It can sometimes be difficult to know where to find quality insurance for any type of professional industry. If you are in the restaurant industry, it can be stressful figuring out what kind of pub and restaurant insurance to get and who offers what you need. At Tabak Insurance, we can help answer all your questions and get you the right insurance for your needs.
Who Is Tabak Insurance?
Tabak Insurance is more than an agency. We have worked in the bar, pub, and restaurant industry for over 25 years. Our staff is trained well to find the best way possible to cover you. We look into ways to minimize costs while providing you with the exact coverage you need. Tabak works exclusively with the hospitality industry and we are experts in the field.
Who Does Our Insurance Cover?
The hospitality industry is quite broad. When we say we are experts, we mean experts in any type of restaurant or eating establishment. Here are some examples of places we work with:
- Bakeries
- Bars, Taverns, or Nightclubs
- Cafes
- Candy Stores
- Catering Businesses
- Coffee Shops
- Concessions
- Delicatessens
- Drink Carts
- Farmer’s Markets
- Food Trucks
- Ice Cream Shops
- Mobile Food
- Pizzerias
- Private Chef Services
- Restaurants
- Sandwich Shops
- Smokehouses
- Street Vendors
If you own one of these operations, you will need insurance. Each type of restaurant needs a different type of insurance to keep its business in working condition.
Types of Insurance
When you are shopping for insurance, the following types will be available to you:
Business Owner’s Policy: With this policy, you combine general and property liability under the same plan. This protects against property damage, business interruption, and injuries in one policy.
Commercial Property Insurance: Commercial insurance protects your property and the property of others in your care. It defends against loss or damage that was caused by natural disasters, kitchen fires, theft, equipment damage, and vandalism.
Directors and Officers Insurance: If an employee, investor, vendor, or customer comes after you, this insurance protects officers, corporate directors, and their spouses against any lawsuit or liability claim.
Errors and Omissions Insurance: If you or your employees are negligent while preparing drinks, food, or performing other work operations, this insurance policy provides professional liability coverage.
General Liability Insurance: This type of insurance provides coverage against a variety of risks associated with the food and beverage industry. It includes falling or slipping accidents, bodily injury, and damage to customers’ belongings.
Liquor Liability Insurance: This type of insurance covers the settlements, medical costs, and legal fees if you or one of your employees serves liquor to an intoxicated person who causes property damage or personal injury.
Workers’ Compensation Insurance: This type of insurance is required in practically every state. It pays for lost wages, medical expenses, and other legal costs if an employee is injured while on the job.
These types of insurance are commonly covered in pub and restaurant insurance. Do you need all of these policies? Some restaurants do and others do not. At Tabak Insurance, we cater to your specific needs to get you the best combination of insurance policies for your business.
Combining Insurance
Many insurance companies will put all food industries under the same policy coverage. We understand that not all companies fall under one category. When you work with us, we will find the perfect combination for your specific needs. You won’t have to pay for unnecessary coverage.
Tabak Insurance is also not a gatekeeper when it comes to giving information regarding insurance. We want our customers to be as prepared as possible. Here are a few things to watch for when considering purchasing an insurance policy:
Correct Revenue Data
General liability and liquor premiums are based on sales. Because of this, sales need to be as accurate as possible. The food-to-liquor ratio needs to be reported correctly. If this does not happen, it can cost you as little as a percent but up to thousands of dollars on your premium.
Loss of Business Insurance
When businesses go through loss, the majority of it happens within a 72-hour time period. The majority of loss of business coverage requires the same time period for payment. That being said, if you are down for two days, you will not be covered. You can make sure that the coverage you are getting starts immediately so you are covered during downtime.
Improper Carriers
Overpayment with other insurance agencies happens often. If you own a restaurant, you could be in a policy that is specific for nightclubs and be overpaying without knowing it. Tabak makes sure that you are only paying for the policies you need.
Overreporting of Sales Tax
Insurance premiums are sales-based, but they should not include sales tax. We see this mistake often. When sales tax is included, it can add up to 7% on your premium.
Non-Alcoholic Drink Misclassification
The revenue of your non-alcoholic beverages can be misclassified easily. When you ring up a beverage that has no alcohol in it, it needs to be categorized as such. A restaurant that offers 30% non-alcoholic drinks will be priced differently than a 29% alcohol restaurant. We suggest taking the time to categorize your alcohol and non-alcoholic beverages to save you money.
Filing a Claim
Once you have insurance, you should be covered for most unforeseen issues. If you do need to file a claim, here are the first steps:
- Evaluate the situation you are in, then report the incident to law enforcement if necessary.
- Contact your insurance agent here at Tabak. They will collect information from you and discuss the claim submission process in detail.
- Work with a claims adjuster after your claim has been submitted. They will verify any damages and walk you through the claims process.
- You will need to contact an attorney if your insurer disputes the claim or if it is a complicated claim.
Pub and Restaurant Insurance with Tabak Insurance
We at Tabak Insurance want to help you get coverage in all the right areas without you having to overpay. Whether you are a pub, restaurant, food truck, or other food-related business owner, we are the right agency to help you with your coverage.
