Michelle Babbino, REALTOR®

Tag: Workers’ compensation

  • Insurance Menu for Fast Food and Quick Service Restaurants

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    Insurance Menu for Fast-Food and Quick-Service Restaurants

    Fast-food and quick-service restaurants carry many of the same risks as other restaurants and businesses — for example, property damage, employee theft, and cyberattacks. A typical commercial policy generally will cover these common types of risks for a fast-food restaurant. However, if a restaurant is part of a franchise, leases its premises, or seeks a bank loan, it may be required to purchase additional insurance to cover risks that are specific to the fast- and quick-service food industry.

    If you own or operate a fast-food or quick-service restaurant and are concerned about whether you are properly insured, talk with your local Trusted Choice Independent Insurance Agent®. As a trained professional, your agent is there to help you determine which insurance coverages your business is required to maintain as well as those it would be prudent for you to consider.

    Here’s a look at typical coverages that the owner of a fast-food or quick-service restaurant might need:

    General commercial insurance

    General commercial insurance, including property and liability, provides standard coverages that all restaurant owners need. Commercial property insurance covers damage from fire and weather events and generally replaces damages to a building, its fixtures, and contents. For restaurants, commercial property usually extends to exterior signage and landscaping for the business as well.

    Commercial liability is needed for claims that others can make against a quick-service food business. Two types — product and premises — are available to help protect businesses against risks like food poisoning, hot coffee spills, and slip-and-falls, to name a few.

    Business interruption insurance

    If your fast-food or quick-service restaurant ever is forced to close temporarily, business interruption insurance can help you replace lost income. Different types of business interruption insurance can also cover income losses due to events like food spoilage. Your Trusted Choice agent can help you determine what would be most suitable for your restaurant.

    Cyber liability insurance

    Any business in the modern age needs cyber liability insurance. For quick-service restaurants, cyber liability is essential to replace lost income if a business is temporarily unable to do business because a computer system is under attack by hackers. Depending on the policy, cyber liability can also cover security system repairs and upgrades. If customer data is affected by a cyber breach, cyber liability insurance also covers credit monitoring for those customers.

    Workers’ compensation

    Even the safest fast-food and quick-service restaurants can be dangerous for employees. You provide your employees with the best safety training possible but working in kitchens still comes with risks of fires, burns from hot food, injuries from knives, and slips and falls. A workers’ compensation policy is not only recommended but often required by law depending on the state where your restaurant does business. Your Trusted Choice agent will know the local insurance laws and regulations you must meet.

    Commercial vehicle insurance

    Does your restaurant offer delivery service? Does your restaurant own those vehicles? Do employees use their own vehicles? Commercial vehicle insurance is necessary to cover any cars, trucks, or vans used for business purposes.

    Insurance requirements

    You will need to check with your GSI Insurance agent to ensure that your coverage meets the requirements of those your restaurant is under obligation to. For example, if you are a franchisee, your franchises will have specific insurance requirements. When you meet with your independent agent to discuss coverage, be sure to have your franchise agreement on hand to make sure all requirements are met.

    Similarly, banks and mortgage companies can also have insurance requirements for the businesses they work with. To protect its own financed assets, your financial institution may require you to meet minimum amounts of coverage for your restaurant.

    Oftentimes, fast-food and quick-service restaurants lease the property they operate in. Those landlords may require specific insurance coverage for your restaurant. Once again, make sure to review your lease with your Trusted Choice agent at GSI Insurance Group.

    Work with a reliable expert

    From general commercial coverage to specific coverage requirements, your restaurant has unique insurance needs that aren’t always easy to navigate. Working with your Trusted Choice agent at GSI Insurance Group today can save you time, frustration, and potential legal difficulties. And you’ll be a happier restaurateur when you have the assurance that you’re properly protected and insured.

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  • General liability for small businesses: What’s covered and what isn’t

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    General Liability for small businesses:  What’s covered and what isn’t

    Small business owners have a lot of responsibilities, including managing their finances and protecting their assets. One key aspect of this protection is insurance, which helps mitigate the financial impact of unexpected events. Among the many types of insurance available to small businesses, general liability insurance is a must-have for many. In this post, we’ll take a closer look at what general liability insurance covers and what it doesn’t cover, to help small business owners make informed decisions about their insurance needs.

    What is general liability insurance?

    General liability insurance is a type of insurance that provides financial protection to small businesses in the event that they are sued for causing injury or property damage to a third party. This type of insurance covers the costs of legal fees, settlements, and judgments, up to the policy’s limit.

    What does general liability insurance cover?

    General liability insurance covers a wide range of events and incidents, including:

    Bodily injury: If a third party is injured on your property, or as a result of your business operations, general liability insurance will cover the cost of medical expenses, lost wages, and other related expenses.

    Property damage: If your business operations cause damage to someone else’s property, general liability insurance will cover the cost of repairs or replacement.

    Advertising injury: If your business is sued for defamation, copyright infringement, or other advertising-related issues, general liability insurance will cover the cost of legal fees and settlements.

    Product liability: If a product you sell causes injury or damage to a third party, general liability insurance will cover the cost of legal fees, settlements, and judgments.

    What doesn’t general liability insurance cover?

    While general liability insurance provides comprehensive coverage for many potential liabilities, there are some things that it doesn’t cover. These include:

    Professional liability: If your business provides professional services, such as consulting or legal advice, you will need to purchase professional liability insurance to cover potential lawsuits related to your services.

    Workers’ compensation: If an employee is injured on the job, workers’ compensation insurance is required to cover their medical expenses and lost wages.

    Auto liability: If your business uses vehicles, you will need to purchase auto liability insurance to cover accidents that occur while driving on business.

    Property insurance: If you own your business property, you will need to purchase property insurance to cover damage to the building and its contents.

    In conclusion, general liability insurance is an important investment for small business owners. It provides financial protection for a wide range of potential liabilities, but there are some exclusions to be aware of. By understanding what is covered and what isn’t, small business owners can make informed decisions about their insurance needs and protect their assets. According to the Small Business Association, over 60% of small businesses don’t recover from disasters due to the lack of insurance coverage. (Source: https://www.sba.gov/business-guide

     

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