Financial Planning

Catering truck insurance

Not many agents/brokers write catering truck insurance as they don’t have a contract with companies that will write that type of coverage. There’s a certain type of knowledge needed to write the risk with catering truck insurance properly. There are basically (2) categories of operators:

They are, hot trucks and Mobile Food Preparation Vehicles (MFPV), which allow food to be prepared as customers order, and cold trucks, Industrial Catering Vehicles (ICV), which sell only prepackaged foods.

The hot trucks have at least a driver, (which is usually the taxpayer), and a cook, who may be a family member. The cold trucks in most instances, only need a driver since it is a self-service vehicle, however, they are not limited to just the driver.

The average cost of the trucks is approximately between $50,000 – $100,000. The trucks may be owned by one individual, serving as the owner/operator, or several individuals may own a fleet of trucks and lease them to various individuals to operate; or they can be individually owned and then leased to another individual to operate.

The drivers/owners of food trucks are linked to specific commissaries stocking and storing their trucks overnight. The commissary is a wholesale supermarket where the drivers are able to buy food and supplies in bulk. The trucks are assigned to a commissary and are required to park their vehicles there overnight for washing, unloading, and morning loading of food.

The drivers purchase their goods for sale at the commissary, although you may discover that outside purchases were also made. The Department of Health Services have very strict requirements with regards to the purchase of food for sale. Food must be obtained from an approved vendor, approved facility, or approved commissary.

The owners and operators of the vehicles have to meet certain requirements for various governmental agencies. The owners are required to register their vehicles with the Health Department. All vehicles must have a valid County Health Permit.

Vehicles are usually inspected annually in order to renew their license by the Health Department. The license, showing the name of the owner, must be on display in the vehicle or on the persons of the driver.

Selling any goods, wares, or merchandise on public streets and sidewalks on foot or using a pack, stand, or push cart is illegal without the approval of the Department of Building and Safety.

There are also stringent health codes that must be followed and enforced to operate safely and within the guidlines of the dept of health in order to be able to operate the food business. State laws also require catering truck insurance.

When thinking about retirement, most of today’s generation does not think about how much they will need to live a comfortable life. They only think about the surf and sand and peace and quiet. If you are one of these people, you are not alone. Most people today do not set aside enough for their retirement.

When it comes to retirement, most people do not discuss the issue of saving for their retirement years. You cannot live out your big dreams of sailing around the world or driving around in an RV if you cannot support those dreams. The financial responsibility, if not adequately planned for, can turn into a grave burden during retirement.

There are simple steps to follow when you are saving for retirement.

Needs versus wants: Determine your needs from your wants. Your microwave may break down and you feel that you need a new one. Do you really need it or do you just want it? Yes, they are convenient but convenience does not equal need. Spend wisely and use the extra to save.

Remind yourself why you are saving: Post a picture of something you dream of around the house to act as an incentive. The picture represents your dreams.

Pay yourself first: Many companies offer 401k’s and will match a part of what you put into them based on a percentage. Therefore in order to get the most from your 401k, you should contribute the maximum allowed.

Keep making payments: If you have a loan and pay it off, don’t stop using the amount of the payment. You were already living without that extra income so take the payment amount and put it into your savings account.

Put away the extra: Let’s say you receive some money from a family member’s will or you get a raise at work. Just like above, you already live without that money so unless you really need it, put the extra money into savings.

Lower your withholding: Put your W-4 to work for you. Keep a little extra out each pay period. It is better to have the money now to put away rather than wait for tax refunds to come around.

Make your money do the work: Make sure that your savings account has enough to support you for at least 3 months at all times.

Lower monthly fees: Get rid of all the services you pay for but do not use. Do you have cable but are never home to watch it? Even a $20 a month cable bill adds up to $240 a year.

Do the little things: If you find a coupon you can use, clip it. Pack a lunch everyday instead of eating out. Put the extra money into your savings and see how much, over time, your savings has grown from just the little deposits.

The most important thing to remember is that there is never a bad time to start saving for your retirement. Even if you only have a few extra dollars, putting it into a savings account will help it grow. No amount is too small to be saved.