More Insurance Questions

cynfulsmokersbbq · Oct 23, 2016

For Those of you that vend and cater. Two part question...

First:
We are an LLC. Those of you that are LLC do you put your trailers, smokers, vehicles in the LLC name?

Second:

We've been in business for 6 years. Our insurance has changed multiple times since then. I'm not 100% sure that my insurance man knows how to insure caterer/vendors. (It seems every 4 months I am doing a policy review)

Questions:

Do you have your Trailer insured as commercial?
What about the truck you pull it with?
Are your smokers insured?
Does anyone carry Workman'a comp. insurance?
Do you have your vending and catering policies separated?
Any Insurance questions I missed.

Thank you all for any answers you can give!
I appreciate that I have such a good resource at my disposal!

poorolddan · Oct 24, 2016

First, it doesn't cost anything to have another agent review your operation and provide a coverage package and price quote. I kept my tow veh separate because it was used as a business vehicle for another operation 90% of the time and was well covered as such. Combining the vending and catering coverage was the only way to have seamless coverage at the best price. The Inland Marine part of the package covered the trailer, equipment (on & off the trailer), food inventory and cash for about everything they needed coverage for and at replacement cost. The liability part covered claims made including for products and completed operations. If everyone helping was either part of the LLC or close family the Work Comp wouldn't be needed or could be added as an expensive option. Your kitchen and equipment would be added as well. Reviewing the plan frequently isn't a bad idea if things keep changing to avoid any gaps. It's part of doing business. Good luck!

cynfulsmokersbbq · Oct 24, 2016

poorolddan said:
First, it doesn't cost anything to have another agent review your operation and provide a coverage package and price quote. I kept my tow veh separate because it was used as a business vehicle for another operation 90% of the time and was well covered as such. Combining the vending and catering coverage was the only way to have seamless coverage at the best price. The Inland Marine part of the package covered the trailer, equipment (on & off the trailer), food inventory and cash for about everything they needed coverage for and at replacement cost. The liability part covered claims made including for products and completed operations. If everyone helping was either part of the LLC or close family the Work Comp wouldn't be needed or could be added as an expensive option. Your kitchen and equipment would be added as well. Reviewing the plan frequently isn't a bad idea if things keep changing to avoid any gaps. It's part of doing business. Good luck!

I'm a little confused about the Inland Marine insurance.
Is that an insurance company or a type of Insurance that a company provides for you?

Thank you for helping me!

poorolddan · Oct 25, 2016

Inland Marine is just a part of an insurance package like sec 1- liability, sec 2- stationary equipment. sec 3- moveable equipment (inland marine) sec 4- commercial vehicles. Some companies even add work comp, business interruption and a few other endorsements to a package. Your agent should be explaining this to you since things vary by state. I was an agent for 34 years in NE & Iowa.

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