Running a foodservice business can be hard going. Margins are thin, overhead is high, and customers can be demanding. But when everything is going right and people are loving your product, there’s really nothing like it.
Having the right insurance protection can go a long way in giving you the peace of mind to focus on the best things knowing you’ve got a cushion if things go wrong. It’s important to work with a qualified provider that can build you a comprehensive plan that includes coverages like food and beverage liability to fully safeguard your business.
Commercial auto insurance covers your business against bodily injury and property damage as a result of operating a company vehicle, such as a commercial truck and company car. Different types of coverage that accompany commercial auto insurance include medical payments from accidents, collision coverage for car damages, auto liability if someone sues, comprehensive coverage in case of a theft, and uninsured motorist coverage.
Workers' compensation provides monetary and medical benefits to workers who get injured or disabled during the course of employment. Typically, if an injured employee accepts worker's compensation, they cannot sue the employer.
Commercial general liability typically provides coverage in case an injury or damage takes place on a business' property or while a business is operating. For instance, a customer could slip on the floor of your property, or an employee working at someone's home can slip and cause damage.
Business interruption insurance, also known as Business Income insurance, is a form of time-element coverage. It replaces lost income a business would have made during a specific period had no loss occurred. Coverage, however, is triggered only if there is direct physical damage to covered property by a covered cause of loss. Operating expenses can also be covered if a business needs to change locations or make loan payments. However, it often does not protect closed businesses if a pandemic occurs.
Tools and equipment insurance is a type of inland marin insurance that provides coverage if essential and expensive tools get destroyed or stolen. You can add this as a supplement to your insurance policy to typically cover heavy and rare equipment that can be difficult to replace and find.
Food and beverage liability insurance is a form of commercial general liability insurance specially tailored to the foodservice and food production industries. Companies that engage in food production specifically will also benefit from including product liability into their coverage plan. These apply to the following businesses:
Of course, food and beverage liability won’t be the only type of insurance you’ll want as a restaurant or production facility. To discuss your options and get the protection your business needs, fill out the quote request form today. We’ll match you with a provider that understands the food and beverage industry and will help you find peace of mind at a rate that fits your budget.
Something many businesses don't know is that commercial insurance carriers have preferences for which types of businesses they insure.
The problem for most business owners is that they don't know which carrier is the best fit for their business, leading to high premiums or declined applications for coverage .
The 321 LaunchPad is connected to the largest network of commercial insurers available anywhere. We match your business with a qualified insurer so you get the right coverage for a fair price.