Unsure of what insurance you need? Business Owners Policy (BOP) is the first insurance to get. It combines the protection of all major liability risks in one package. Great for small to mid-sized business, this covers repairs to the building and contents, lost income after property damage, additional expenses (like Business Interruption) and legal expenses in potential General Liability claim.
In an event of any kind of property damage, Commercial Property insurance only covers the building and replacement of its contents. But Business Interruption will cover lost income suffered after the disaster. The insurance can also cover the normal operating expenses like your electricity bills and employee wages and the cost of moving your business to a temporary location.
Workers' Compensation is an insurance program mandatory in some states so that medical benefits are provided to employees who become sick or injured on the job. An employee with a work-related illness will receive Workers' Compensation regardless of who is at fault. Also, by offering this insurance your employees relinquish the right to file negligence claims in these events.
When your bakery is proven to have sold a contaminated product, Product Liability insurance will be your savior. This insurance is designed to protect your business from claims of personal illness or injury caused by the products you sold or supplied. It is designed for when you face an expensive product recall, covering any legal, court costs and any related costs.
Companies in this industry produce fresh and frozen bread, rolls and other fresh baked products. These establishments do not handle cookies and crackers.
Running a business comes with risks, and these risks can instantly destroy your business if you don't have insurance. Your insurance will cover the costs of property damage, personal injury, bodily injury, liabilities and lawsuits that would be financially devastating without an insurance.
Even a commercial bakery cannot ignore potential risks that should have proper management procedures in place. One risk in commercial bakeries is customer and employee health. A simple baking method handled poorly can be detrimental to the health of workers or even customers. Poor management of baking materials could cause contamination, then food poisoning to customers. Improper care of equipment or your shop could develop bacteria, cross-contamination, and other potential hazards.
Your building could be burned down or flooded, destroyed by an earthquake or natural disasters. You would need a lot of money to recover from fire or flood. Also, the time needed to rebuild will be the time that your business production will stop. These are just some of the many risks commercial bakeries face.
The cost of the insurance for commercial bakeries varies on the location of the bakery, size, services, revenue, and many other factors. We cannot give you a direct cost for your business but what we can give you cost estimates for the policies that might fit your budget.
To get a quote for your insurance, apply online for a free quote or simply contact our customer service representatives.
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