Working in the pub and restaurant industry leaves you vulnerable to different risks. Your employees get exposed to various hazards when serving food and drinks. Customers could get into accidents such as slipping on a wet floor or getting food poisoning from an uncooked meal. Here are the top pub and restaurant insurance to consider for your business:
Workers’ Compensation Insurance
Most states need workers’ compensation insurance for pubs and restaurants with employees. Workers’ comp protects small business owners from workplace injury costs which health insurance may deny.
The policy pays for lost wages and medical expenses if one of your employees has a job-related injury or illness. These injuries don’t necessarily have to occur at the business premises.
An employee can be working outside the office on behalf of your company and get injured. In this case, they would still be covered. Workers’ comp also protects you against legal costs from potential lawsuits by an injured employee.
General Liability Insurance
General liability insurance covers pubs and restaurants from complaints filed by someone else. This includes customers with bodily injury. Accidents occur every day, and there is a chance that a customer could slip on a wet floor or trip over a chair.
Sometimes the complaints extend to advertising injury or property damage. Liability insurance protects your business if someone gets injured while on your property. The insurance covers damaged reputation, foodborne illness costs, property damage, and copyright infringement lawsuits.
Business Property Insurance
Property insurance covers buildings, furniture, kitchen equipment, and other property you have as a bar and restaurant owner. If you are leasing the space, the owner may have property insurance. You will be responsible for insuring items on the property.
Find out what is covered as insurance coverage is not the same for every provider. Property insurance covers the costs of physical damage to your property. The value of business property insurance gets calculated as your property’s replacement cost or actual cash value.
Replacement cost insurance is expensive but worth it. If your business suffers a huge loss, such as a fire, it can be difficult to rebuild it with actual cash value alone. Consider investing in replacement cost coverage for peace of mind.
You can train your staff, but knowing if someone is intoxicated can sometimes be tricky. If an intoxicated person injures someone else, it could lead to a lawsuit. Liquor liability insurance protects businesses that distribute, serve, or sell alcohol. The insurance covers property damage or bodily harm caused by an intoxicated person after your bartender served them alcohol.
If you get sued, it covers medical bills, judgments or settlements, legal costs, and repair costs. Liquor liability coverage protects your business against things that general liability coverage does not cover. General liability coverage generally doesn’t cater to claims from the sale of alcoholic beverages.
You may find yourself in a situation where you’re unsure if a specific incident falls under liquor liability coverage or general liability coverage. Having both types of coverage from one company can make it easy for them to work out an insurance plan internally.
Food Contamination and Spoilage Insurance
Food spoilage and contamination are a significant concern for restaurant owners. You may spend thousands replacing spoiled food if the refrigeration system breaks down.
If a diner gets sick after eating at your restaurant, you will be responsible for the medical expenses. You may be forced to shut down your business.
Food contamination and spoilage insurance cover perishable stock. The stock includes items susceptible to damage or loss when the controlled conditions for preservation change.
You will get reimbursed in case of equipment failures, or power outages that could ruin perishable items. The insurance covers lost revenue and the cost of restoring your reputation.
Commercial Vehicle Insurance
Commercial auto insurance protects your business vehicles. Accidents happen unexpectedly, causing injuries to other people. The delivery van or food truck may get totaled. An auto accident can cost your business a lot of money, especially if it leads to a lawsuit.
Commercial vehicle insurance cover the cost of medical bills, property damage, potential lawsuits, and other expenses that may arise from an accident. The policy covers repair costs from vandalism, weather events, and theft damage.
Choose the Best Pub and Restaurant Insurance Agency
Buying insurance can be an overwhelming process. Conditions, exclusions, coverages, endorsements, and definitions can be confusing if you are attempting to purchase insurance on your own. Research multiple insurance agencies and compare the types of products they sell. Choose an insurance company that offers appropriate coverage for your business needs.
Tabak Insurance offers insurance to bars, restaurants, retail and shopping centers, and similar businesses. We recognize that each business has unique insurance needs. We have over 25 years of experience in the restaurant and bar insurance field.
Contact us today for more details about our services.