When a liability claim goes above the aggregate limit of liability, the policy limits are exhausted. By purchasing a commercial umbrella, you can protect your business from being liable for this excess liability judgment. A commercial umbrella covers the amount of loss above the limits of a basic liability policy. Commercial automobile, CGL, workers compensation, or any liability policy can be covered by a commercial umbrella. A commercial umbrella may also provide coverage if a basic liability policy is not in force. Also, commercial umbrellas can provide coverage for gaps in coverage under basic liability policies. Click to know more districtonsunset.com
For most restaurants, paying around $4,000 annually is customary for the combination of a Business Owner’s Policy, workers’ compensation insurance, and liquor liability insurance. Business Owners Insurance could provide various protections for restaurants including general liability insurance, property insurance, loss of income coverage and more. Buildings you own or lease as a part of your business, your business personal property, and the personal property of others make up the basic coverage sections of commercial property insurance. After you have interviewed several broker-agents and checked their license status with the CDI, you will be better able to determine the broker-agent with whom you would like to do business. While the term broker-agent is a specific license designation with the CDI, brokers and agents act in different ways to secure insurance for consumers. Brokers may sell for many insurance companies and are usually paid by you in the form of a broker fee charged for placing and servicing your insurance business.
We work with a variety of insurance carriers to provide quick, accurate, and comprehensive restaurant insurance quotes. Operating a business is extremely challenging without having to worry about suffering significant financial loss due to unforeseen circumstances. Commercial insurance can protect you from some of the most common losses experienced by business owners such as property damage, business interruption, theft, liability, and worker injury.
You will find us conversant with industry issues such as food poisoning, assault and battery, Americans with Disability Act, Sexual Harassment, wrongful termination, discrimination, and liquor law liability. We work closely with clients to help them make important and informed decisions every day when it comes to protection and their future. A power outage, mechanical failure, or other covered event can cause food to spoil, which then must be discarded. On average, it’s estimated that three out of five businesses will be sued by their employees. Restaurants, just like any other business, are vulnerable from the pre-hire process through to a possible reduction in workforce.
The Insurance Brokers and Agents of the West and the Western Insurance Agents Association are professional associations that can assist you in contacting a commercial insurance broker-agent in your local area. Please see the “”Resources”” section of this brochure if you would like to contact the IBA West or the WIAA Group. Also, looking through the local yellow pages under the insurance section can aid you in locating the phone numbers for those broker-agents specializing in commercial insurance. This would allow you coverage for damage to your building, inventory, or equipment. Most policies would offer you a replacement cost coverage to these items so you would be able to repair or replace these items for today’s cost.
Our agency can work with you in finding the perfect fit for your restaurant insurance needs. This coverage is going to protect you from a variety of potential claims. Some of these examples can be bodily injury, property damage, personal injury and others that can potentially come up if you are found negligent. We can customize a menu of insurance solutions to meet your specific needs. Reviewing the options and developing a plan for restaurant insurance coverage is the perfect recipe. Running a restaurant is challenging enough without having to worry about things like lawsuits, loss of income or property damage.
Also, you should be able to discuss any general workers compensation claims issues with your broker-agent or discuss issues on a specific claim with the claim adjuster that has been assigned to the case by your insurance company. One of the first steps in purchasing small business insurance is to contact a licensed insurance broker-agent who specializes in commercial coverages. In short, restaurant insurance is a policy designed to cover all the components involved in your restaurant, from your property and supplies to your employees and customers.
Insurance coverages for businesses, commercial institutions, and professional organizations, as contrasted with personal insurance. When bodily injury liability and property damage liability is expressed as a single sum of coverage. The maximum dollar amount of coverage in force for a property damage policy or liability policy. This maximum amount can be figured on a per occurrence basis or as a general aggregate for the complete policy term.