There is no doubt about it, food trucks are the craze. I remember when I was 16 and working a roofing job in summer. During lunch, I climbed on the roof and make my way to the food truck for a bologna and cheese, or if I was feeling adventurous, a burrito. Now I can make my way down to a Food Truck Friday event and enjoy everything from sushi and Indian curries vegan delights and Texas style BBQ. There is no doubt that the food truck has come a long way and even offers gourmet demanding a variety of gastronomic delights.
As the industry continues to grow, so the need for the insurance industry to adapt and offer these boards modern entrepreneurs and the protection of their business. Food truck owners and operators have many unique concerns when looking for insurance protection. Since the food truck industry is really a niche all its own, food truck owners will find themselves better served by aligning with agents and insurance companies who understand and specialize in their business. As with any insurance coverage, you can always cut corners to save some money, but the results of doing so can be disastrous for a small food truck business. In other words, without the right coverage, you may find yourself out of business fast enough.
Your agent and insurance company will want to have a good understanding of your operation so that they can help provide the right coverage. Here are some things a carrier can scan about your food truck operation when determining both eligibility and pricing.
Test
In the words of the late great Jimi Hendrix, "are you experienced?" Experience matters a lot to the insurance companies. Any business that includes food truck business activity also includes many new start-up operations and many have been in business less than three years. This does not mean if you start a new operation, you will not be able to find adequate coverage, but it is important that your previous experience was. If your background was several years working in the restaurant industry or restoration, then you're off to a good start, but be prepared to share your experience in detail with your independent agent. If you are not from the food service industry, your agent will really need to understand your career change, business plan, and much more detail available resources. If you are an experienced trader, then a review of your background before loss, if any, will be realized.
Mobility
There is a fairly simple theory, but you're on the road the more chance you have an accident. I recently read a blog on a food truck operator who has not left his place in the last 12 years! However, these are not the norm. It is anticipated your truck will be traveling but exposure to a moving truck three times per week varies considerably from one movement three times a day. Your agent and insurance company will want to have a good understanding of your operation of your preparation practices at times and places.
Your Truck
Your agent will need to know the status, cost, and special equipment associated with your truck or trailer. Will you be using propane? Do you have a good Ansul system (fire suppression)? What other elements are permanently attached to your truck?
Operations
Your insurance agent will need to know all you can about your operations daily to determine whether some safeguards are needed. Some questions you might be asked include:
- Do you work as a food truck or are you also restore
- Will you serve alcohol or are you interested in expanding to offer? he? You may have the responsibility of alcohol.
- Do you accept cash? Are you protected in case of theft?
- If you suffer a loss, how long you will be able to endure the loss of your business income? How long will you be able to be up and running again?
- Want a home office or other location for a business office or commissioner to prepare food? What are your exposure to these places?
- Would you have staff or provide additional assistance if necessary, and will require that the workers' compensation insurance?
- What other requirements or limitations will be a place holder or event require? Will an umbrella, workers comp or additional insured requirement that must be taken into account?
- How much could you afford to cope financially in a food contamination or deterioration of the question?
It is important to align yourself with a good independent agent who understands your business. The situation of each operator can postpone looking for agent and the company that will help you tailor a policy that best meets your unique needs.
A perhaps other thing you want to consider is that services are available from your agent or insurance carrier. You are literally on the road so it can be important to you to have options such as EFT payment plans or access to online politics. The ability to go online and print certificates of insurance for an event might be useful. And a good loss control program is a great benefit. These added values can go a long way to help you save time and money.
I am delighted to see the flourishing food trucks and continue to support this emerging industry, not only as an adviser on insurance but also an admitted foodie, delicious bite at a time.
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