Note: This is the sixth and final post in our “Going It Alone” series about business essentials that... MORE
How does program insurance work?
The FLIP policy is a group policy that allows each insured to have their own dedicated limits and no deductible. The policy covers your Product and General Commercial Liability as a food vendor and includes Inland Marine coverage for your Business Personal Property other than buildings.
Purchasing your policy through FLIP will give you instant coverage and immediate access to your insurance documents. Your policy will be effective as soon as your payment processes.
The following limits apply to each FLIP policy:
|General Liability Aggregate Limit||$2,000,000|
|Products-Completed Operations Aggregate Limit||$2,000,000|
|Personal and Advertising Injury Limit||$1,000,000|
|General Each Occurrence Limit||$1,000,000|
|Damage to Premises Rented to You (Any One Premises)||$300,000|
|Liability Deductible||NO DEDUCTIBLE|
|Business Personal Property / Inland Marine Limit (Any One Article / Aggregate)||$5,000/$10,000|
|Business Personal Property / Inland Marine Limit (Per Occurrence) - Deductible||$250|
|Identity Recovery Coverage Aggregate Limit||$15,000|
|Identity Recovery Coverage Deductible||$250|
These general liability limits only apply to food trailers if a Trailer Endorsement is added to the policy.
**Please note these are brief definitions of coverage. Your policy may be more restrictive in its language. Refer to the actual policy for a complete description of coverages and exclusions
Business Personal Property
While liability insurance is the most important kind of coverage included in a FLIP policy, we recognize that additional coverage is necessary for your business to be completely protected. This is why FLIP policies include business personal property, also known as inland marine coverage, a type of coverage for damage or covered loss of the insured’s business personal property, such as supplies, equipment, and inventory, which makes FLIP one of the most comprehensive policies on the market.
If you have a food trailer, a trailer endorsement can help make sure that you are protected if a third-party is injured in, on, or around your trailer while it is detached from your towing vehicle and parked on a premises. Many general liability policies exclude incidents that occur in or around a food trailer, so having the option to add a trailer endorsement is another unique and valuable feature of the FLIP policy.