Bar & Restaurant Insurance Overview
Running a Restaurant in New York is no walk in the park and neither is finding the best Restaurant Insurance in New York. However, for years Lincoln Brokerage has been offering to its Restaurant Owners, Bars & Taverns, Catering Halls, Nightclubs, Food & Beverage Wholesalers & Suppliers, and more, a reputable and reliable brokerage to work with when finding Restaurant Insurance in New York and New York City.
Having adequate Restaurant Insurance is crucial regardless of your size. Whether you operate a small mom & pop coffee shop or a nationwide chain of restaurants, lawsuits can arise over the smallest of things. Maybe someone spills a hot beverage on them resulting in a burn, or they feel ill after eating something you sold them, regardless of the cause, as a restaurant owner you need to acquire the proper restaurant liability insurance to cover all potential risks.
Common Restaurant Insurance Coverage
Restaurant Insurance as a whole can be pretty broad in terms of what type of insurance is actually included, especially since no one restaurant is alike in regards to potential risks. However, there are some common insurance policies that we consider must-haves when creating a restaurant insurance policy.
General Liability Insurance
Most would consider general liability to be the foundation to any insurance policy for any type of business. The main reason for having general liability insurance is to help protect you in the event of a claim made against your restaurant due to bodily injury and/or property damage to others. It also offers coverage for attorney fees and any damage your business may incur and be deemed responsible or liable for.
Commercial Property Insurance
Property Insurance is designed to cover damage to the physical assets of your restaurant in the event of loss or destruction, such as vandalism, fire, and wind damage. Furthermore there are additional assets that can be covered by property insurance. Some additional assets could include:
Commercial Crime Insurance
Crime Insurance is typically designed to help protect a business against several different types of crime. These coverages may include but are not limited to: Employee Dishonesty, Computer Fraud, Money and Securities Coverage, along with Money Orders and Counterfeit Money Coverage.
When your company supplies alcohol to consumers, in any capacity, there’s an inherent liability risk. If your business is one of the following, you need Liquor Liability Insurance:
A Liquor Bond is a mandatory requirement by New York State Liquor Authority. In order to apply for and maintain your liquor license, you will need a valid liquor bond. Generally a liquor bond will be written to be in sync with your license period and requires no underwriting, or credit checks. You simply fill out a form on our site, submit payment, and you are done.
Workers Compensation Insurance
New York State says it’s mandatory that any business in New York is required to carry Workers Compensation Insurance if they have employees. NY State is very proactive in ensuring that every business has this and if they don’t, they will not hesitate to fine you for not carrying this coverage if you are required to.
Workers Compensation Insurance is what provides for the medical care and treatment of employees injured on the job or become ill as a result of their work for your business. It also helps in assisting with the costs related to their recover and providing some of their lost income during the treatment/recovery process.
The six types of insurance listed above are just some of what we consider to be the “must-haves” (although some actually are must-haves) when it comes to crafting the perfect restaurant insurance policy for our clients.
Every business and restaurant is different and for that reason alone, we always recommend discussing your business needs with one of our agents. By doing this it helps ensure that you are receiving the best possible coverage for your needs at competitive prices.
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