Maybe you dream of taking your business on the road, bringing valuable services or merchandise to your customers in a convenient and inexpensive way. Popular businesses like food trucks, mobile pet grooming, and mobile boutiques are redefining what it means to run a small business.
Mobile businesses are obviously very different from operating a traditional brick-and-mortar location, as they rely on their ability to bring their products and services to their customers instead of the other way around. This type of company requires the use of different equipment, different marketing strategies, and, perhaps most importantly, different insurance. Let’s look at Mobile Business insurance coverage and how to obtain it.
All responsible business owners purchase commercial coverage to protect themselves, their business, their employees and their clients. Not all companies are the same, and so the Business insurance packages that each owner purchases aren’t either.
When it comes to insuring your mobile business, you’ll need to buy Mobile Business insurance to create a full layer of coverage for all aspects of your mobile business:
Of course, this is a general overview of the commercial coverage mobile businesses must secure before they start booking clients and making sales. We’ll take a deep dive into how Mobile Business insurance coverage really works to support you and your dream to set you up powerfully to continue running the business you love.
Mobile business insurance for your shop is fundamental to your daily operations. First thing’s first, you’ll want to ensure that the vehicle you use for transportation, usually a van or trailer, has the appropriate insurance to be traveling on the road.
You’ll also want to make certain that any customized features of your taco truck or mobile spa, for example, such as your cooking equipment or massage chairs, will be protected from theft or damage. Let your insurance advisor know about any modifications made to your commercial vehicle so it gets properly insured right from the start.
Mobile Business insurance can protect the inventory, materials or equipment you use to service customers every day. You’ve probably spent a significant amount of money into buying inventory or machinery and can barely imagine having to come up with the funds a second time for replacements. In fact, you may have even paid for these items the first time with your own money. According to the American Mobile Retail Association, 84% of mobile retailers have used their personal savings as start-up money.
Obviously, you’re in business to make money and retain a good amount of your profits. That’s why it’s best to purchase an insurance policy for your company. Whether the insurance coverage you choose is Mobile Food Truck insurance, Business insurance for mobile grooming, or insurance for whatever mobile business you run, a proper insurance policy will provide the financial support you need if equipment breaks down and disrupts your operations or becomes damaged or even stolen.
Protect your mobile inventory and machinery using this trio of mobile business insurances, often sold together in a Commercial insurance package.
You may have never heard of this type of Commercial insurance, but it can be a true lifesaver for machinery-reliant mobile businesses. Equipment Breakdown coverage insures equipment damaged by a breakdown. This policy can also give you money to pay for temporary rental equipment, as well as deterioration of stock resulting from the breakdown.
For example, food truck vendors usually throw out lots of food when a refrigerator gives up. In this case, business owners can turn Equipment insurance coverage to cover the replacement costs for the machine and the inventory. Mobile food insurance packages aren’t comprehensive without equipment breakdown coverage.
General Property insurance covers computers, supplies, inventory, equipment and other property owned by the business against damages or losses as outlined in your policy. This type of Business insurance is typically used in the event of a fire that results in damaged equipment and supplies.
Theft coverage is self-explanatory. It safeguards your mobile business property against theft and attempted theft which can be proved by evidence of forcible entry. Usually, insurers will only pay theft claims if the situation was truly out of your control. However, if you didn’t make an honest effort to protect your business property, like by leaving items out in the open, then you may not get reimbursed for the loss.
In addition to the types of Mobile Business insurance mentioned above, there are three other types of commercial coverage that will help keep your mobile company, such as your mobile food business or grooming mobile business, in great shape.
Most U.S. states require business owners to purchase Workers’ Compensation insurance even for mobile companies. You’ll want to get a Workers’ Compensation plan in place once you’ve hired the first employee. This type of insurance covers medical bills, lost wages and death benefits for employees that are injured or perish while on-the-clock.
For example, your grooming mobile business will want to have workers’ compensation coverage in case a groomer is bitten by an unhappy, four-legged customer. This policy will pay for your team member’s emergency room treatment, antibiotics and any lost wages.
If you’re producing your own products for sale, Product Liability insurance is a necessity. Even a business that takes every possible measure to make sure the product or merchandise is safe can still find themselves served with a liability lawsuit.
If you run a mobile food business and one of your customers claims that they received food poisoning from your brownies or spaghetti sauce, then you’ll be incredibly relieved to have a Product Liability policy. This type of coverage pays for court and legal fees that come from defending against bodily injury, property damage or financial losses caused by your product or service.
Catastrophic events, natural disasters and other unforeseen circumstances happen and are out of your control. These random acts can negatively affect your business operations for weeks at a time. This interruption can be quite damaging to your company’s bottom line.
For example, your Florida mobile bartending business won’t be booking a lot of jobs if there’s a hurricane on the horizon. Yet your loan payments, vendor payments, payroll, taxes and other operational costs will still be due despite the weather. With Business Interruption insurance, your mobile bartending business will be compensated for its lost income.
You wouldn’t want any of those things to end your mobile business before it even gets properly realized! Get easy, fast, and convenient Mobile Business insurance quotes to protect your business today. Our professionals will help you find the right insurance coverage for your business. Contact us today to explore your options.