5 Ways To Potentially Reduce Your Food Truck Insurance Costs

Food Truck Insurance

Operating a food truck can sometimes mean operating a thin margin line where every dollar counts.

Many food truck owners don’t have much time or patience to deal with insurance. You’re busy trying to run your business and manage your team. Many food truck owners don’t realize commercial insurance rates can often be negotiated depending on the risk.

Here are five quick ways you can possibly reduce your insurance premium and put more money in your pocket.

Reduce Your Food Truck Insurance Costs

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5.) Make sure you are qualifying for all eligible discounts.

This can be as simple as asking your broker what discounts are available. There might be previous experience credit, loss control measures you are taking to reduce claims, employee background checks or hiring practices, or any number of ways to potentially reduce your insurance. Ask your broker and you may be surprised at the discounts you could be eligible for.

4.) Let your broker/agent know your operation radius and number of stops per day.

Your chances of loss increase the more you are on the road and the more stops per day. If you only have one location and rarely drive, you should explain this to your broker as there might be special pricing available. A local truck with a regular routine is a much better risk as compared to a truck that has an erratic schedule and will travel very far to serve.

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3.) Show your proof of loss history.

If you have been in business for at least one year (or preferably three years) with little to no losses, then be proactive by ordering your loss history from your current carrier and show your good experience to the broker/agent that you are getting a quote from. Most carriers will offer credits or discounts if you can prove your track record is good.

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2.) Have photos of the exterior and interior of your truck handy.

When shopping your insurance, be sure to provide photos of the interior and exterior of your truck. If you take pride in ownership, it shows in pictures. There are often discretionary discounts available based on the quality of your operations and your truck. They say a picture is worth a thousand words … well, it could be worth a few hundred bucks, too!

1.) Provide a resume or LinkedIn profile link if you are a new venture with plenty of food and/or hospitality experience.

New ventures are viewed as a risky business to underwriters. If you can show you have managed a restaurant or have extensive food preparation experience, you may be eligible for discounts. Even if your agent/broker doesn’t ask, you can provide your experience and see if it helps.

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These are some ways to potentially reduce your insurance costs. Every operation is different and deserves a close look. At Insure My Food Truck, we will help you find eligible discounts and make sure you are getting the best insurance bang for your buck. If you have questions about food truck insurance, discounts or anything else, please feel free to reach out!

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About the Author

You found me! My name is Denny Christner, founder of INSURE MY FOOD TRUCK (www.insuremyfoodtruck.com). Although I have been in insurance for 15 years, I'm nacho typical insurance agent. I focus on food businesses including mobile food vendors, caterers, restaurants and artisan food manufacturers. I LOVE food and the food community. Life is too short to not be passionate about life and your career! That's why you do what you do, right? My goal is to help protect, promote and grow your mobile food business. When not working tirelessly on protecting the food community I can be found enjoying the beautiful Bay Area with my family. See you in the streets!

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