Mobile Business Income is one of the most important, but least discussed or known insurance coverage. Business Income is a standard coverage on a brick and mortar restaurant, but often not available for a mobile food truck business.
You may ask, what does Mobile Business Income cover? Let’s give a real life example…while driving through a parking lot you hit a building’s concrete awning and heavily damage the top half of your truck. Now your Auto Liability will pay to fix the building damage you caused and Auto Collision coverage will fix your truck. However, it will take 30-60 days to fix. That means you will not be on the road selling for 30-60 days. Meanwhile you still owe the bank truck payments along with any other bills. This is where Mobile Business Income will get triggered upon an auto claim. Mobile Business Income will supplement the income you are losing for not being on the road. Please be aware, coverage is only triggered for a covered claim. Therefore, a blown tire, engine trouble, etc. would not be considered a covered claim.The likelihood of a business shutting down after a major loss is greater if they do not have Business Income coverage. So unless you have emergency savings or are prepared to shut down, this is a coverage you can not operate without. If anything, it will help sustain your business and help you sleep at night.
At CateringTruckInsurance.com we can offer this unique and critical insurance coverage. Coverage is provide in 30-60-90 day increments and provide $100-$1,000 a day in coverage. You select how many months and the amount of coverage needed. Mobile Business Income can only be purchased when you have your General Liability and Auto coverage with Lexington (AIG). Coverage is currently offered in 25+ states (other states pending). We insure over 100+ food trucks across the country and are the first to offer this coverage.