Which Insurance Do I Choose for My Business? | The Box Brand
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Which Insurance Do I Choose for My Business?

May 18th, 2017

Anyone who is running a small business must take out insurance. This is an essential part of running any business, especially if you are running a business out of a shipping container. The right insurance will help you protect your business and minimise your exposure to risk. It will also help you compensate others if you find yourself at fault. The type of shipping container business that you have will determine what sort of business you are running. We’ll go over a few different things that you should consider in terms of insuring your shipping container business.

Insurance For Food Trucks

If you are a mobile food vendor and have converted a shipping container into a food truck or box café, you’ll need to do some research into what type of insurance you want. Food trucks are fairly common throughout Australia, so there are now many insurance companies that offer insurance packages. A lot of these packages will offer insurance coverage for:
  • Vehicle: Cover will being towed or driven, or for damage during setup and serving.
  • Public liability: For injury or illness to customer or damage to people’s property.
  • Damage and theft: Cover for items not built into the vehicle.
  • Income cover: For lost income as a result of accident or illness.

Insurance for Pop Up Container Stores

Planning on running a pop up container store? There are many benefits to choosing this type of retail. Read about them in a previous post comparing traditional retail to pop up retail. You, too, may have the option of looking through different insurance packages. As pop ups are still fairly new, many insurance policies haven’t come up with specifics for this type of retail just yet. If you are just occupying a space, the landlord’s insurance will likely cover the space itself, alleviating you from getting property insurance. Make sure you confirm this with the landlord beforehand so that you don’t find yourself liable for damage that occurs while you occupy the space. Business Contents Insurance, while not a legal requirement, is a good idea for any pop up retail shop. You need to protect your stock, and with this type of insurance you ensure the protection of the contents, fixtures and stock of your shop. You’ll also want to look into Employers’ Liability Insurance, which helps you protect the interest of your employees and is a complement to your business’s health and safety procedures. Public Liability Insurance is also a good idea for any business. Some other insurances that a retailer in a shipping container business might want to look into are:
  • Assets and revenue
  • Life insurance and income protection
  • Professional indemnity
  • Product liability
If you’re starting out a shipping container business, The Box Brand can help with more than just shipping container designs. Allow us to assist you with finding the right insurance for your new business. Contact us today for more information.