You pride yourself in providing some tasty food. Perhaps you are using your grandmother's “secret” recipe or you've worked hard to perfect your dishes. Every plate that goes out is a sense of pride for you. But risks are present in nearly all restaurants, and not protecting against them can quickly work against you as a business owner. To help reduce the risks associated with claims or lawsuits filed against you, you need to have business insurance for liability risks. There are a few key things to keep in mind.
Liability insurance is essential, and most businesses need it. However, special liability insurance goes above and beyond the basic level of general liability and can safeguard your company against much more. The key to keeping your business operational and moving forward is to add a higher level of coverage for risks. Those types of special coverage may include:
- Commercial liability umbrella coverage, which extends your coverage further and adds a higher limit on liability settlements and judgments. For example, if a bad batch of food occurs, it could lead to a large number of people becoming ill. This leads to financial loss on your business.
- If your company is a franchise or is owned by a venture capitalist, angel investor or other investor, that person may wish to purchase errors and omissions liability. This specialized form of coverage minimizes their risk in the business.
- Employment practices liability insurance is another layer of protection that may be applicable in the food business. It helps to ensure that you are not forced to pay a settlement against claims of wrongful termination, applicant or employee discrimination or sexual harassment.
Take the time you need to select the business insurance that gives your company a high level of protection. By investing in a quality policy and one that offers specialized liability protections, you do not have to worry about making a mistake. Rather, you can focus your attention on making food that people love, building relationships with your customers and working to train your employees. Talk to your business insurance company today about all of the options available to you in liability insurance.
Is your business covered? Call Avanti Associates at (914) 273-8511 for more information on Armonk business insurance.