To keep up with the most recent trends and ideas, all industries must develop. The world of commercial insurance is no different, and it’s imperative to make sure you find the appropriate kind of protection if you’re a business owner or an individual looking to participate in these cutting-edge new fields. Currently, the continued growth of food trucks and the enormous expansion of ride-sharing businesses are the two areas that stand out for commercial vehicle insurance.
Although the businesses in both of these cases may generally be classified under other, larger categories, the insurance offered by those larger categories isn’t really a match. Similar to trying to cram a triangle block into a hole that is the same size as a round hole, it just won’t fit.
Consider the situation of food trucks, for instance. These vehicles might resemble specialized trucks. They do, however, have a lot more variables. In addition to full cooking systems, which may include gas stoves and ovens, electrical appliances, and burning hot areas, they also may have refrigeration.
From there, there are also the individuals who prepare the food and those who receive service. An insurance plan specifically designed for food trucks is necessary because a standard policy won’t adequately address these problems.
Currently, it is even more difficult to navigate this area when it comes to ride-sharing. The legislation in this area is somewhat complicated, and it is still developing right now.
Obviously, a ride-sharing driver requires more coverage than is provided by a personal policy. Yet do they require a comprehensive commercial policy? Do they need it to be supplied by a company like Uber? California is one state that has passed new legislation in this area, and Uber has already made some changes independently, but things are still very much in the early stages. There will be a lot more fighting as the taxi cab companies fight back against every alleged advantage that ride-sharing companies possess.
The sky is the limit for you and your business when you take advantage of a hot trend at the right time. These two industries are both currently booming, with ride-sharing and food trucks both growing in popularity daily. Don’t, however, enter blindly.
Ensure that you are completely protected, have the appropriate insurance, and are aware of any and all local laws and regulations that may be relevant. Contact a local insurance agent or broker who has dealt with these industries before; they can point you in the right direction and make sure there are no unpleasant surprises later.