BOP Insurance is a package that combines the coverage of multiple products such as Commercial Property, General Liability and Business Interruption into one. This means that BOP will cover property damage, liability claims related to injuries and income losses if your restaurant is forced to close temporarily among other things.
Workers Compensation covers your employees' medical costs and lost wages while recovering from a work-related injury or illness. The employee gives up the right to sue your company in return for receiving cash and benefits from Workers Compensation. In some states it’s mandatory for businesses!
This insurance covers a company in the event of a data breach in which sensitive customer information is leaked. These policies cover expenses, such as notification costs, credit monitoring, fines and penalties, defense costs, and loss resulting from identify theft.
Commercial Auto Insurance covers your cars, trucks, and vans used in your business. It covers the costs from vehicle damage in collisions, theft, vandalism and weather damage. It also covers medical expenses for to injured parties.
Liquor Liability Insurance protects a small business that manufactures, sells or serves alcohol. Small business owners are protected from claims that occur when a customer drinks too much and injures himself or someone else.
Equipment Breakdown Insurance protects your equipment from breakdowns caused by motor burnout, power surges, boiler malfunction, and operating error. It covers you for the costs to replace or repair your damaged equipment, and other related expenses.
How much does it cost to insure a Bar?
On average, an insurance package for bar owners typically costs around $3,000 to $5,000 a year. The cost can vary widely depending on the size of the establishment, its location, and the hours of operation.
What is Dram Shop insurance?
Dram Shop insurance is the same as Liquor Liability insurance. Dram Shop is a term for an establishment that sells alcohol (a term coined a long time ago when alcohol was sold by the dram or 1/8 of an ounce). The coverage is purchased as a Liquor Liability and is often required to obtain a liquor license.
Do I need Liquor Insurance?
Businesses that sell or serve alcoholic beverages are required to purchase Liquor Liability. The liability arising from sale or serving alcohol is excluded from your General Liability policy.
What is an assault and battery claim and how can I insure my Bar?
Assault is a threatening act, physical or verbal, causing a person to fear for life or safety. A Battery is an unlawful act of force on another. Assault and battery claims are common in bars and aren't usually covered under General Liability insurance because the patron has consumed alcohol.
What are the insurance covers that restaurant businesses like me usually get?