Finding bar, restaurant and taverns insurance doesn’t have to be a difficult or daunting task. With the right tips, you can turn your insurance shopping experience into a seamless process. The Internet offers boundless resources for learning about the different coverage options and has opened the door to easily finding insurance quotes for your unique business needs. Here’s some info and tips to get you headed in the right direction.
What Types of Policies Are Available?
There are a variety of business insurance types to select from – the one you choose will depend on the amount of coverage you need. For instance, you can find coverage for damage done to your factory, vehicles, inventory, equipment, office, etc. You can also protect your business from losses due to criminal activity, such as employee fraud or theft. Liability insurance can also be obtained to protect your organization in the event of a lawsuit. If someone in the C-suite becomes ill, you can acquire coverage for extended leaves of absence.
General Insurance Categories
Business insurance has been divided into four broad categories, which are as follows:
- Business liability insurance: This offers coverage for when bodily injury or property damage occurs and your company is found legally responsible.
- Business umbrella insurance: This is the extended coverage mentioned earlier, which will also cover losses after limits on your other policies have been reached. It can also be used to cover things that aren’t normally covered by other insurers.
- Business automobile insurance: This will offer coverage for damage done to company vehicles. It’s a lot like personal auto insurance, providing you with compensation when damage or theft occurs. Collision coverage will cover any losses caused during an accident and liability coverage protects you from lawsuits stemming from accidents involving company vehicles.
- Business property insurance: This will reimburse you for any financial loss due to property being damaged or destroyed, including land, personal property and buildings.
Determining Your Coverage Needs
Now that you have an idea of different coverage options, it’s time to consider which type of policy is right for you and your business. The type and amount of coverage needed will depend on the kind of business you own and the type of risks it runs. Obviously, if you own a fast food restaurant that doesn’t deliver food or transport goods, then auto coverage wouldn’t be needed. However, you would definitely want to have liability coverage in case an employee or customers slips and falls on your property. You can oftentimes find affordable rates for combining general liability and property insurance.
Selecting Limits and Deductibles
After deciding on the type of coverage you need for your business, you will need to determine how much your limits and deductibles should be. You’ll need to go over what you can honestly afford to pay out of pocket for accidents, damage and injuries. Remember, the higher the deductible, the lower your premium. But choose wisely. An insurance agent can better assist you with finding the best plan for your business and budget.