What Do You Risk by Skimping on Insurance?
Businesses face many risks, including general liability, property loss/damages, employee dishonesty, and natural disasters. Each company deals with unique threats based on its operations and environment. Insurance offers to pay for various liabilities when these threats arise. If you run a restaurant, bar, or nightclub, Tabak Insurance can help. We specialize in offering bar and restaurant insurance customized to meet your business’s needs.
3 Risks of Skimping on Insurance
Many people, in an attempt to be frugal, find ways to avoid spending money on insurance. While frugality can help in some aspects of life, insurance is one area you should never skimp on, especially business insurance. Every business with workers and customers faces risks that require insurance. Some states require companies to have workers’ compensation insurance. Business owners should also purchase adequate general liability insurance and protect their business from all known threats. Here are three things you risk by skimping on insurance:
1. Costly Lawsuits
Every business faces various risks that can lead to lawsuits. Your business is constantly exposed to threats if you run a restaurant, bar, or nightclub. Patrons can slip and fall due to spills. Employees may get cut, burnt, or injured. Fights, fires, natural disasters, theft, and power outages can all impact your business. Insurance pays for specific damages and losses. You must choose the right plan to make sure your business is fully protected. Tabak Insurance provides comprehensive insurance plans for restaurants and other hospitality businesses.
If a third party sues your company for a slip-and-fall injury, general liability insurance will cover the medical bills and property damages. Businesses that serve alcohol need to purchase liquor liability insurance and assault and battery policies. The insurance coverage pays for legal defense and other lawsuit expenses. You can protect your business assets from costly litigations raised by clients, workers, partners, and other stakeholders by purchasing the appropriate coverage.
Insurance can cover everything from bodily injuries and property damages to financial losses caused by wrongful advertising. Without adequate insurance, litigation in which your business is found liable can set you back thousands of dollars. Many companies are forced to close operations after settling a hefty claim. The insurance coverage pays for known liabilities and protects your business assets and income from costly lawsuits. Talk to Tabak Insurance about getting insurance for bars, restaurants, and other hospitality businesses.
2. Business Losses
Your business can lose money, time, and resources without adequate insurance coverage. Skimping on insurance leaves you vulnerable to paying settlements out of pocket. You may also face legal issues for non-compliance. Your business assets will be at risk as they can be liquidated to pay for lawsuits.
Our team can help you protect your equipment, directors and officers, workers, contracts, and stakeholders. Purchasing adequate insurance saves you from spending money to settle cases of complete repairs and replacement. If a fire accident damages your property and equipment, commercial property insurance can pay for the cost of repairs and replacement. Insurance can also pay for lost income and spoiled goods.
At Tabak Insurance, we offer comprehensive risk analysis to help businesses identify areas that need protection. We provide standard policies and umbrella (extra) insurance to make sure your assets and business income are safe in case of an incident. Insurance policies provide extra protection to cover unexpected costs. Tabak Insurance will help you customize coverage to include the key areas you need to protect. Our insurance experts will help you purchase adequate coverage for identified risks.
3. Business Reputation
Hospitality businesses like restaurants rely on having a solid reputation and position in the market. Litigations, accidents, and unpaid settlements damage the hard work you’ve put into building a successful brand. To avoid ruining your reputation, purchasing enough insurance is necessary, especially if you have employees and serve guests. Court cases can damage your business reputation and make it difficult to resume operations. When your business faces a lawsuit, the insurance can help cover multiple costs. If your business doesn’t have adequate insurance, you may be forced to sell assets to settle cases. Such actions can hurt your finances and reputation.
Coverage like general liability insurance can pay for lawsuits, bodily injuries, property damages, and other expenses. You can focus on rebuilding your brand and reputation without worrying about losing money. Purchasing adequate insurance will help you meet statutory and contractual requirements. You’ll be promoting risk control activities since most policies incentivize businesses with a loss control program. Customers are also more likely to choose insured companies.
At Tabak Insurance, we provide restaurant and bar insurance customized to your requirements. You don’t need to set aside large sums for use in court cases and settlements. We also protect your payroll, workers, and accounts, so you can achieve business continuity.
Comprehensive Bar and Restaurant Insurance
Every restaurant, bar, and nightclub needs adequate insurance to protect the business from lawsuits, accidents, theft, and natural disasters. Without enough coverage, you’ll need to set aside emergency funds to deal with costly repairs, replacements, and lawsuit settlements. Some additional types of coverage businesses may need include errors and omissions (E&O) insurance, directors and officers (D&O) insurance, and business owner’s policy (BOP) insurance. We can help assess your needs for restaurant insurance.
Our team comprises insurance experts who know how to protect the most important assets, including business property, inventory, workers, and other assets. At Tabak Insurance, we serve restaurants, bars, shopping/retail centers, and similar businesses. Our team can help you purchase needed insurance to protect you from the risks of skimping. Check out the areas we serve to see if we can get your business covered.
