Owning and operating a restaurant or nightclub requires a lot of time and energy and to guard your investment and effort, business owners should make sure their insurance is adequate enough to protect them.
When it comes to protecting your business there are many pieces that must fit together in order to insure that you are fully covered.
Workers Compensation and Employers Liability – Not only does a good employer protect their business but they must protect their employees, it is the law. If you have employees, you must purchase this coverage.
Business Interruption – should you have a loss that shuts your business down and stops your revenue, business interruption coverage may be able to provide you with a continuation of income.
Liquor Liability – if your venue serves alcohol, liquor liability provides coverage for bodily injury or property damage due to claims arising out of your patron’s consumption of alcohol while on your premises.
Assault and Battery Liability – alcohol consumed in excess could lead to violent physical behavior that results in injury to your patrons and/or staff. You as the business owner could be held liable for failing to provide a safe environment. Assault and Battery Liability can help protect your business from these claims.
Spoilage – this can cover your food and sometimes alcohol from spoiling due to a loss of utilities, equipment failure or change in temperature. Most venues keep a stock of perishable supplies they rely on to serve to patrons.
Property and General Liability – whether you own the building or lease the space, you need protection for your property from physical damage like fire and water and also from any potential lawsuits involving slips and falls.
There are many more lines of coverage a business owner would want to purchase. Having a discussion with your insurance agent is a must to make sure you and your business are protected with not only the right lines of coverage but the correct limits of insurance.