On the road: Insurance for mobile businesses
Wed 7 June 2017 - 10:51 amExpert | Featured | Food | Beverages | Insurance | Retail | Small Business | Transport | Logistics
Mobile businesses are unique. From taco vans to locksmiths, and dog groomers to plumbers, these businesses gain a competitive edge through their ability to operate from any location. Mobile businesses have needs that are very different from their stationary counterparts. They need different stock, different equipment, and importantly, different insurance. In this article, we explain some of the important types of insurance for mobile businesses, and how to get them.
Insuring Your Vehicle
As a mobile business, there is nothing more fundamental to daily operations than your means of transport. This vehicle, usually a van or a trailer, is often custom fitted with specialized equipment. Since the vehicle is the heart and soul of any travelling business, it can be vital it is protected with top notch insurance. Comprehensive Commercial Motor Insurance will cover your vehicle against accidental damage. Be sure to tell your insurer about any modifications or additions to your vehicle, to make sure they don’t affect your cover.
Insuring Your Equipment and Stock
Most mobile businesses rely on specific equipment and stock to operate. This equipment can often be custom made, and expensive to replace. Protect equipment and stock using a trio of insurances, which are often sold together:
- General Property: General Property Insurance covers the cost of repairing or replacing insured property that is accidentally damaged. Unlike other kinds of insurance which will only provide cover at specific premises, General Property Insurance protects your equipment and stock no matter where it is damaged. As such, it is a must have for mobile business owners.
- Theft: It’s not hard to guess what Theft Insurance covers. It protects your property against theft or attempted theft. Most insurance providers will only cover theft in certain situations – make sure you know when you are covered. Most policies do not cover goods left in the open air, and some require evidence of forcible entry if goods are stolen from your vehicle. .
- Machinery Breakdown: A lesser known form of insurance, Machinery Breakdown Insurance can be a life saver for equipment-heavy mobile businesses. As well as covering damage to insured machinery caused by breakdown, it also includes a number of additional benefits. It can provide funds to help cover costs such as hiring temporary machinery, and deterioration of stock caused by breakdown. For mobile food vendors, who throw away large quantities of food if a fridge malfunctions, this insurance can be vital.
Make Sure You’re Protected
We’ve outlined some kinds of insurance that are particularly important to mobile businesses. However, it is still vital to make sure you take out insurance to cover yourself against risks that can affect any business. Trading interruptions, accidents, illness, and public and product liability, can all cause your business significant loss. For better value, consider an option such as a Small Business Advantage Pack that will keep your business covered against a range of risks and problems. Talk to your insurance provider to find a policy that meets your needs.
Insurance issued by Allianz Australia Insurance Limited ABN 15 000 122 850 AFSL 234708 (Allianz). We do not provide advice based on any consideration of your objectives, financial situation, or needs. Terms, conditions, limits and exclusions apply. Before making a decision please consider the product disclosure statement which is available by calling us on 131000.