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Food Truck Insurance

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Food Truck Insurance

Your Local Food Truck Insurance Experts.

For food truck owners in New Zealand, ensuring that you have the right level of insurance cover is not just a crucial aspect of your business operations, but it’s a necessity to safeguard your venture. At Gerrards Insurance Brokers, we specialise in providing customised insurance solutions tailored to meet the specific needs of your food truck business. You can contact us right away to get a quote, or keep reading to find out more about food truck insurance.

Why Do Food Trucks Need Insurance?

Food trucks, like any other business, are exposed to a range of potential risks. Whether it’s damage to your truck, equipment, or stock, or even claims from third parties for injuries or damages, the potential financial impact can be substantial. Insurance helps mitigate these risks, providing financial support when you need it the most.

Types of Cover a Food Truck Might Need

Business Vehicle Insurance

Protects vehicles used for food truck purposes. It covers accidents, damages, and injuries related to the vehicle. It can also cover trailers or plant fixed to the inside of vehicles. 

Best For
  • Repair costs
  • Third party damages
  • Injuries 

Loss of use

Coverage that helps when your vehicle is unusable due to an accident. It covers the cost of a temporary replacement vehicle, so you can still trade. 

 

Best For
  • Temporary vehicle
  • Reimbursement expenses
  • Accident downtime

Public Liability

This policy covers common food truck business risks including bodily injuries, customer property damage, and advertising injuries. It’s required for most commercial leases.

Best For
  • Business Accident Coverage
  • Third-party Damages
  • Legal Cost Protection

Statutory Liability

This cover is a type of protection that helps food truck businesses cover costs if they accidentally break certain laws or regulations.

Best For
  • Unintentional breaches protection
  • Legal costs
  • Fines and penalties

Tool Insurance

Safeguards your food truck equipment against unexpected events, like burglary or accidental damage, ensuring you won’t have to bear the financial burden of replacing them.

Best For
  • Burglary protection 
  • Accidental damage protection
  • Anywhere in New Zealand cover

Employers Liability

This insurance helps protect food truck businesses from financial losses if an employee suffers injuries or illnesses at work.

Best For
  • Workplace injuries
  • Legal expenses
  • Compensation payments

Claims Examples

Let’s look at five real-world examples of where having the right insurance can make all the difference:

Fire

A cooking fire could severely damage your food truck and its equipment. Insurance can cover the cost of repairs or replacement.

Flood

Your stock and equipment could be ruined if your food truck is caught in a flood. Insurance would cover these losses.

Damage to Third Party Property

If your food truck accidentally damages someone else’s property, public liability insurance can cover the cost of repairs.

Crash

Vehicle insurance would cover repairs or replacement costs if your food truck is involved in a crash.

Breach of Food Safety Act

Statutory liability insurance can cover costs related to unintentional breaches of the Food Act 2014.

What to watch out for

When it comes to insuring your food truck, several common pitfalls can result in inadequate cover if you’re not careful:

Fixed Plant and Equipment

One common mistake is not declaring the fixed plant and equipment inside your vehicle. This includes items such as refrigeration units, cooking appliances, and built-in storage. Fixed Plant needs to be specified seperately on the policy.

Trailer vs Truck

The insurance requirements for a food truck and a food trailer can be significantly different, so it’s essential to understand what type of cover you need. .

Total Sum Insured

The sums insured should accurately reflect the value of your food truck, equipment and stock. Under-insuring your business can lead to significant out-of-pocket costs if you need to make a claim.

Exclusion of Theft Cover

Some insurance policies may exclude theft of equipment or stock without forced entry. 

Sub-Letting Your Truck

If you plan to sublet your food truck to others, you need to ensure that your policy covers other operators. Many policies exclude lease or hire of your food truck.

Understanding Policy Exclusions

Every policy comes with exclusions. These are specific situations where the insurer will not pay a claim. For instance, wear and tear, or damages incurred when the vehicle is being driven by an unlicensed driver, are excluded.

How Much Does Food Truck Insurance Cost?

Food truck insurance in New Zealand typically costs between $500 to $3,000 per year. However, the exact cost is highly dependent on various factors:

Size of Your Business

Larger food truck businesses generally pay higher premiums due to increased exposure to risk.

Location

Operating in high-risk locations such as busy city centres or areas prone to natural disasters can increase premiums.

Who Is Being Covered

The experience and claims history of the driver(s) can affect your premiums.

Claims History

Businesses with a high number of previous claims are likely to face higher premiums.

Level of Cover Required

Comprehensive policies offering wide-ranging coverage will cost more than basic policies.

Types of Cover Required

The more types of cover you require, the higher your premium is likely to be.

How do I Buy Food Truck Insurance?

Securing the right insurance for your food truck is as easy as talking to us at Gerrards Insurance Brokers. With our expertise and deep understanding of the food truck industry, we can help you get the right cover and the best deal possible.

Conclusion

In conclusion, operating a food truck in New Zealand without the right insurance cover exposes you to substantial risk. As specialised insurance brokers, we at Gerrards are ready to guide you through this process, ensuring that you get the best deal and the right cover for your food truck. Don’t hesitate to get in touch with us today for a quote!

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