Restaurant insurance: We’ve got your back – and front (of the house)
Living in the Hudson Valley Region, we are blessed to be right in the heart of one of the most abundant “good food” movements in the country. As a result, our region is packed with a fantastic number and variety of restaurants.
To compete and stand out in this densely populated field, you’ve got to get everything just right. And that includes your insurance coverage.
That’s where we come in. We know how complex it can be and we’re here to help you understand and manage it. Here are some of the basics.
Front of house:
General Liability – Slips and falls are the most common restaurant insurance claim. Someone getting sick from the food – not so much – but general liability coverage protects you whatever the cause of harm to a patron or staff member.
Liquor Liability – In addition to the proactive training and certification of servers and bartenders, liquor liability helps protect you with defense costs should a patron come to harm from being over-served.
Property Insurance – If you own the building that houses your restaurant, property insurance covers fire, vandalism, and many other damages to the building. Flood and earthquake coverage are generally not included and are available as additional endorsements. Property insurance also covers your business personal property – pantry stock, furniture, furnishings, ranges, fryers, ovens, and computers and point of sale systems.
Back of House:
Workers Compensation – While it’s a financial headache for most business owners, workers compensation (comp) is an essential part of your insurance toolkit. Appropriate comp coverage protects your workers (and sometimes the owners) from losing a source of income due to a job-related accident or illness.
Disability and Paid Family Leave – In New York, employers are required by law to provide disability coverage to help employees who are injured or become ill and are unable to work due to an event outside of the workplace. Paid Family Leave provides a capped income for an employee who is caring for a newborn or other family members in need of extensive personal care.
Loss of Income and Extra Expense – If you are unable to conduct business due to a significant event like a fire or a prolonged power outage, this insurance helps provide income to replace your lost revenue. Extra expense covers “other than normal” operating costs that might be incurred because of the loss.
Cyber Liability – If you take credit cards, you need this. Most cyber ‘hacks’ take place between your credit card terminal and the provider’s firewall. Most providers only cover losses that take place behind that firewall, leaving you responsible for the rest. Cyber liability provides training tools and education to secure and prevent data loss and helps defray legal and client remediation costs if an event occurs.
Food Spoilage, Equipment Breakdown, and Offsite Utilities – Things break down. Sometimes it’s your thing, like a cooler (breakdown). Other times, it’s a utility company thing – like a transformer that explodes down the street (offsite). Either way, this trinity of coverages is essential in case of a food spoilage event and/or equipment breakdown, no matter where the fault lies.
There are other insurance considerations, depending on the nature of your business – commercial auto, signage, and additional locations, among others.
But your best bet to find your ideal personalized restaurant insurance solution is to contact your independent insurance agent.
We’ve got you covered – front and back.