07 Feb Restaurant Insurance
Finding the Right Restaurant Insurance
If you are a restaurant owner or manager, you probably know a bit about Business Insurance already by now. However, it is important to recognize that not all Business Insurance policies are created equal. You may carry General Liability and Workers Comp, but that does not necessarily mean you are properly Insured. We work with restaurants daily and have put together some tips to assist you in being properly covered.
Finding the Right Restaurant Insurance – General Liability
General Liability is an essential coverage for any restaurant. If a customer trips and falls, it is the General Liability that can protect you against these kinds of bodily injury claims. Although having General Liability in place is extremely important, it does not cover you from everything. There are several endorsements/additions to the General Liability policy we recommend you consider, depending on your restaurant. If you serve any kind of alcohol, it is imperative you consider purchasing Liquor Liability. Liquor Liability is designed to protect the restaurant against claims that arise due to alcohol related injuries or property damage. Most restaurant owners do not realize that restaurants are often held liable for alcohol related injuries or property damage, this is why Liquor Liability is such an important coverage. Another important coverage to consider, depending on your operations, is hired and non-owned auto liability coverage. If you offer any kind of delivery, or if you have employees pick up supplies, hired and non-owned auto liability is an essential coverage. In most cases you can add these coverage for very little in additional premium.
Finding the Right Restaurant Insurance – Business Personal Property
Business Personal Property is a very affordable coverage that, in most cases, can be packaged with your General Liability. When you package these policies together, the policy is usually referred to as a Business Owners Policy, or BOP. With Business Personal Property, you can cover your attached and non-attached cooking equipment, furniture, computer systems, supplies, and more. In addition to covering the property of your business, you can include coverage for malfunctioning equipment, loss of business income, and coverage for loss of business due to utility services.
Finding the Right Restaurant Insurance – Workers Comp
If you own or manage a restaurant with employees, Workers Comp is a required coverage. There is no way around this requirement; you must cover your employees with Workers Comp. Although Workers Comp can be an expensive coverage, there are ways to reduce the cost. You can set up safety standards to avoid accidents/claims. You can work with a Broker to properly shop your policy and find a competitive rate. If your premium is large enough, you can get a rate modification that save you 30% or more! There are many things you can do you lower your Workers Comp rate. If you are unsure how to do this, give us a call, we are here to help.
Stone Creek Insurance Agency works with many restaurants on all aspects of their Business Insurance. Let us help you. You can reach our Business Insurance professionals at 925-297-4829.
All information is general in nature and is intended to provide guidance only. It is up to you to request specific coverage options, the agency and agent do not bear this responsibility. Always read the policy if there is a questions about coverage or a claim. If any information herein should conflict with your actual policy’s specific language, the policy language will be controlling.