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Get the right kind of insurance for food service business by Floyd Arthur (PPT)

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Get the right kind of insurance for food service business by Floyd Arthur (PPT)

  1. 1. Get the Right Kind of Insurance for Food Service Business By Floyd Arthur
  2. 2. If you’re the owner of a food service business, you know that preparing and serving food to
  3. 3. the public comes with inherent risks. Not only are food service establishments noisy, chaotic
  4. 4. places behind the scenes, there’s a great deal of hustle and bustle in the dining areas as
  5. 5. well. Spills, slips and falls and other accidents are likely, no matter how carefully things
  6. 6. are run. Add to that the risk of food-related issues such as allergies and and food
  7. 7. poisoning, and the list of hazards becomes very long.
  8. 8. Fortunately, most companies that offer commercial general liability insurance write
  9. 9. policies for restaurants and bars. Here’s a quick overview of what you should be looking
  10. 10. for to be certain your food service business is adequately insured.
  11. 11. General liability insurance
  12. 12. General liability insurance provides coverage for your business in the event you are
  13. 13. responsible for damages in many different types of claims. These include:
  14. 14. Bodily Injury
  15. 15. If a customer slips and falls and breaks her hip entering your restaurant, general liability
  16. 16. insurance will cover her medical bills, lost wages and any compensatory awards. It will
  17. 17. also pay your legal defense costs in the event you are sued.
  18. 18. Similarly, if a customer eats food your employees prepared and later becomes ill, your
  19. 19. general liability insurance will cover medical bills, hospital costs and any court- awarded
  20. 20. compensation. It will also cover court costs and legal fees.
  21. 21. Property Damage
  22. 22. There are a number of accidents that can occur in a restaurant or food service business
  23. 23. that could result in damage to a patron’s property. For example, an employee could spill
  24. 24. coffee on someone’s brand new fur coat or expensive Prada purse, or a warming plate
  25. 25. could malfunction at a party where you were providing food, causing a fire. In either
  26. 26. case, your liability insurance would pick up the cost of repairing or replacing the
  27. 27. damaged property as well as defense costs if you were sued.
  28. 28. Advertising and Personal Injury
  29. 29. If you advertise your business in print or online, your general liability insurance will
  30. 30. cover claims of copyright infringement if you are sued for using intellectual property
  31. 31. that belongs to someone else. For example, if you inadvertently use a logo that is very
  32. 32. similar to the trademarked logo of a competitor, your insurance would pay any court
  33. 33. awarded damages and defense costs if you are sued. Most policies also cover court costs
  34. 34. and legal fees if you are accused of libel or slander.
  35. 35. Liquor Liability Coverage
  36. 36. If your establishment serves liquor or allows liquor to be consumed on the premises,
  37. 37. your general liability insurance will not cover damages due to alcohol- related events.
  38. 38. Therefore, liquor liability coverage is a must.
  39. 39. Most states in the U.S. have so-called “dram shop laws” that allow injured parties to
  40. 40. hold bars, restaurants and alcohol retailers accountable for injuries caused by an
  41. 41. intoxicated customer. These may be minor injuries caused by a physical altercation or a
  42. 42. drunk-driving accident in which one or more victims are killed.
  43. 43. Not all dram shop lawsuits are decided in favor of the plaintiff. In order to prevail, the
  44. 44. injured party must prove that the server acted recklessly, which typically involves
  45. 45. establishing that the server:
  46. 46. * Intentionally served a patron alcohol
  47. 47. * Knew that the patron was a minor or was already intoxicated
  48. 48. * Consciously disregarded an obvious and substantial risk that serving liquor to that
  49. 49. patron would cause physical harm to the patron or to others.
  50. 50. If found liable, your establishment could be responsible for additional damages for
  51. 51. intentionally selling liquor to a minor or intoxicated person, violating state liquor laws
  52. 52. or failing to properly train your employees. Such damages can easily add up to hundreds
  53. 53. of thousands of dollars, so make sure you have enough coverage in place.
  54. 54. Property and Casualty Coverage
  55. 55. This coverage protects your business property, such as the building, cookware,
  56. 56. equipment and appliances, computer systems, and furnishings in the event of a covered
  57. 57. peril, such as a fire or theft. Some policies also covers property belonging to a third party
  58. 58. that is left in your care, such as items left in a coat check or cars in a valet parking lot.
  59. 59. Worker’s Compensation
  60. 60. Worker’s compensation insurance covers the cost of medical care, lost wages and
  61. 61. rehabilitation if an employee is injured on the job. Most states requires all employers,
  62. 62. including small businesses, to have worker’s compensation in place. However, even if
  63. 63. there is no statutory requirement that you have it, workers compensation insurance is
  64. 64. always a good idea. If you are not covered and an employee suffers a catastrophic injury,
  65. 65. he or she will be financially devastated and your business will undoubtedly be sued.
  66. 66. At Carmoon Group, we offer small business insurance coverage tailored specifically to
  67. 67. your needs. Whether you own a restaurant, food truck, catering business or bar, we can
  68. 68. get you the coverage you need at an affordable price. Call us any weekday between 9
  69. 69. a.m. and 6 p.m. at 516- 292-3780 to make an appointment for your insurance review. No
  70. 70. time to call during business hours? Request a free consultation online and we’ll get back
  71. 71. to you at a convenient time.
  72. 72. Visit for FREE 30-Minute Consultation!