It seems that almost weekly we are hit weekly with news of a tropical storm, wildfire or earthquake that is causing damage across the country. Catastrophic losses or “Cat losses” as we say in the business are to be expected to some degree and baked into most insurance rates. However, when cat claims get to be as significant as they have been in the past few years, reinsurance companies are forced to increase rates…
Operating a food truck can sometimes mean operating a thin margin line where every dollar counts. Most of you don't have much time or patience to deal with insurance. You're busy trying run your business and managing your team. Many food truck owners don't realize that commercial insurance rates can often be negotiated depending on the risk. Here are five quick ways that you can possibly reduce your insurance premium and put more money in your pocket.
For our next client spotlight, we are showing off a new member of the Insure My Food Truck family from The Lone Star State. Texas is one of the most popular states for food trucks and trailers, according to Forbes the state accounts for about 6% of all food trucks in the country! With so much competition only the best trucks stand out, and of those is our new client, Gobble-n-Go.
Insurance can be complicated. It may be one of your least favorite things to deal with as a food truck owner. One of the reasons it can be painful is because some insurance carriers and brokers make it difficult for you. There are cheap insurance program out there that offer basic liaiblity insurance that is self-service. That's fine, but what about your auto insurance, how about your equipment breakdown coverage and most of all what about your loss of business income insurance...?
One of our preferred carriers has come up with a great video that goes over seven tips for buying insurance. Hanover Insurance is a program partner carrier for our food truck clients and these tips are excellent for food truck operators as well as most business insurance consumers. Please spend a couple minutes to watch the video here https://www.hanover.com/marketing/video/seven-tips-to-buying-insurance.html. The tips are also below if video is not your thing.
We happen to insure hundreds of gourmet food trucks across the country. Food truck owners often find themselves wearing many hats during the course of a given day. You answer phones, prep food, serve, solve problems, handle HR issues and sometime or regularly wash the truck down at the end of the day! This leaves little time to read a 150 page insurance policy or 3 or 4 policies of you're like most businesses. Food truck owners rely on their agent or broker to help them understand the insurance jargon and most importantly the coverage and exclusions of their policies.