Keeping Your Bases Covered: 4 Types of Insurances You Need as a Restaurant Owner
From the time you start your business, you already expose it to several risks. Even before you settle down and hire employees that will help you manage your business, your business will already be at risk. That’s why it’s wise to have the right insurance plan in place to ensure your business is safe.
Fortunately, businesses have a variety of insurance plans to go for so that they may avoid risks that can make them incur losses. Below are 4 types of insurance plans you need as a restaurant owner; whether large or small.
1) Professional liability insurance
You may consider a professional liability a waste of time, but it is not. Any business that deals in high risk activities is required to have a professional liability insurance plan. Otherwise, you may end up incurring losses if your company is penalized. Professional liability insurance plan will protect your company or business from negligence claims that may result from your employees.
There is no specific professional liability insurance. Each business has its own issues that should be addressed a better policy that’s meant for that particular business.
2) Property Insurances
It doesn’t matter whether you decided to lease your property or not. Still, you will be obliged to have a property insurance.
This type of insurance is critical for the unforeseen calamities such as fire, storm or even theft. So, if you have secured a property insurance plan for your business, then it will mean you have covered for things like your inventory, your equipment or furniture.
Unfortunately, some events like floods or earthquakes may not be covered by a basic property insurance plan. So, the best thing would be to go to your insurance provider and inquire more. This will enable you to know better when your insurance company will compensate you or not.
3) Workers’ Compensation Insurance
Of course you will need a team to help you run your business smoothly. So, you’ll want to hire employees.
You should ensure you have a workers’ compensation insurance to help in covering the medical expenses, disabilities or death benefits of employees of one of your employees. Accidents are prone to happen and are often are unforeseen. Therefore, don’t ignore it.
Sometimes, you may feel like your employees are performing low risk jobs. Don’t assume that any job has low risk. Restaurant Insurance New York is an example.
Slip and fall or even medical complications such as carpal tunnel syndrome could also be a costly claim. It is therefore wise not to ignore this type of insurance because you don’t know what’s going to happen next.
4) Vehicle Insurances
Many businesses now have vehicles that ferry goods to their customers. For such businesses, you need to ensure you get a vehicle insurance plan top cover you in case of an accident. This will help you because accidents normally occur unexpectedly which may find when you don’t have enough to cover for it.
If one of your employees decide to use his or her car while on duty and the car gets involved in an accident, then he or she will be liable. The company will not be liable in any way. So, it is better to come to an agreement with your employees so that disputes may not arise.
Don’t take chances or listen to people who are trying to discourage you from securing a business insurance plan. They will not be there to provide anything during the time a calamity has strike you hard. Be cautious with some of the pieces of advice people give you.