|Posted by Lilly on October 4, 2012 at 9:50 AM|
As fun as the varied topics of selling Italian Ice can be, there comes a time to discuss the not-so-fun aspects. Of these, I add the topic of insurance. But it's a crucial thing when your livelihood may depend on selling Italian Ice. And sadly, it could all be lost in the blink of an eye, were it not for the beautiful invention called insurance.
Insurance for concessionaires (called Concessionaire's or Vendor's Insurance) takes on a few different forms than traditional insurance, but it can include those as well. Below I provide a brief list of types of insurance coverage your business may require. In some cases, this insurance is mandated by the state in which you operate. In other instances, it is optional. This is definitely one of those "do your homework" scenarios. Ask lots of questions, talk to a number of companies, compare quotes, and make sure you're covered for the situations you require. And by all means, deal with a reputable company that understands the needs of a concession business.
Concession General Liability - coverage for an insured when negligent acts and/or omissions result in bodily injury and/or property damage on the premises of a business, when someone is injured as the result of using the product manufactured or distributed by a business, or when someone is injured in the general operation of a business.
Commercial Auto Insurance - coverage for your car, truck, and trailer used in the operation of your concession business.
Inland Marine Insurance - coverage for anything that you transport in or on the trailers will be covered under an inland marine policy, specifically items not permanently attached, including knockdowns, carts, tents, miscellaneous tools and equipment used for set up, inventory, propane tanks, tables, chairs, ect..
Business Interruption Insurance - additional insurance during some business-interrupting event to cover the loss of profits that would have been earned.
Worker's Compensation Insurance - only if you hire employees. Workers compensation insurance covers workers injured on the job, whether they're hurt on the workplace premises or elsewhere, or in auto accidents while on business. It also covers work-related illnesses.
Where the item's located will determine which insurance coverage you'll require. If you keep items in a commercial storage unit, that company will be able to offer insurance. If you keep items in your home, then your homeowner's or renter's policy should cover them, but be sure to list them on your policy, per your insurer's requirements.
As a final note, depending on how you plan to operate your business, you can elect coverage on an annual, seasonal or per-event basis. If you plan on selling Italian Ice at events, the event coordinator or promoter will provide the guidelines for the type and amount of insurance that you'll need to obtain to be included in that event. Your insurance company would then send you a document showing proof of the required coverage, and you in turn give that document to the event planner, along with your application to attend.
If you're planning to vend Italian Ice year-round at locales other than events, then an annual policy would be required, and when you wish to attend an event, you'd just provide proof of your annual coverage, with no need to get another policy. In this way, you're covered for any and all vending scenarios. Those who opt for event-only basis will have to acquire coverage each and every time they wish to enter into an event.
Sample List of Concession Insurance Companies