Congratulations, you made it to your first food truck rally! Time to set up and get to work serving your delicious food!
But, before you start, you have one important item to check off your list: Food Truck Insurance. Insurance coverage is key to any successful food truck business. With so many unknown risks and factors at these food truck rallies, it is important to know that your business is protected. In addition, it’s important to know the risks associated with food truck events.
WHAT IS FOOD TRUCK INSURANCE?
You can take all the precautions but accidents will still happen, they are nearly impossible to predict. Food Truck Insurance is a liability insurance plan catered directly to food truck owners with the intention of protecting you from risks associated with the industry. If your food truck is involved in an accident, you could be liable to pay thousands of dollars. Without insurance, you may be required to pay out of pocket, which could financially devastate your business.
FOOD TRUCK RALLY RISKS AND UNKNOWNS
What is more unpredictable than the weather? Wind, rain, or shine; as a business owner you need to be prepared for anything. Most food truck rallies are held outside and are susceptible to the effects of mother nature. So prepare for unexpected weather and batten down the hatches when needed.
Weather can pose a few liability risks. Wind can damage your property or cause your property to damage others property. Such as, your awning picked up by wind and landing on, or damaging, someone else’s property. Like your awning, FLIP has you covered.
Along with weather, food truck business owners must be prepared for unexpected system malfunctions. This may include stolen iPads, power outages or issues with your power system.
Luckily, several of these risks may be covered under FLIP’s coverage programs. Inland Marine Coverage is a great place to start and can provide you with peace of mind as you run your food truck business. Inland Marine can protect your property in the event that it is stolen or damaged. This coverage is based on your specific policy coverage and protects against damage to business personal property.
Food Borne Illness
You take great pride in the food you serve so what happens when someone falls ill from the food they purchased from you? Fortunately, FLIP offers product liability coverage, which can help you in the event of food poisoning.
COMMON FOOD TRUCK INSURANCE CLAIMS
Third-Party Bodily Injury Claims
Bodily injury is any event where your business product or service causes bodily injury to someone. This particular claim encompasses several different accidents including someone tripping over your business equipment and getting injured, to someone coming down with food poisoning from the food you served them.
Speaking in terms of insurance, you can protect your business from bodily insurance claims by purchasing Food Truck Insurance. This includes general and product liability coverage. Designed to mitigate the out-of-pocket expenses that bodily injury claims create, this coverage is a great asset in protecting your business.
Third-Party Property Damage Claims
Third-party property damage is used in the case that your business causes damage to the property of another individual or business. With a business that is often in several places, property damage claims are among the most popular for food truck businesses.
A Food Truck Insurance plan with a general liability policy can protect your food truck from the cost of third-party property damage claims. Many locations and events, such as a food truck rally, may even require you to include third-party damage on your insurance plan as an additional insured. This will extend your coverage to them in case an accident involving your food truck occurs.
Cyber Liability Claims
Cyber liability is used in the event where your business experiences a cyber security breach. This breach can come in the form of malware attacks, phishing schemes, or many other ways. With more than 2,000 cyber attacks occuring every day, it is extremely important for small businesses to be protected from these cyber attacks.
Provide your business with extra protection and include cyber liability coverage into your Food Truck Insurance plan. This type of coverage is specifically designed to protect against the financial side effects of cyber crime and can protect from first-party claims. First-party claims include the cost of repairing, replacing, or recovering data. This coverage also covers third-party claims, which can happen when your customer information is stolen.
RELIEVE YOUR STRESS AND FIND THE RIGHT COVERAGE TODAY
With so many unknowns and unforeseen risks, taking the time to find the right coverage for you is just as important as running your food truck business.
With Food Truck Insurance from FLIP, you can mitigate—and sometimes eliminate—the out-of-pocket cost associated with these expensive claims. Starting at just $299 a year or $25.92 a month, you can create a financial safety net that protects your food truck with up to $1 million in A+ rated general and product liability coverage, as well as up to $10K in business personal property coverage. Additional policy options are also available as needed.
While being a business owner is incredibly rewarding, it is also stressful. Don’t hesitate any longer and relieve a bit of that stress by covering your food truck with Food Truck Insurance today.