Finding the right insurance policy is an essential part of running a profitable business. No matter what industry your company represents, you need to make sure you are covered in the event of bodily or property damage to a third party or client. There are several types of Florida liability insurance, but most professionals find a commercial general liability (CGL) policy provides the right type of coverage. Here is an overview of liability insurance coverage.
1. Bodily Injury and Property Damage
This element provides protection in the event your goods or services create injury or property damage to a third party (not including company employees).
2. Personal and Advertising Injury
If your company is sued for slander or libel, this type of coverage provides protection.
3. Liquor Liability
Your company is covered for liability related to company events at which your employees consumed alcohol.
4. Contractual Liability
This aspect of Florida liability insurance protects your company for liability assumed in a lease or other legal contract.
5. Complete Products
If your products end up causing harm or damage to customers or third parties, your company is covered by this section of the CGL policy.
Commercial general liability insurance can help your company remain productive and financially solvent even during difficult circumstances. An expert broker can create a policy that includes the standard CGL coverages along with any specific protection necessary for your particular industry.
Nightclub owners have what must look like an enviable job. Popular clubs draw both locals and visitors from out of town and people often line up waiting for what may seem like hours to grace the inside of these glitzy venues. But being the proprietor may seem like a lot more fun than it actually is.
Consider the fact that nightclub owners must deal with a full range of situations that could result in injuries, property damage and perhaps even fatalities. Added is the new danger that terrorists and terrorist groups that target these clubs bring, and the concerns become even more serious.
While we hate to bring up the tragic event that recently occurred in Florida, events of this nature can negatively impact these businesses as well as cause serious financial losses. Having nightclub insurance is necessary since a company experiencing a business interruption of any sort requiring them to close their doors for days or even weeks could mean losing revenues that could be crippling.
Loss of revenue just one of many concerns
Aside from a terrible tragedy occurring, nightclub owners also have to contend with liquor liability issues, patrons getting into fights resulting in injuries and lawsuits, even accidents taking place away from the location. An example of this would be an incident occurring as a direct result of an inebriated customer leaving the club and causing destruction or turmoil while driving their vehicle. The list of risks and exposures faced by operators of nightclubs is long and it takes a great insurance package to address so many concerns.
In addition, you might face cash flow problems as a result of some incident where they experience serious damage to their venue. If a fire breaks out and causes enough damage you may find that you’ll have to close up shop for a period of time in order to make necessary repairs. When your business must remain shuttered for any length of time, those mounting costs can even lead to bankruptcy.
Purchasing adequate nightclub insurance will certainly help. To have success you’ll need coverage that addresses several risks and exposures that could hamper your ability to be a success. Speak to an agent about all of your questions and concerns.
Alcohol and its resulting behavior remain a hot button issue, and despite growing awareness regarding drunk driving, people continue to get behind the wheel after leaving bars, nightclubs and other venues intoxicated, and as the business owner you could be held responsible. As a result, you want to make sure that you are adequately covered against lawsuits in your venue insurance policy.
How Are You Considered Responsible?
Many states possess laws that hold a business responsible for serving a visibly intoxicated individual. Additionally if that individual subsequently causes damage to others or himself, you are held accountable. This is true even after an individual has left the premises. Therefore, if he gets into a fight in a nearby park or causes a drunk driving accident on the way home, you are put on the line. While you may feel that you have adequately trained your employees, these events are extraordinarily common.
What Will You Need In Liquor Liability?
As you begin shopping for an appropriate liquor policy, you will want to make sure that all of your potential legal and liability costs taken care of. Make sure that it not only covers drunk drivers, but also assault and battery. In addition, to protecting you against physical damage claims, you will also want to look into a policy that addresses mental damages. Additionally, you will need defense coverage to address legal costs in the event of a trial, and finally you will want to make sure that your employees are covered in the event that they drink on the job. Finding a comprehensive venue insurance plan will help you avoid major issues down the road.
There are several common types of business or commercial insurance that every restaurant and fine dining venue owner may need to consider before officially opening for business. The types of coverage’s often depend on the nature of your establishment. For example, you’re going to have to buy property insurance to protect your building and equipment assets in the event of a fire or other incidents that cause severe damage.
General liability insurance protects restaurants in the event that a patron or employee gets hurt on the premises. This kind of coverage is particularly important in establishments that serve alcohol. The potential liabilities are numerous, and there is significant potential for property damage to be costly.
Liquor law liability covers proprietors from being sued when an intoxicated patron hurts him or herself, or others. The percentage of your overall sales that are liquor, as well as the number of patrons you typically serve, will likely affect the cost of your policy. You may also want purchase Fine Dining Insurance for theft or crime coverage to protect you from criminal acts by patrons or employees.
Workers Comp (WC) and other important coverage’s to consider
WC safeguards proprietors in the event that an employee is injured on the job. State laws vary greatly, so your local Fine Dining Insurance representative is best equipped to help ensure that you have the appropriate coverage in place.
Employment practices liability insurance (EPLI) is another policy that most businesses should consider as a priority. Issues of this nature have become increasingly common and the policy protects business owners against many employee claims, such as sexual harassment, discrimination, and wrongful termination. This type of insurance is recommended for businesses where employees have access to alcohol.
Auto liability insures any business vehicles used by the establishment. This insurance is required if your company owns and uses vehicles during the course of daily activities associated with the job. You may also need umbrella insurance if your potential losses are far and above what your initial policy will cover.
Contact a local agent so you can rest assured that you’re properly protecting your business with all of the necessary Fine Dining Insurance related to your operations. With all of the factors affecting your policies, you’d be wise to engage an expert to help you determine what types and amounts of coverage are right for your business.