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Protecting Your Restaurant or Eatery
Types of Commercial Insurance Coverage for Food Establishments In Goshen, Middletown, Warwick, NY & Beyond
From the kitchen to the front of the house, Restaurants and Eateries have numerous exposures based on the nature of their business. As a result, it’s important that they have the necessary types of commercial insurance coverage in place to ensure that they would be covered correctly should an incident occur, and a claim or lawsuit result. J. Hoffman Insurance provides reliable business insurance policies for dining establishments throughout Goshen, Middletown, Warwick, NY and the surrounding areas. We know the ins and outs of business insurance and can make sure your policy includes all the proper provisions for your restaurant’s unique needs.
Necessary Coverages for Restaurants
Property Insurance covers most physical or tangible assets for a business. This can include food inventory, furnishings, cash registers, point of sale systems, files and things of that nature.
General Liability helps defend the business against negligence claims such as bodily injury, property damage, personal injury and advertising resulting from the products that you sell and the premises that you operate.
A Businessowner’s policy combines various commercial insurance coverages into one comprehensive and convenient policy. Some of the most important coverages that can be included in a BOP are as follows:
- Spoilage covers the loss of perishable items if a restaurant or eatery experiences a power outage, breakdown of equipment, or contamination, and the food inventory goes bad.
- Business Income Coverage reimburses you for the loss of income your restaurant would incur should it be closed for a period due to a covered cause of loss such as a fire, smoke damage, lightning strike or even wind damage. Thus, preventing the business from going insolvent during the time of repairs.
- Business Income/Time Element Coverage provides normal business income coverage specific to power outage if a business cannot open. This coverage can be immediate, but most carriers have a 24-72 hour waiting period before coverage kicks in.
- Employee Dishonesty Coverage (aka, Employee Theft insurance) protects small businesses, such as restaurants and eateries, from employee theft of money.
- Equipment Breakdown is an endorsement that provides reimbursement to repair or replace damaged machinery or equipment that has suffered a mechanical or electrical failure.
- EPLI Employment Practices Liability Insurance (EPLI) covers claims made by current, former, and prospective employees, as well as customers and vendors that work with your restaurant or eatery. EPLI protects against claims made by employees or third parties accusing them of a variety of work-related issues.
Other Coverages That May Be Necessary
In addition to the coverage and endorsements listed above, there are other facets of our commercial insurance policies that might be necessary for your restaurant or eatery, based on your establishment’s offerings.
- Workers Compensation is a necessity as soon as you hire an employee, subcontract employees, or use any workers who are under your control. Should an employee become ill or injured on the job or because of their work, Workers Compensation provides medical benefits and can provide lost wages for that employee.
- Statutory Disability Insurance is also a necessity once you hire employees, as it covers them for lost wages due to injuries or illnesses while off the job. In New York, it also provides lost wages due to Paid Family Leave circumstances.
- Liquor Liability Insurance helps cover claims of bodily injury or property damage that an intoxicated person causes after a business has sold, served, or distributed to them.
- Commercial Auto coverage is a must if your restaurant or eatery owns a vehicle that is used to conduct business. This coverage protects your business against bodily injury lawsuits and property damage if you or your employee gets into an accident in a company vehicle. Commercial auto insurance also provides no fault medical coverage for you or your passengers who may get injured in an auto accident. It can also provide comprehensive coverage to protect your commercial auto against damage from things like animals, theft, and fire; collision coverage for damage to your company vehicle that you or your employee have caused, towing and labor, and rental reimbursement coverage.
- Non-Owned Auto Liability covers your liability when the personal vehicle of an employee or temporary staff, whether owned or rented by them, is driven for business. The vehicle must be in-use for business purposes at the time of the accident. So, if you hire drivers to handle delivery for your restaurant, this policy would cover their damages, or the damages they cause, in case of an accident. This type of commercial auto insurance coverage usually goes in excess over the employees’ personal auto limits.
The costs associated with running a restaurant can be hefty – but the cost of your commercial insurance coverage doesn’t have to be.
Call Now for a Customized Business Insurance Quote!
J. Hoffman Insurance represents one of the most competitively priced Restaurant & Eatery programs in not only Goshen, Middletown, and Warwick, but all of New York, and we would love to see how we can put it to work for you. Contact our business insurance agents today at (845) 239-4787 or Jason@jhoffmaninsurance.com.
