Garage insurance; what is it and what does it cover? If you work with commercial vehicles, then you’ve probably stumbled upon garage insurance, and you probably have plenty of questions about it. So, let’s talk about it! Here are your most frequently asked question about garage insurance, answered.
What is Garage Insurance?
Garage insurance isn’t just one type of coverage; it’s a bundle of different policies designed to protect auto trade businesses like towing companies, auto repair shops, and body shops. Think of it as your first line of defense against costly dents and lawsuits.
What Does Garage Insurance Typically Include?
General Liability Insurance: This is the cornerstone of your garage insurance policy. It covers you if someone gets hurt at your business or if you cause property damage.
Business Owner’s Policy (BOP): A BOP steps up where general liability leaves off, adding protection for things like loss of income, physical damage to your property, and even identity theft.
Workers’ Compensation: If one of your employees gets injured on the job, workers’ comp has your back. It helps cover medical expenses and part of their lost wages, making sure both you and your employee are taken care of.
Garagekeepers Legal Liability Insurance: This one’s crucial if you’re holding or working on customer vehicles. Whether you’re running a service station or a towing business, this coverage helps protect you if a customer’s vehicle gets damaged under your care.
Business Interruption Insurance: What if something totally out of left field shuts down your business temporarily? That’s where business interruption insurance comes in. It helps cover the bills and can even pay for a temporary location if your main office is out of commission.
Why Do I Need All These Coverages?
Running a garage means dealing with heavy, expensive equipment and being responsible for other people’s valuable assets. Each part of garage insurance covers a different potential headache. Without it, you could be facing huge out-of-pocket costs if something goes wrong.
How Much Does Garage Insurance Cost?
The price tag on your garage insurance policy can vary. It depends on a bunch of factors like what kind of business you have, the type of equipment you have, the number of people you employ, and where your business is located. Since these factors can affect your risks and the cost of covering them, it’s best to chat with an insurance agent who can tailor a policy to fit your specific needs. That’s where we can help! At Avalue Insurance, we’re a team of local insurance agents in northern Colorado. We specialize in a variety of insurance types, including garage insurance. Contact us today to learn more about garage insurance, and we’ll help you find the right policy for you and your business!
Here are 15 crucial kinds of restaurant insurance:
Restaurant Liability Insurance
Liquor Liability Insurance
Property Insurance
Business Interruption Insurance
Foodborne Illness Coverage
Workers’ Compensation Insurance
Valet Parking/Garagekeeper Liability
Company Auto Insurance
Employee Benefit Plans
Employment Practices Liability
Crime/Fidelity Policies
Electronic Instrument Policies
Bonds
Cyber Insurance
Hired and Non-Owned Auto Coverage
Restaurant Insurance: It Matters More than You Think
Running a restaurant is no piece of cake. From managing staff to ensuring quality ingredients, there’s a lot on a restaurant owner’s plate. But one thing that should never be overlooked is restaurant insurance.
A customer slips on a wet floor, a kitchen fire breaks out, a disgruntled employee files a lawsuit — without proper coverage, these scenarios could burn a massive hole in your pocket. From liability coverage for slip-ups to property insurance for kitchen calamities, restaurant insurance is your safety net in the unpredictable world of food service. So, let’s talk about some must-have policies for restaurants.
The Top 15 Types of Restaurant Insurance
1). Restaurant Liability Insurance: Covering the Unexpected
Accidents happen, and when they do, restaurant liability insurance has your back. Whether a customer slips on a wet floor or gets sick from food poisoning, this coverage protects your business from costly lawsuits and medical expenses.
If your restaurant serves alcohol, liquor liability insurance is a must. It shields you from liability in case a patron causes harm to themselves or others after consuming alcohol on your premises.
3). Property Insurance: Safeguarding Your Assets
Your restaurant’s physical assets, like the building, equipment, and inventory, are valuable investments. Property insurance ensures you’re covered if they’re damaged or destroyed by fire, theft, or other covered perils.
4). Business Interruption Insurance: Keeping Your Business Afloat
When unexpected events, like natural disasters or equipment breakdowns, force your restaurant to temporarily close its doors, business interruption insurance steps in to cover lost income and ongoing expenses.
5). Foodborne Illness Coverage: Maintaining Your Reputation
Food safety is paramount in the restaurant industry. Foodborne illness coverage protects your business if a customer falls ill due to contaminated food, helping you manage the fallout and preserve your reputation.
6). Workers’ Compensation Insurance: Supporting Your Crew
Your employees are the backbone of your restaurant. Workers’ compensation insurance provides financial protection for your staff in case they’re injured or become ill on the job, covering medical expenses and lost wages.
7). Valet Parking/Garagekeeper Liability: Parking with Peace of Mind
If your restaurant offers valet parking services, valet parking/garagekeeper liability insurance shields you from liability if a customer’s vehicle is damaged or stolen while in your care.
8). Company Auto Insurance: Driving Safely
If your restaurant owns vehicles for deliveries or catering services, company auto insurance provides coverage in case of accidents or damage to your vehicles.
9). Employee Benefit Plans: Caring for Your Team
Offering employee benefit plans, like health insurance and retirement benefits, demonstrates your commitment to your team’s well-being and helps attract and retain top talent.
Employment practices liability insurance protects your restaurant from claims of wrongful termination, discrimination, harassment, or other employment-related issues.
11). Crime/Fidelity Policies: Guarding Against Theft
Unfortunately, theft can occur in any business. Crime/fidelity policies provide coverage for losses resulting from employee dishonesty, theft, or fraud.
12). Electronic Instrument Policies: Protecting Your Tech
If your restaurant relies on electronic equipment like POS systems or kitchen appliances, electronic instrument policies cover repair or replacement costs in case of damage or breakdown.
13). Bonds: Building Trust
Surety bonds, like performance bonds or license and permit bonds, provide assurance to customers and regulatory agencies that your restaurant will fulfill its obligations and comply with industry standards.
14). Hired and Non-Owned Auto Coverage
Hired and non-owned auto coverage extends your auto liability coverage to vehicles that aren’t owned by your business, but are used for your business tasks. This type of coverage can be especially helpful if you deliver food in any capacity.
It includes two different types of coverage:
Hired coverage: Offers coverage for when you or your employees drive a rented, leased or borrowed vehicle for the business.
Non-owned auto coverage: Offers coverage for employees who use their own vehicles for business. It provides extra coverage over the employee’s personal auto coverage for bodily injury and property damage liability.
15). Cyber Insurance
Restaurants now heavily rely on digital platforms for order-placing and payments, embracing QR code menus and providing Wi-Fi access to customers. Although necessary for survival, these digital adoptions have left many restaurants more susceptible to cyber threats. Cyber insurance offers coverage in the event that your restaurant suffers a costly data breach or cyber attack.
Get a Quote on Restaurant Insurance Today
Don’t leave your restaurant unprotected. Contact Avalue Insurance to learn more about restaurant insurance and ensure your business is properly protected. From liability coverage to employee benefits, we’ve got you covered. Get in touch with us today to start comparing quotes!
