Proper Insurance Coverage For Today’s Canadian Food Truck Entrepreneur
There is simply no denying that the food truck industry is fast-paced and exciting. It is also one that can be lucrative for the right individuals. That being said, it certainly isn’t an industry that doesn’t come without a lot of associated risks. Just serving food to someone can be risky, as if they choke on it, they could sue you, claiming that the incident was your fault. Needless to say, this is something that could potentially lead to a long, drawn-out lawsuit. Even if you and your product aren’t to blame for the incident, you’ll likely spend thousands in the process defending yourself.
Thousands that could have better be spent elsewhere. Thousands that could force you to close up shop. Whatever the situation is, this is just one of the many reasons that it pays to have the right business insurance in place, but what are the best food business insurance policies and when and where can they offer protection?
Saving Money By Getting Quotes, Comparing, And Bundling
Before you delve too deep into the world of food truck insurance, you’’ ll need to understand that food truck business insurance is something that is going to be required by law in Canada. That’s right, if you want to legally offer food and drink from a food truck you’re going to need to also offer the right types of insurance coverage. Not only will you have to cover your employees, but you’ll have to cover your products as well as your vehicle. While these policies are required, they will certainly not be cheap.
And, while the cheapest option isn’t always the best, you’ll want to make sure that you are doing what you can to save money when and where you can. Some of the very best ways to do this are by getting multiple quotes, comparing those quotes, and bundling. What exactly does all this mean? It means that you’ll want to use the Internet to search for several reliable local insurance providers. Once you find them, you’ll want to use their online tools to get quotes for the policies that you are interested in. You’ll want to compare all these quotes against each other to see which offers the best rates.
While the cheapest rates might not always be the best option, it is a place for a good starting point. That aside, you’ll also want to consider bundling these policies. For instance, when you bundle general liability with the business owner’s policy, you’ll get discounted rates. Throw in workers’ comp and liquor liability insurance with the same provider and you’ll save even more! Now, to look at the policies that you’ll need to protect your business to the fullest.
A Compilation Of General Liability And Business Owners Policy
A good foundation for a comprehensive insurance package starts with general liability and business owner’s insurance. While these might be two of the most basic coverage policies available today, they’ll protect you immensely in a variety of unique situations. The first thing that you need to know is that when coupled together, these policies will protect you from customer injuries, damaged kitchen equipment, business interruptions, slip and falls, damaged customer property, and libel or slander lawsuit. Now, you might be thinking that some of these situations are just hypothetical.
And, you might be right, but that doesn’t mean that you don’t need to safeguard yourself against them. Any of these situations could lead to a potential lawsuit. A potential lawsuit that could lead to the closing of your business. These policies will protect you in those exact situations. If you or an employee injure a customer, they’ll pay for the medical expenses as well as court-related costs. If your kitchen equipment breaks down and puts you out of work for a week, these policies will pay to have the equipment repaired as well as pay for the lost profits during the downtime.
Heck, there are even some policies offered by providers like ProfessionalsCoverage that’ll pay to have you put in another truck while yours is getting repaired so that you don’t lose any more money than completely necessary.
Workers’ Compensation Insurance
Speaking of employees, if you plan on bringing on employees, you’re going to need what is known as workers’ compensation insurance. This insurance protects you in the event than an employee is injured on the job. If an employee is hurt on the job this coverage will pay for their medical-related expenses as well as their rehab expenses to get them back at work. Heck, some policies will even pay for the employee’s lost wages as well as court-related expenses just in case the employee tries to sue.
As unfortunate as it might sound, there are a lot of cases when employees do sue in these very situations.
Commercial Auto Insurance
This one is probably given for many. Your food truck is pretty much a commercial vehicle. You’ll be driving it every day to and from the job site. You might even be driving it to run personal errands, which is more than fine. Just know that if you choose to do so and end up in an accident, you need commercial auto insurance to cover you. Unfortunately, regular vehicle coverage won’t be enough. While there are tons of different policies available, you’ll want to make sure that you get ones that are willing to pay medical expenses, lost wages, damaged property, and lawsuits.
You’ll also want to make sure that your employees are covered if they are going to be driving.
Liquor Liability Insurance
It is not uncommon for food trucks to serve alcoholic beverages. This is especially true from ones that setup outside sporting events. If this is something that you plan on doing then you’ll without a doubt need liquor liability insurance. Did you know that if someone gets drunk on beer that you served them and damages property, you can be sued? Just imagine if that same individual gets intoxicated enough to kill someone. It sounds kind of crazy, right?
As unfortunate as it might sound, it happens. And, this is exactly where liquor liability insurance covers you. It’ll pay for the damaged property in these situations as well as any lawsuits that might ensure because of the event.
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Other Types of Food Business Insurance We Provide:
If your business is not mentioned below, have no worries. Our insurance markets can provide liability coverage for the majority of food related industries.