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A Complete Guide to Food Truck Malaysia Insurance (2020)

Munirah Bahri / 12/02/2020

Food truck Malaysia business is one of the most rapidly growing business in Malaysia. Although this type of business is seen as a new wave in the food and beverage industry, it is surely not something which Malaysians are unfamiliar with. In fact, food trucks along with portable food booths and food carts are on the front line of the street food industry in Malaysia. It is also to be expected that the food services in Malaysia will grow vigorously with various store openings and avant-garde concepts as Gen Z expecting to form of at least 60% of the workforce by 2020.

Food Truck Malaysia

Food trucks are like restaurants except that they are on wheels and are equipped to cook and sell foods. Food trucks have a distinct advantages over the traditional brick-and-mortar restaurants as it requires far less staff compared to the regular restaurants and the overhead cost of having a food truck Malaysia business are pretty much low than the restaurants. However, food truck is also a business that needs to be taken care of where it also requires a lot of hard work and attention especially in the first couple years of venturing into the business.

As you are stepping into the food truck Malaysia business industry, you should know that the most crucial part of handling this kind of business is to strongly consider the many insurance needs that exist within this type of industry which is often not stated and deemed as unimportant by most food truck owners. On the contrary,  food truck owners are advised to purchase a variety of insurance products as their risk profile are pretty similar as those who owns the brick-and-mortar restaurant and if not, more.

What type of policies should a food truck owner consider getting?

Food Truck Malaysia

These are the types of policies that food truck owners should consider getting:

  • Commercial Motor Insurance

Most food truck owners only settle on for the basic motor insurance under the title C-Permit which a permit that can only carry their own goods and products. However, realising that the source of income for a food truck owner is none other than the vehicle or the food truck itself, it is essential to know that all those additional perils could be bought at a very minimal cost.

  • Inclusion of Special Perils

The advantages of including the special perils are immensely beneficial for a food truck owner. One of it is that your business vehicle will be covered in the event of damages caused by typhoon, flood, tempest, earthquake, hurricane, storm, landslide, and even volcanic eruption. Thus, food truck owners can reduce the cost and save a lot than what they originally have to bear in these kind of unexpected events that would most probably cost them an arm and a leg.

  • Compensation for Assessed Repair Time (CART Insurance)

Compensation for Assessed Repair Time or commonly known as CART means a reasonable amount payable by third-party insurance as compensation for a loss use of vehicle. Hence, if your food truck was involved in an accident and you have been clarified not guilty by the police report, you can definitely claim for CART insurance as a compensation.

  • Additional/Separate Item Fixed to The Vehicle

It is essential for food truck owners to include all these additional perils to their commercial vehicles. In this regard, all the additional items that are inserted into their commercial vehicles such as tent and the like will also be covered in case of any accidents happened.

2) Personal Accident Insurance

Food Truck Malaysia

As food truck Malaysia businesses operate in a high-traffic areas, the chance of an incident or mishap happens to their own self is also notably high.

For an instance, a chef might accidentally cut or get his hand burn while cooking. Rather than purchasing an expensive medical policy, a personal incident insurance is much more of a better option as it is sufficient and the cost of purchasing the insurance is much more reasonable than the medical insurance policy.

It is noted that a personal accident insurance usually covers for the medical expenses up to RM 5,000 and it is on pay and claim basis. Nevertheless, it is also said that claims for a minor injury damage will not exceed RM 3,000. Aside from that, there are also other many great benefits to a personal accident insurance for food truck owners such as:

  • Personal liability 1.5 times of Principal Sum Insured
  • Ambulance fees
  • Renewal bonus subject to No Claim up to 100% of the Sum Insured
  • Medical Cover and Bereavement Allowance for death due to Zika, Chikugunya, Malaria, Dengue or Japanese Encephalitis.

3) All Risk Insurance

Food Truck Malaysia

It is extremely important for a business owner to take up an All Risk Insurance in order to protect their business and safeguard their equipments in the food truck. If by any chance, something happen to the equipments such as over-heating or breakdown of equipment due to perils insured, this is when the insurance will come in handy as the insurance policy can cover for the repair cost or a replacement cost for new equipment. Thereby, business/food truck owners can reduce the expenses incurred as well as improve the cash flow of their business.

Conclusion

These are the insurances that you should consider getting if you are keen to operate a food truck Malaysia business. However, there are more steps and things that you should do before you decide to venture in this kind of business. A thorough background research will help you from making any bad decisions or going all-in in taking bad offers.

Food Truck Malaysia

It is indeed very fundamental to take out an insurance even more so when you want to run a food truck Malaysia business. Insurance provides protection in case of injury, incidents or any mishaps that could possibly happen to you, your employees, customers, passerby, your commercial vehicle or anything that could harm your business. If you are considering to get a business insurance but is unsure and lost about what kind of business insurance you should be getting, fret not, you can always speak to us at PolicyStreet and we will guide you to choose the best insurance for your business. Visit www.PolicyStreet.com to find out more about our services.

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