When you own a home like your neighbor’s, you can expect certain household expenses will be comparable to theirs. The cost of your homeowner’s insurance, however, is not one of them. There are a variety of factors that determine the cost of your homeowner’s coverage, and they are unique to your home and lifestyle. So why would your homeowner’s premium be different than what your friends and family who own similar homes are paying? Let’s look at some of the factors that determine your home insurance rates: ⦁ Credit History/Score Your credit history/score is something insurance carriers take into consideration when calculating your homeowner’s insurance rates. Payment history, outstanding debt, credit history length, pursuit of new credit, and credit mix are all pieces of your credit history that can make you look favorable or not-so-appealing to an insurance carrier. ⦁ Claims History No matter where you move, your claims history follows you. Insurance carriers look at your claims history to determine your future likelihood of filing claims. The type of claims and number of claims you have filed is carefully reviewed and taken into consideration when determining both your rate and eligibility. ⦁ Distance from Local Fire Department & Fire Hydrant According to the Insurance Information Institute, homes located near fire departments and fire hydrants enjoy a lower premium than those located farther away. The reasoning is simple: in the event of a fire, the incident can be addressed more quickly, and thus, the damage that occurs for an insurance carrier to pay out on can be minimized. ⦁ Coastal Exposure Waterfront property is desirable because of the natural beauty it offers, but if you purchase a home near the coast or in a wind zone, be prepared for a higher insurance premium and a higher deductible when it comes to storms. Depending on where you live, you may also need an additional windstorm policy or separate deductible for hurricanes. ⦁ Multiline Discount Most carriers will give you a better rate on your homeowner’s insurance if you package or bundle it with your auto insurance. The same applies for adding in coverage for your jewelry, boat, motorcycle, etc. The more items you have with one insurance carrier, the better your rates will be. ⦁ Replacement Cost If your house were to burn down, the Replacement Cost would be what it would cost to re-build your home exactly as it stands now. That’s why underinsuring to get your premium down is a bad idea. The last thing you’d want after a catastrophic loss is to find out you don’t have enough coverage to bring you back to where you were before an incident occurred. ⦁ Marital Status Just like married couples get a break on their taxes, they get a break on their homeowner’s coverage. Why? Historically, insurance carriers have observed that couples tend to file fewer claims than singles, and as a result, are seen as lower risk to insure. ⦁ Deductible Amount Your deductible is the amount of money you are willing to pay toward a claim before your insurance coverage kicks in. So, it should come as no surprise that the higher the deductible, the more money you save on premium. Determining the right deductible for your household is an important decision, and one you should work with your insurance agent to make. ⦁ Home Liability Limits Personal liability limits should be carefully considered based on your personal assets. In some cases, it might make sense for a homeowner to purchase an Umbrella policy. In others it might be sufficient to simply carry coverage with higher liability limits. Most standard carriers offer $500,000 in liability, but you can go up to $1 million in liability coverage with an Umbrella. Discuss these options with your insurance agent to select the best option for you. ⦁ Age & Condition of Your Home The size, age, and type of construction of your home all play a role in determining the cost of your homeowner’s coverage. For example, an older home may be more difficult to repair should damage occur – and as a result, more costly for the insurance carrier to pay a claim on because materials today might not be what they were when the house was originally constructed (e.g., plaster vs drywall). ⦁ Wood-burning Stoves & Fireplaces Few things add to the atmosphere of a home the way a wood-burning stove or fireplace do. The same can be said for how it can add to your insurance premium. Although the increase in premium for having these items is small, providing your insurance carrier with proof that your wood-burning stove or fireplace is up to code and has been installed by a licensed contractor might help lower it. ⦁ Swimming Pool or Hot Tub While the increase in premium for owning one of these outstanding additions to your home is small, its important that you have enough liability coverage to address any injuries or accidents that might occur on your property because of your pool or hot tub. If you’d like to ask questions about what you’ve just read or get a homeowner’s insurance quote, give us a call at 845-239-4787 or reach out to Vicki Hoffman at vicki@jhoffmaninsurance.com . In addition to helping you find personal auto insurance, J. Hoffman can assist you with securing Commercial auto insurance for any business vehicle. We are also experts when it comes to business insurance in Goshen, NY; Middletown, NY; and Warwick, NY. Contact J. Hoffman Insurance for your personal andand commercial insurance needs.
Now more than ever, people are talking about their insurance rates. Whether it’s a conversation amongst friends, or a post on social media that brings it about – there is widespread concern and confusion about why substantial rate increases have occurred with nearly every home and auto policy holder over the past year. Including those with clean records and claims histories.
The business insurance agents at J. Hoffman Insurance understand the value of commercial auto insurance for companies in Goshen, Middletown, Warwick, NY and beyond. Click here to learn why this coverage is essential!
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As consumers, we’re always searching for the best price on the products and services we utilize for ourselves and our families. Whether we’re shopping for new clothes or weekly groceries, there’s something very satisfying about getting the lowest price available on the things we want and need.
It’s that time of year again! With it often comes rain and other forms of precipitation, that can lead to water damage, and even mold, which need immediate attention in the interest of the safety and health of those inhabiting the buildings it occurs in.
According to a report released by the National Highway Traffic Administration, car crashes and crash-related fatalities have increased substantially across the country over the past two years.
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301 Main Street, Suite 2F, Goshen, NY 10924 | Phone: (845) 239-4787
