Most proprietors do understand the basics of business insurance, you need a package policy which covers liability, property, and also need a workers comp policy in the event an employee gets injured at work. You typically look for competitive pricing but need to make sure that your not missing any important protection from loss. When you dig a little deeper, there is much more to this when considering asset protection and risk avoidance.
Start with workers compensation…. do you simply have coverage for what is required by statute or do you also include increased Employers Liability limits? Did you know that to increase this coverage, the premium difference is only no more than 2% of the annual premium generated? Was this explained to you including how this coverage provides defense and court costs from an injured workers lawsuit as well as any settlement? We see time and time again where this very small ticket item is completely overlooked and not explained.
Move to your Business Owner Policy (BOP) or Commercial Package Policy (CPP). Does your policy include Liquor Liability or has this been offered on a separate form? Is this coverage silent on the policy form but can be or is included? If you have a stand alone policy, is this policy providing an adequate level of protection based upon your exposure and assets and at the best price?
Any Employer Practices Liability (EPLI) or is there at least a Sub Limit for this on your BOP or Package? Does this include 3rd Party Liability to cover a suit brought on by a patron from the actions of an employee? This policy covers your business for claims generated from Harassment, Discrimination, and Wrongful Termination and can include 3rd Party Liability.
Next… Assault & Battery Coverage, based upon your target demographic and percentage of alcohol receipts, do you have this coverage and is the limit sufficient for the potential loss? This is typically provided as a sub limit where the proprietor normally has some “skin in the game”. This coverage can be extremely important if any kind of dispute breaks out into something worse.
Last but not least, Cyber Liability…. another topic that needs a lot of attention these days. In the technology driven world we all work and live in, the likelihood of being hacked for sensitive information is no longer if but when. Do you have a plan designed beyond your computer firewalls to cover monetary loss as well as cover the breach of sensitive information provided to your business from your patrons transactions?
These are all reasons why you need a reputable insurance program from top rated insurance companies and an agency that will deliver these products as well as top shelf service for all your insurance needs. Your need for Risk Avoidance and Asset Protection starts with a Loss Control Survey which will review your exposures, provide valuable recommendations to reduce risk, and tailor coverage’s to sufficiently protect your assets at the best price point available.
Granite State Insurance & Risk Management is there for your Restaurant or Grill with the best coverage and very competitive pricing. Let us take the worry out of your coverage and protection so that you can focus on what you do best!
[contact-form-7 404 "Not Found"]