Restaurant & bar insurance can protect businesses in the hospitality industry from financial ruin resulting from accidents. Tabak Insurance provides various types of insurance coverage to restaurants and bars to help keep them running even after insured risks occur. Here are the different types of insurance your establishment may need:
General Liability Insurance
General liability insurance covers an establishment’s legal responsibility for harm caused to a third party. This is a must-have policy, as restaurants and bars are prone to legal troubles, which if not well managed, could lead to business closure. Consider getting the policy if you:
- Receive many customers at once, as people are at a high risk of getting hurt in crowded areas.
- Serve food and drinks, as customers could sue for burns and food poisoning.
- Handle sharp objects like knives, as they could result in bodily harm.
- Come into contact with customers’ property, as it’s at risk of getting damaged.
Our general liability insurance can cover legal expenses for lawsuits resulting from customers’ property damages or bodily injuries incurred on your property. It can also cover medical costs for third parties. This coverage can also help you settle liabilities stemming from issues like wrongful advertising and malicious acts against third parties.
Workers’ Compensation Insurance
Workers’ compensation insurance is necessary for all businesses with employees. This insurance protects your employees if they incur work-related injuries. Common on-the-job injuries include slips and falls and burns.
Our workers’ compensation policy can protect employees by covering their medical expenses and lost wages. It can also cover disability payments if your employee loses their ability to function as they did before their accident. The policy can protect your restaurant or bar by preventing injured employees from filing lawsuits against you — they’re less likely to sue if you meet all their needs.
Commercial Property Insurance
Commercial property insurance can protect your business from losses resulting from property damage. Property damage can result from uncontrollable events like hurricanes, floods, and vandalism. If not sorted, they can lead to lost income and prolonged business closure. This can be detrimental for small- or medium-sized businesses.
Tabak Insurance offers two main types of commercial property insurance. Named perils commercial insurance only covers risks mentioned explicitly in the policy. Open perils policy covers all risks as long as they’re not expressly excluded from the policy. The policies can cover losses resulting from Mother Nature, criminal acts, equipment breakdown, food spoilage caused by equipment breakdown, and accidents as long as they’re not caused by staff errors. Our insurance experts can assess your business and advise you on the best commercial property insurance based on your risks.
Liquor Liability Insurance
This is a must-have for bars or restaurants that serve alcoholic beverages, as it can protect them from losses resulting from customers’ intoxication. Drunk individuals tend to be more rowdy and prone to accidents than sober ones. If uninsured, you may have to use your profits or operating revenue to pay for damages or injuries caused by intoxicated customers.
Our liquor liability insurance policies can cover everything. This ranges from bodily harm resulting from fights and accidents to third-party property damages caused by intoxicated customers. You can use the policy to pay for medical expenses, seek legal representation, or make payouts to injured parties willing to settle out of court.
Errors and Omissions (E & O) Insurance
This policy can protect you if a client claims loss or threatens to sue for negligence because of an error or omission on your part. You may get sued if you market your bar or restaurant to be larger than it is, only for a client to find out it was a misrepresentation after booking. This policy can also cover legal costs or payouts if you accidentally infringe on another business’s copyright. Our insurance experts can help you assess whether you need E & O insurance. If you need it, they’ll determine to what extent for maximum protection.
Business Owner’s Policy (BOP)
A business owner’s policy bundles different policies into one to protect bars and restaurants from different kinds of liability. Our BOP includes:
- Commercial property insurance to protect you from losses resulting from property your business owns.
- General liability insurance to cover legal liability resulting from third-party lawsuits.
- Business interruption insurance to protect you from losses stemming from significant events that may force you to discontinue operations for some time.
We offer specialized packages, some even covering temporary relocation costs resulting from brief business interruptions. Our team can help you choose the most appropriate package for your business after assessing your budget, risks, and the policies you already have.
Protect Your Business With Restaurant & Bar Insurance
Restaurant & bar insurance is necessary for any food business, as it can facilitate business continuity even after unexpected events occur. Policies that fall under the bar and restaurant insurance scope include general liability insurance, liquor liability insurance, and workers’ compensation insurance — the policies can cover everything from assault and battery on your property to employees’ work-related injuries.
Tabak Insurance can help you determine must-have policies after assessing your risks. We have over 25 years of experience in the hospitality sector, so we can help you identify the risks unique to this industry. Our experts are ready to provide quotes and insure your business in as little as 24 hours. Contact us to protect your business.