What insurance is required for a food truck in Wyoming?

Typically, Wyoming food truck owners pay $105/mo for a business owner's policy that includes general liability and property insurance. Food truck insurance rates in WY will vary and are based on factors like location and value of the equipment insured.

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Zaneta Wood, Ed.S. has over 15 years of experience in research and technical writing bringing a keen understanding of data analysis and information synthesis to reach a wide variety of audiences. She studied adult education and instructional technology at Appalachian State University as well as technical and professional communication at East Carolina University. Zaneta has prepared technical p...

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Reviewed by Joel Ohman
Founder & CFP®

UPDATED: Sep 15, 2020

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Here's what you need to know...

  • A successful food truck business must have several different types of insurance to meet legal requirements and to address the issue of risk
  • Wyoming food truck owners pay $105/mo for a business owner’s policy that includes general liability and property insurance.
  • Your business may be fined and you may be unnecessarily at risk if your food truck business is not properly insured at all times
  • Bundling your various food truck insurance policies may help you to save money on the cost of your insurance, but you should compare the options available to ensure bundling is your best option

Owning and managing a successful food truck business in Wyoming may be a dream come true, but the unfortunate reality is that there are many things that can put your dream at risk including:

  • a case of accidental food poisoning
  • a car accident
  • a severe weather event

While you need to focus your attention on preparing delicious cuisine and delivering a stellar culinary experience, you also need to run your business seriously and focus on mitigating these and other potential risks as much as possible.

Developing a solid business plan for your Wyoming food truck business is a great first step to take before launching your business.

In addition to creating a business plan that is focused on developing delicious menu items and buying the right equipment for your truck, you also need to focus on legal compliance matters and insurance needs.

These may not be the most glamorous or exciting aspects associated with running a Wyoming food truck, but they nonetheless are critical to your overall success and long-term profitability.

A food truck is a commercial vehicle, and it also is a restaurant that is loaded with expensive equipment and appliances necessary to produce income for your business.

Buying different types of business and auto insurance is necessary if you want to protect your business and legally operate it.

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Comparison Shop for Insurance in Wyoming

Wyoming food truck owners may need to purchase multiple insurance products in order to fully comply with the law and to mitigate risks as much as possible. These are some of the insurance products that you may need or want to buy for your food truck business.

Commercial Auto Insurance

All commercial vehicles in Wyoming must comply with the state’s commercial auto insurance law. The exact requirements for your coverage vary based on the size and type of truck that you have as well as how you use it.

Remember that the legal requirement for commercial auto insurance is a minimum, and you may consider buying more than the required amount to enjoy greater protection from your policy.

What is Hired and Nonowner Auto Insurance?

Some food truck owners in Wyoming lease the truck that they operate their restaurant business out of rather than own it outright.

If this is the case with your business, hired and nonowner auto insurance may be needed, and you should not assume that the truck’s legal owner has the vehicle properly insured.

This type of special coverage is specifically designed for leased vehicles that are used for business purposes.

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Collision Coverage

Food truck owners in this state are not required by law to buy collision insurance, but if you have a loan on your food truck, the lender may require it.

Collision insurance pays for your vehicle’s repair costs or for a replacement if it is damaged in a collision. Keep in mind that the appliances and other personal property in the truck are not usually covered by this type of policy and may need to be insured in a different way.

Comprehensive Coverage

This type of auto insurance is similar to collision insurance in many ways.

However, while collision insurance only offers a payout on benefits in the event of a vehicular collision, comprehensive insurance can pay benefits for a vehicle damaged caused by criminal activity, weather events, and more.

If your truck lender does not require collision insurance, it may require comprehensive insurance.

General Liability

All businesses face a potential liability risk, and you may need to purchase liability insurance for your business to prepare for this possibility.

This insurance may pay for legal expenses and other related costs in the event you are sued by a customer, an employee, or someone else.

Auto liability insurance coverage is also available in case your liability issue developed while your truck was in motion, such as if you struck a pedestrian with your food truck.

Property Insurance

Property insurance may relate to coverage on real estate where your truck is parked usually. For example, if you own land where your truck resides, the parking lot, tables, and other outdoor fixtures, utilities, and more may be insured.

The land itself, however, is not usually insured because it cannot be destroyed in the same way developed property can be. Property insurance can also describe personal property, which may include the appliances and other items inside your truck.

Workers’ Compensation

Many food trucks have at least an employee or two. These employees could get injured or have other mishaps occur while they are on the job, and you may be held financially liable for medical expenses and other costs.

Workers’ compensation may be required in many cases, and this type of coverage pays benefits to your employees if they are injured while working for you.

Umbrella Policy

Buying umbrella coverage for your food truck is a great idea, but you need to analyze all options carefully. This coverage provides benefits for your employees as well as for various other factors, making it a cost-effective solution in many cases.

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A Food Truck Owner May Want to Bundle

Many insurance companies offer multiple coverage types, and these companies often provide a discount to clients who bundle their policies. This means that you are buying multiple types of coverage from the same provider rather than separate policies from different providers.

When you bundle your coverage, you can save time and energy with financial management, and you may also save money through a bundled coverage discount available for some Wyoming business owners.

There may be a downside to consider before you bundle your coverage.

While bundling may give you a discount in some cases, keep in mind that you may save money when you shop around for the absolute best deal on each type of insurance you need rather than get the policies from a single provider.

The only way to know for certain which option is most cost-effective for your food truck insurance needs is to shop around and compare the options carefully.

Enter your ZIP code into our free comparison tool below to find the best rate for the car insurance you need.

References:

  1. https://www.geico.com/information/about/
    insurance/commercial/
  2. https://foodtruckr.com/2014/05/start-food-truck-16-get-insurance/
  3. https://www.rmiia.org/auto/steering_through_your_auto_policy/Auto_Insurance_Wyoming_Requirements.asp
  4. https://www.autos.com/auto-insurance/understanding-car-insurance-options-with-personal-property-coverage
  5. https://www.allstate.com/tools-and-resources/car-insurance/liability-car-insurance-cover.aspx
  6. https://www.investopedia.com/articles/insurance/09/bundle-insurance.asp

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