Inland Marine Insurance for Food Trucks
Operating a food truck means bringing a lot of your equipment with you on the go. If it gets stolen or damaged, inland marine insurance from Food Liability Insurance Program (FLIP) can cover the cost.
What Is Inland Marine Insurance for Food Trucks?
Inland marine coverage — or as we like to call it, tools and equipment coverage — is a type of mobile business insurance designed to cover products, materials, and equipment you use for your business.
This coverage is insurance for food truck equipment on the move. Your items and gear must be mobile and not fixed to your vehicle or a specific location.
Take your generator, for example. You bring it with you wherever you operate your food truck. As long as it isn’t permanently attached to your truck, it could be covered by tools and equipment insurance if it were damaged or stolen.
On the other hand, if you have a stovetop installed inside your food truck, this would not be covered by inland marine because it’s permanently fixed to one location.
Inland marine is an optional add-on coverage from FLIP, meaning it isn’t included in a base food truck insurance policy. If you want it, add it to your policy during checkout, or at any time from the convenience of your user dashboard!
Please note that you’ll need to have an active general liability policy for your food truck before you can purchase tools and equipment coverage.
Why Do Food Trucks Need Inland Marine Insurance?
You spend your hard-earned money on gear to keep your business running smoothly. From cooking utensils to generators, it all adds up. If something breaks or gets stolen, that unexpected expense can throw a wrench in your profits.
Food truck equipment insurance is designed to be there for those “oh-no” moments, so you aren’t left to foot the bill of replacing your supplies or equipment by yourself.
What Does Inland Marine Insurance Cover for Food Trucks?
Inland marine insurance can cover the cost of repairing or replacing:
- Mobile equipment (not fixed to a permanent location, like the inside of your truck or kitchen)
- Inventory and supplies
- Rented tools and equipment
- Trailers (excluding semi-trailers)
- Collision, upset, or overturn of your food trailer
How Does Inland Marine Insurance Protect Your Business?
If some of your covered equipment, inventory, or supplies are stolen or damaged, you could receive coverage after filing a claim.
The amount of coverage you can receive depends on the limits you select. FLIP offers two tiers of food truck equipment coverage to choose from:
- $11.17 per month for $5,000 per item/$10,000 per year
- $20.75 per month for $7,500 per item/$25,000 per year
- $33.33 per month for $10,000 per item/$50,000 per year
Your limit per item is also called your occurrence limit and equals the most your policy will pay for one single claim. Your limit per year is called your aggregate limit, which is the maximum amount your policy will pay within a single policy year.
Common Food Truck Inland Marine Claims
The two most common food truck equipment claims we see at FLIP are:
- Stolen generators
- Fire damage to equipment
The average food truck tools and equipment claim costs $2,155, which can place a serious financial burden on your business.
Take a look at these two real claim examples from food trucks we insure. Both claims were fully covered by our tools and equipment policy.
Claim #1
A thief broke into a policyholder’s trailer and damaged some of their equipment inside the trailer as they stole other gear. This unfortunate incident led to a $5,524 claim.
Claim #2
A food truck business had not one but two of its generators stolen. The total cost to replace both generators totaled $1,154.
Why Choose FLIP for Food Truck Inland Marine Coverage?
Check out some of the biggest perks of choosing FLIP to protect your food truck inventory and equipment.
Cost-Effective
Choose between two tiers of affordable coverage to suit your food truck’s needs.
Easy to Bundle
Easily add tools and equipment coverage to your FLIP general liability policy during checkout or any time afterwards.
100% Online
Get your quote, checkout, and manage your policy through our easy-to-use online dashboard.
Customizable
Personalize your policy with other optional add-on coverages, from data breach protection to workers compensation.
FAQs About Coverage for Food Truck Equipment
How Can I Add Inland Marine to My FLIP Food Truck Policy?
If you already have food truck insurance from FLIP, you can add tools and equipment coverage by following these steps:
- Log in to your user dashboard
- Go to “Manage Policies” and click “Change Policy Options”
- Navigate to the inland marine section and select your limits
- Select “Purchase Policy” at the bottom of the page
What Food Truck Equipment Is Not Covered by an Inland Marine Insurance Policy?
Inland marine insurance will not cover any property permanently attached to buildings or vehicles, as well as the buildings and vehicles themselves.
It also won’t cover:
- Precious metals (including gold, silver, and platinum)
- Semi-precious stones
- Furs
- Fine art
Always refer to your policy for exact exclusions.
What’s the Difference Between Inland Marine Insurance and Regular Business Insurance for Food Trucks?
Food truck business insurance — otherwise known as general liability insurance — is designed to cover third-party liability claims, including damage to someone else’s property and injury to someone else. If your food truck leaks oil onto the new pavement at a venue and the venue manager wants you to pay to clean it up, that could be covered by your general liability policy.
Inland marine does not cover third-party claims. Instead, it covers the costs you face to repair and replace your own equipment.
What Kinds of Insurance Does a Food Truck Need?
Food trucks need several types of insurance to ensure they’re properly protected against common risks. This includes:
- General liability
- Product liability
- Personal and advertising injury
- Products-completed operations
- Inland marine (tools and equipment)
Depending on your other risk factors, you may need additional coverages like:
- Cyber liability
- Professional liability
- Liquor liability
- Workers compensation
- Food trailer endorsement (if you use a food trailer for your business)