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9 types of restaurant insurance you needed yesterday

9 Types of Restaurant Insurance You Needed Yesterday

Owning a restaurant is a dream you’ve held for years and now it’s coming true! You’ve thought about your menu, seating options, even your logo, but have you thought about restaurant insurance?

Between your inventory, customers, and the business itself, restaurants carry a large amount of risk. But your pizza parlor, bakery, or cafe is also your livelihood. Is that a risk you’re willing to take? Having the right restaurant insurance policy can prevent you from having to kiss your dream goodbye.

So let’s take a look at 9 essential types of restaurant insurance that will keep you in business for years to come.

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Use an independent insurance agent to get an insurance rate comparison and save time, money, and stress.

5 Reasons to Use an Independent Insurance Agent

Put down the phone! You can save hours, stress, and money by getting an insurance rate comparison from an independent insurance agent.

Maybe you’re starting a new business. Or perhaps you’re just curious about whether you’re overspending on your premiums. Getting an insurance rate comparison is a great way to research your options and get a policy that’s right for you.

But you have a choice: use up next week’s lunch breaks calling every insurance company you can or getting an insurance rate comparison from an independent insurance agent.

Aside from the fact that they’re completely free (yep!), here are five reasons why you should work with an independent insurance agent rather than buying your policies directly from the corporate office.

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medical payments in auto insurance

What Are Medical Payments and Why Are They On My Auto Insurance Coverage?

Sifting through all of the different coverages that are part of insurance policy can be a very confusing task. There are things that pay for injuries to you. There are parts that pay for injuries to others. There are coverages that pay for damage to your belongings. There are elements that pay for damage to other peoples’ things. The list goes on and on. Today we’re going to look at Medical Payments and how they can help you avoid costly fees after an accident.
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What is Water Back-Up and Sump Overflow coverage?

Water Back-Up and Sump Overflow coverage

 

 

 

 

Q.  What is water back-up coverage?

A.  Water Back-Up and Sump Overflow coverage protects against water intrusion in the event that public utilities and/or septic systems become inundated and reverse course.  This type of coverage became very common after the 2004 hurricane season during which storm drains could not handle the amount of rain water inundating them.  This coverage is separate from flood insurance and most homeowner insurance already covers water damage from roof leaks/burst pipes/certain other causes.  Simply put, if your toilets and/or sinks began overflowing into your home due to reasons outside of the home (not a hairball in the P-Trap or tree roots in the main drain) this coverage may apply. If you are not sure if your policy has Water Back-Up and Sump Overflow coverage call your agent.

What is Employment Practices Liability Insurance?

Employment Practices Insurance EPLI

 

 

 

Q.  What is Employment Practices Liability Insurance?

A.  Employment Practices Liability Insurance (EPLI) is a critical form of protection that all businesses need to have.  Like Worker’s Compensation it does not matter if a company has 1 part-time employee or 1,000 full-time employees; this coverage is paramount.  EPLI primarily provides legal defense against claims of improper employer behavior (hiring/firing practices, discipline, harassment in the workplace) and it can sometimes provide coverage for accusations of improper tabulation of hours and payment of wages, as well as third-party (i.e. customer) harassment claims.  While illegal and intentional acts are never insurable, the cost of defending such claims can be into the hundreds of thousands of dollars.  Employment Practices Liability Insurance policy premiums are incredibly small compared to the potential legal fees that an honest employer may have to pay to defend accusations (whether true or not) made by a disgruntled employee.
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What is Worker’s Compensation Insurance?

I don't safety standards allow this anymore!

I don’t safety standards allow this anymore!

 

 

 

Here is a brief introduction into Worker’s Compensation Insurance

Q.  What is Worker’s Compensation Insurance?

A.  Everyone who owns a business with even a single part-time employee needs Worker’s Comp!  Worker’s Comp is an amazing product that essentially voids an employee’s ability to sue an employer for negligence/liability in the event of a workplace injury.  It provides a stated limit of liability for employer negligence and unlimited coverage for covered workplace injury treatment.  If an employer doesn’t have Worker’s Comp they are risking their business.  Absent coverage employees may directly sue their employer.  Everything from keyboard induced Carpel Tunnel Syndrome to catastrophic accidents are covered.
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What is Cyber Liability Insurance and Do I Need it?

Cyber Liability Insurance

http://www.freedigitalphotos.net/

 

 

 

 

 

Q.  What is Cyber Liability Insurance and do I need it?

A.  People have heard of the Target Hack. You may be thinking, well my business isn’t that big or my credit card vendor will cover such a breach. You are wrong. Cyber Liability a category of insurance protection that is needed by every business that uses any sort of electronic database system, takes credit cards, or facilitates any type of electronic transaction using customer information.  People often believe that their credit card processing vendor offers them protection, and in some cases they may offer some small form of coverage.  
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What is Umbrella Insurance and Do I Need it?

Julie and Jason have an umbrella!

Julie and Jason have an umbrella!

Q.  What is Umbrella Insurance and do I need it?

A.  Liability Umbrella policies are incredibly valuable and affordable protection needed by individuals and business, alike.  Your primary policies – home/car/boat/business owner’s/worker’s compensation/commercial automobile/etc. – provide an initial layer of liability protection.  This primary coverage is often maxed out at $300,000 – $500,000 for individuals and $1,000,000 for businesses.  Umbrellas can come with many different coverage limits, but the most common limits are $1 million, $2 million and $5 million.  Insurance is designed not only protect your current assets, but it also aims to protect your future earning potential against wage garnishments and judgments that a major claim may give rise to.  Umbrellas extend your liability protection beyond your primary coverage.  Simply put, someone with $500,000 primary liability and a $1 million umbrella effectively has $1.5 million in protection (within the bounds the policies involved).  Umbrellas can sometimes even provide additional coverage that your primary insurance does not.

Whether or not you buy an umbrella policy is up to you, but for guidance call your agent!

 

If My Power Goes Out Is My Food Covered?

is spoilage covered by insuranceI would like to thank one of our agents, Kathy Barton, with suggesting this question for our blog. This is a very specific question and if you have any questions on what exactly your policy covers make sure to call your agent.

Q.  I just went grocery shopping and filled my deep freezer and refrigerator right before the big storm hit. My power has been out for 2 days and all the food has spoiled. Will my homeowner’s insurance cover this?

A.  Your homeowner insurance may very well cover for spoilage of refrigerated property due to off premises power failure.  However, this is usually only by a special add-on that incurs an additional premium.  That means that you must request and pay for this specific coverage.  It is not part of most standard homeowner policies.  When reviewing your policy you should ask your agent what upgrades or optional endorsements, like spoilage coverage, are available through your homeowner insurance company.

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