-------------------------------
“Ask Jeff" is a weekly post made on the RyanAgency.com Blog.
Submit an insurance-related question to “Ask Jeff”.
-------------------------------
Get in touch
555-555-5555
mymail@mailservice.com
What Types of Insurance Do I Need for My Restaurant?
December 8, 2017
Some Policies to Consider
The types of business insurance available and recommended for restaurants include: Businessowners/Package Policies
include coverage for:
- Property
- Buildings
- Contents (Business Personal Property)
- Loss of Income - coverage for a property loss, lost income and extra expenses associated with the loss of use of the property.
- Other Property Coverage Options include:
- Cyber Liability & Data Breach Coverage - liability coverage for loss of private customer data.
- Equipment Breakdown - coverage the cost to repair or replace important equipment including refrigeration units, computers etc.
- Liability
- Premises and Operations Liability - liability for injuries sustained at the insured’s premises and out of the operation of the business.
- Products Liability - liability for illness or injuries as result of the sale of products.
- Liquor Legal Liability - some packages provide coverage for common law liability imposed on restaurants that sell alcoholic beverages. If this is not provided as part of the package, it can generally be purchased as a separate policy.
- Other Liability Coverage Options include:
- Employment Practices Liability - Protection for lawsuits due to discrimination against employees including wrongful termination, harassment, etc.
- Hired & Non-Owned Auto Liability - coverage for an employee using their own vehicle in the course of your business. Important for restaurants that may deliver orders.
This article may have been originally published at Quora.com.
To see Jeff's Quora.com profile click here.
“Am I covered if I drive someone else’s car?” Or, “Am I covered if someone else drives mine?”
Many don’t realize that the insurance industry is one of the country's most regulated business segments, especially in New York State. The New York State Department of Financial Services (NYS DFS) wields significant control over the insurance business and has a stated goal of protecting consumers.
Most property insurance companies offer Actual Cash Value or Replacement Cost settlement options. Typically, insurance companies will require that you insure the property to the settlement value you choose. If you select Actual Cash Value, the amount you may be required to insure the property for will be less than the corresponding Replacement Value.
In that spirit, the Ryan Agency is sponsoring a Stearns BBQ Dinner pickup at our office on 57 Broadway Mall in Hornell on September 12th from 3:00 PM to 4:30 PM.
Today, an individual’s credit history can play a more significant role than any one of those traditional factors. Good Credit Scores lead to a Positive Insurance score. A good Insurance Score greatly influences what someone will pay to insure their vehicles.
Insurance companies offer various discounts for which their policyholders may qualify.
Great Eight number Six (6) suggests taking a look at removing Comprehensive and Collision on Older Vehicles.
By reducing the number of claims in your insurance history, you can significantly affect your rates in the future.
Sometimes, this concept meets with resistance from policyholders. The thought of paying more in the event of a claim is off-putting to some. Even if that means I pay more for my insurance.
OK. Admittedly, this strategy doesn't benefit everyone, but it can be very beneficial for those it does. You may have unique home or auto insurance needs that prevent you from bundling with the same company. Alternatively… you might have a better rate without the bundle discount by splitting up your insurance between multiple carriers.
