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Food poisoning caused by improperly stored food, property damage from vandalism, or a road accident on the way to a sporting event can put your food truck business at risk.
Having food truck insurance in place will help protect the financial standing of your small business by providing financial cover in case an accident takes place. This way, you won’t have to pay out of pocket as the insurance company will cover all the costs associated with the accident at hand.
How Much Does Food Truck Insurance Cost?
As with most types of insurance, the prices will vary depending on the size of your business, the level of cover you require, and various other factors.
On average, food truck owners in America pay around $110 per month or $1,320 per year on business owners’ insurance policy.
Food truck owners who also have staff members working within the business pay an average of $100 per month on worker’s compensation insurance, which adds up to around $1,200 per year. Having this policy is crucial as it will protect the livelihood of your employees in case they get injured or sick on the job.
General liability insurance for food truck businesses costs about $45 per month or $560 per year. This type of insurance will provide your business with general cover in the event of third-party bodily injuries or property damage.
If your business owns vehicles, you can expect to pay around $135 per month on commercial auto insurance, which is around $1620 per year. Such a policySuch policy will not only protect your business from vehicle theft but also your company vehicle, staff, and any third party involved in case a road accident takes place.
What Types of Insurance Do Food Trucks Need?
There are several different insurance policies for food truck business owners. The level of coverage you’ll need, however, is strongly dependent on the state you operate out of, the number of employees your business has, the value of your equipment, and more.
For a more detailed overview of the most recommended insurance policies for food trucks, please take a look below.
Why Do Food Trucks Need Insurance?
Food truck businesses are much like restaurants - just on wheels. And if an accident were to happen - be it a customer getting food poisoning or a staff member falling sick at the place of work - an insurance policy will help to cover the costs associated with the claim or the lawsuit that may arise as a result.
For instance, if you serve your customers improperly stored food and as a result, they need to go to the hospital due to food poisoning - they can sue your business and ask for compensation.
In other cases, if an employee slips and breaks a leg, the insurance policy will protect your business as it will cover the employee’s hospital and medical bills, rehabilitation costs, and other fees associated with the accident.
Besides that, in most states across the United States, in order for a food truck to be legally allowed to operate and sell food to the public - they will need a certain level of insurance coverage anyway.
Whatever the case might be - having an adequate level of coverage is always beneficial as it can save your business from financial trouble.
Typical Food Truck Insurance Claims
The most common insurance claims when it comes to food trucks revolve around customers getting food poisoning, staff getting injured or falling sick at the workplace, and the mobile food truck getting in a road accident while on the road.
In more rare cases, food truck business owners also make claims regarding vandalism, theft, or property damage in case of poor weather conditions.