercial insurers available anywhere. We match your business with a qualified insurer so you get the right coverage for a fair price.