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Food Truck Insurance Basics
You are experts in street food, no doubt about that. You probably don't like to think about insurance, read about it and definitely don't like paying for it. However, food truck operators need insurance to not only protect your organizers and your venues, but to protect yourselves. Spend a few minutes with me below to go over the basics of food truck insurance.
Auto Liability - You drive a 5 ton truck that contains propane tanks, gasoline, oils and other flammables. You are essentially a 65 mile per hour street food slinging missile. The amount of damage an accident can cause can easily be over the standard 1 million dollars you carry. Do not carry less than this! The savings is nominal to drop to $500,000 or less.
Auto Physical Damage - Your truck cost say $40,000 to replace, you need collision and comprehensive coverage to protect it if you are at fault in an accident, if it catches fire, is stolen, vandalized, or many other losses similar to your personal auto policy. Don't get me started on your wrap... see my prevoius post on that.
General Liability - "The Tainted Taco." This will cover bodily injury and property damage that are not auto related. The biggest exposures would be food related claims such as food sickness, food allergies and slip and fall related claims. The General Liability also picks up personal and advertising injury. Most venues will require at least 1 million per occurrence and 2 million aggregate. This means 1 million per loss and no more that 2 million total coverage for the policy term. This is necessary coverage that is inexpensive to add.
Property - You invested what, $15,000 up to $50,000 into your truck and have maybe $10,000 in equipment floating around back there? You need property coverage to protect your stash. An auto policy covers the truck, and typically nothing more. Adding indepth property coverage to protect your modifications, equipment, mechanical breakdown and loss of business income is affordable and adds piece of mind. This is a complicated subject that requires more attention. If you want to be an honor student read some previous posts, this is 101.
Workers' Compensation - Did you know that it is the law to to provide workers' compensation to all employees in the state of California (many other states as well)? I know, your cousin likes cooking and isn't really an employee... Wrong, do not get caught without workers' compensation! It's not as expensive as you may think and saves thousands in fines, out of pocket losses and those fun attorney fees.
Liability Umbrella - Many venues will require more than 1 million dollars in general liability. An umbrella policy is just what it sounds like. It bumps your general liability, auto liability and workers' compensation to 2 million, 3 million or more depending on the limit chosen. If you are in a major metro area chances are you will be asked for higher than 1 million limits. It's worth the $400 or so to add, DO IT!
There are a few other important coverages that I will address in the next sessions, but the five listed about you should get familiar with and make sure that you carry or at least get estimates on so you can make an educated decision.
Sorry if I scared you above, but I'm a tough love kind of insurance guy... I would rather you be protected properly than suffer a loss that puts you out of business and haunts you for years to come. Good news is WE CAN HELP! We provide awesome food truck insurance from partner carriers that want your business. Call 1-800-647-2025 anytime or request your food truck insurance quote here.