Restaurants have a wide range of risks. No other Industry has potential exposures like a food service establishment. When we review the case files for restaurants operating, we consistently find the wrong coverage or not enough coverage. We focus on partnering with the best insurance team.
One thing that is unique to restaurants insurance needs is, if a claim is filed and there is not the appropriate coverage the component can and will very easily pierce the corporate vail. To be sure this does not happen the establishment must partner with the correct insurance team. A team that will help fight claims that are not appropriate, or pay out on claims that unfortunate happen.
Physical assets, Employee risk, client risk including food born illness outbreaks, time sensitive inventory/ spoilage loss, and the list goes on. Hospitality establishments have a wide area of exposure requiring a person that has walked the walk with in the hospitality industry. Sergeant 55 has compiled a team of Property experts and a food service specialist that has over 24 years in the industry.
Why is it so important that the owners of restaurants or other hospitality businesses have proper insurance coverage? The short answer is your will loose your business in the event of a claim.
- Slip-and-fall injuries – If someone is injured in or around business property, they can file a lawsuit to cover their medical costs, lost wages, pain and suffering.
- Liquor Liability – If an intoxicated customer injures another customer, you may be liable for the cost. Personally Liable and Criminal Liable for this personal actions.
- Food Poisoning – If a customer says they had food poisoning after eating in your establishment. Food born illness outbreaks are the worst thing that could happen to a business. We have all read about the larger fast food companies causing many people to be ill.
- Property Damage – In the event that damage to your business or equipment occurs due to a kitchen fire, vandalism, or even heavy rain.
- Staff protection –
- EPLI– employment practices could leave the owners liable for creating an unsafe work environment.
- Workers compensation- The restaurant will be required to pay for injuries, loss of life or disability due to injury out of pocket. These injuries have no cap to the loss.
Be sure you have the team that will protect your business and your personal assets. In some cases the staff could be personally liable, and criminally liable.
What is the difference between General Liability & Professional Liability?
Both types of insurance claims can be financially devastating to a business. Being prepared for either scenario is important.
- General Liability – Covers physical risks, such as property damage & bodily injuries – Such as a customer slipping on a spilled drink or a valet driver damaging a vehicle.
- Professional Liability – Covers errors & omissions in the services your business provides. This could be events such as a bout of food poisoning from bad food or inadequate preparation.
Most often, it will not be a question of “which type of coverage should I choose?” but instead “do I need both general liability & professional liability?”
Speaking with Sean at Sergeant Fifty-Five Insurance can help ensure you have the right coverage for your business. (469) 214-4200 https://www.sgt55insurance.com/contact/
Source: https://www.nerdwallet.com/article/small-business/general-liability-vs-professional-liability
