Commercial insurance comes in many varieties depending on the needs of a particular business. Business owners of restaurants are well-advised to work closely with their insurance agent at The Insurance Mart, serving Blue Ridge, GA and the surrounding area, in order to make sure there is adequate insurance coverage to protect the business and the owner’s interests.
The categories of commercial insurance that restaurant owners should consider include:
- Worker’s Compensation
- General Liability
- Commercial Vehicle Insurance
- Property and Casualty Insurance
- Product Liability
- Business Interruption Insurance
- Umbrella Insurance
- Key Person Insurance
Worker’s Compensation Insurance
This insurance is mandated by state law. Every employer in the state of Georgia must maintain worker’s compensation insurance. This insurance protects both the employees and the employers. The employees are guaranteed a certain level of insurance coverage and payments for medical expenses, injuries, or payment to the next of kin for an employee’s loss of life while on the job. The employers have limited liability in the amount of the coverage offered by worker’s compensation insurance.
This type of insurance provides protection for customers if there is an accident.
Commercial Vehicle Insurance
If any vehicle is used for the business, such as making food deliveries or picking up stuff for the restaurant to use, it needs to have commercial vehicle insurance.
Property and Casualty Insurance
This insurance protects the company’s assets that include the building, equipment, inventory, and furniture.
This type of insurance covers any products sold.
Business Interruption Insurance
This insurance helps pay the bills if the business has to temporarily close due to unforeseen circumstances such as a natural disaster.
Umbrella insurance covers things that are not covered by other policies and extends the policy limits of other policies. Because of the risk of high settlement amounts or litigation awards, most businesses benefit from having umbrella coverage.
Key Person Insurance
If the business is heavily dependent on the efforts of a specific person or persons, they should have insurance so that their heirs can be able to withstand a sudden death or permanent disability of the key person, which negatively impacts the running of the business.
As a restaurant owner, it is best to have an insurance review with your agent at The Insurance Mart serving Blue Ridge, GA to make sure all your insurance coverage is adequate for your needs. Contact them today.