Published On: December 28, 2022

Restaurant & bar insurance can significantly minimize your liabilities, enabling you to run a successful business. Tabak Insurance focuses on protecting hospitality businesses by offering policy coverage unique to their needs. With our help, you can manage your risks better, reducing your chances of dealing with major legal risks and setbacks. Here are our top tips on how you can improve your insurance:

Assess Your Risks 

Assessing your risks can help you determine which additional insurance covers your business needs. You should cover all potential risks to avoid using revenue from your business if an accident occurs.

Begin by listing your business’s key assets—these are the resources your business cannot do without. After that, identify the risks your business may be susceptible to. Employees are a key asset for a restaurant or bar, as it’s impossible to operate without them. These assets may be susceptible to personal injuries on the job, making a worker’s compensation cover a must-have. Without insurance, you would have to cover medical expenses and compensate them out of pocket, which can affect your bottom line.

Tabak Insurance comprises a team of highly trained professionals in the hospitality industry. Our 25 years of experience in this industry allows us to identify your business’s unique risks. We can assess your restaurant or bar to determine its risk exposure and recommend the most suitable policies. This way, you can have peace of mind knowing you’re covered in case a risk occurs. 

Understand What You’re Getting Before Signing 

You should understand the terms of your policies before signing to avoid surprises in the future. Understanding your policies’ terms can highlight exclusions and gaps you should cover to protect your business. A general liability policy may not be enough for your business if you have a liquor license—you need a liquor liability policy on top of the general liability coverage. 

We have resources designed to help our clients know what our policies cover. Our experts are also ready to help you understand the terms of all our policies, so you know what you’re getting before signing any agreement. 

Confirm Your Business Is Properly Classified 

Risks vary based on the kind of business you run. A restaurant serving alcoholic beverages can be susceptible to intoxication-related incidents like fights, whereas one that only serves food isn’t. Establishments that serve alcohol need liquor liability insurance to cover losses resulting from alcoholic beverages. You need to be honest with your insurance agency about serving alcohol so they can recommend ideal coverage. 

Tabak Insurance offers liquor liability insurance to cover property damage and injuries resulting from intoxication. Our insurance steps in if a person drinking at your establishment causes bodily harm to other individuals or damages another person’s property. It can help you pay medical expenses, legal fees, and settlement payouts if necessary, eliminating the need to withdraw money from your business. 

Assess Your Insurance Coverage

Paying for policies you do not need takes money away from your business, reducing your profits. You need to assess your current insurance policies to identify those that aren’t necessary. You do not need liquor liability coverage if you do not serve alcoholic beverages at your establishment. 

We can help you save money by identifying the best policies available. Our experience and expertise allow us to identify different businesses’ unique needs and create customized policies based on their risks.

Provide Accurate Revenue Information 

Liquor liability insurance premiums are based on income resulting from alcohol sales. Businesses that earn revenue primarily from selling alcoholic beverages pay higher premiums than those that mainly earn from non-alcoholic drinks.

For the best coverage, differentiate your income from alcoholic and non-alcoholic drinks. Proper revenue classification will help our staff determine the appropriate category for your business to guarantee optimal protection from the risks you face. It can also save you money if the bulk of your income comes from food and non-alcoholic beverages.

Consider Bundling Policies 

You can bundle up different insurance covers under a business owner’s policy instead of getting them individually. Our business owner’s policy includes the following:

  • Commercial Property Insurance: Covers your business property
  • General Liability Insurance: Covers lawsuits and awarded damages
  • Business Interruption Insurance: Covers losses resulting from events that prevent you from operating

Getting these policies under one coverage bundle can save you money; they are available at reduced rates when offered together. Our insurance experts can help you choose the most suitable business owner’s policy for your business after assessing your needs and budget. 

Improve Your Restaurant & Bar Insurance Today 

Restaurant & bar insurance can protect your business from risks, allowing you to continue operations seamlessly. You can improve your insurance by assessing your risks to highlight gaps in your current coverage and reading each policy’s terms to identify exclusions. Your business can also benefit from proper classification, accurate sales reporting, and policy bundling.

Tabak Insurance can protect your business from losses by offering insurance policies tailored to your specific situation, risk exposure, and budget. Contact us to get the coverage you need for a successful business. 

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