While business ownership can be very rewarding, it does require long hours and hard work, especially when you own a restaurant or bar. Restaurant owners can be faced with many challenges and responsibilities, and as with any business, there are risks associated. It’s imperative, as a restaurant or bar owner, to understand these risks and the liabilities that are involved when operating a food or entertainment establishment.
One of the most important purchases a restaurant or bar owner can make is insurance. There are many facets of restaurant and bar operations to consider when devising a policy that offers the best coverage. General Liability Insurance offers protection for claims against bodily injury and property damage and Worker’s Compensation Insurance is required for any employee on a W2 and covers expenses should an employee be injured on the job. Both insurances are necessary to safeguard the business owner from liability claims, but there are other coverages and issues that need consideration if you own a bar or restaurant.
- Liquor Liability: Liquor Liability will cover claims that can arise from the serving or selling of alcohol to customers who might have an accident resulting in injury, in which you are found liable. If your restaurant serves alcohol or you own a bar or tavern, Liquor Liability Insurance is the most important coverage you need.
- Food Poisoning: While it doesn’t happen that often, food poisoning does occur in restaurants and establishments that serve food. Whether improper handling or cooking of food, should a person get sick from eating at a restaurant, it’s best to have coverage that will cover such instances.
- Cyber Liability: With so many businesses using the internet, there comes the threat of cyber-attacks, and restaurants are the most vulnerable due to the high volume of credit and debit card use. Obtaining Cyber Liability Coverage is imperative if you own a bar or restaurant and will offer peace of mind should your establishment fall victim to such crimes.
- Employment Practices Liability Insurance (EPLI): Not all relationships are created equal, and this couldn’t be truer when it comes to the workplace. Employment Liability can safeguard the business owner from claims made against the establishment or employer regarding discrimination or sexual harassment, for example.
Mountain Insurance-Mountain: Longmont has access to over a dozen insurance carriers for restaurant coverage including our newest partnership with Illinois Casualty Company, experts in the hospitality industry for protection of your assets. Their insurance policies are tailored for the business needs of participating Tavern League (thetavernleague.com) members, which include a 10% insurance discount, free TIPS training and many other benefits. ICC is endorsed by several other state associations and offers several unique coverages in the industry, such as:
- Business Income with No Waiting period or Deductible
- Off-Premises Power Failure with Business Income Protection
- Delivery Liability for Non-owned Autos
- Liquor Liability with no Aggregate Limit
Steve Longenecker of Mountain Insurance, Longmont has over 16 years in the insurance industry. If you own a bar or restaurant and need to evaluate your policy or start new coverage, Steve will work with you to customize a business package that offers the protection you need for your specific operation. Call Steve at Mountain Insurance, Longmont today at 303-808-9351.
Request A Quote From Us Today!