Insurance for Concession Stands
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What Insurance Do Concession Stands Need?
BOP Insurance protects restaurants against property damage or loss, such as damage from a fire or burglaries. BOP also covers liability claims related to injuries sustained while on the restaurant premises. BOP Insurance also covers business interruption losses if your restaurant is forced to close temporarily.
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.
Product Liability insurance covers your business if you need to recall one of your products. It covers your costs for retrieving the defective product from the manufacturer or seller to prevent any further bodily injury or property damage.
Frequently Asked Questions
Why do Concession Stand Owners need insurance?
Concession stands are a staple at more than just the local movie theater. These days you can find concession stands at parks, ball games, fairs or carnivals, and the local outdoor market. As a concession stand owner, you know food is a risky business. Even though you go to great lengths to maintain cleanliness and quality, you need to protect yourself. The only way to protect your concession stand business and your assets is to buy insurance.
What risks do Concession Stands face?
There is a wide array of risks you face daily. Here is a look at the most common in the concession stand industry:
- Food Poisoning: Working with food demands your constant attention to temperatures and cross-contamination in the food prep areas. If a patron buys spoiled or contaminated food and gets sick, you are liable for their medical expenses.
- Spoiled Food: Your biggest investment is your food inventory. The worst thing that could happen is if your refrigeration system breaks, causing thousands of dollars of meat to spoil. You need to replace it to stay in business, but most concession stands don’t have large sums of money they can use to re-buy product.
- Drinking Accidents: Concession stands that sell alcohol to patrons risk the most because you can be held responsible for actions you have no control over. If one of your patrons leaves an event, causes an accident, and kills or injures another party; they can hold you responsible for the financial burdens.
- Injured Employee: Concession stand employees work with knives, hot grills/stoves, and heavy objects every day. One wrong slip and they can end up in the hospital and out of work for a few weeks. The result? Your concession stand is responsible for the medical payments and the employee’s lost wages.
How much does Concession Stand Insurance cost?
Depending on the type of concession business you operate, the products you sell, and the location; the price of your insurance may fluctuate. Additionally, depending on which coverages are applicable to your operations, premiums will vary.
For example, if you operate a mobile concession stand that serves hot dogs at an amusement park and employ 10 workers, your General Liability and Worker’s Compensation Insurance may be higher than a concession stand owner that operates a drink stand and with just 2 employees. It is important to get a quote in order to get an exact cost of coverage for your concession business.
Every carrier views concession stands differently. Request a quote below for Concession Stand Insurance today.
Do I have to be licensed to operate as a concession stand business?
Yes. But depending on the state you are in the license could be temporary or permanent. In any case, you still need to procure a license before you can start your concession stand business.
The owner of the location where I sell wants to be named as an additional insured? What does this mean?
Additional insured means that you add the owner to your insurance policy and he/she enjoys the benefits of being insured under that insurance policy. The additional insured will be given an insured status but it has limited coverage than what the policyholder has. When you put someone on additional insured it means that they can make a claim from your insurance policy.