How Insurance Covers Potential Losses

Written by dagny on . Posted in Insurance

If you are a business owner, one of the first considerations after naming your business should be how to protect your business. Having business insurance will cover you in case of any of the following potential losses occur:

-Death of owner or key employee
-Natural disaster losses
-Damage to building or intellectual property

Insurance is one of those things people think ‘if I could afford it I would get it.’ Oftentimes without laws in place that require it people go without insurance and hope for the best, or they buy the least expensive option available. With minimal insurance you get minimal coverage, meaning your deductibles may be so high that in the event damage occurs costing less than the deductible, the owner must assume responsibility. Sometimes that amount is high enough that it can put an owner out of business.

Instead of looking at insurance as burden to carry now, look at buying a premium policy so that you don’t have to worry about the future. Unfortunately we can’t predict the future. Illness, injury or death of an owner or key player of a business can shut the business down if the business isn’t given enough time to replace that person. Not only would that person suffer but so would all of his/her employees.

If a business has to shut down because of power outages or natural disasters, that money can be recouped if the person has insurance.

There are two types of polices to cover potential losses: one that works on a predetermined monthly amount for a limited time, for example three or six months. When the time limit runs out so does the money. The other type is an unlimited actual loss sustained policy, meaning that any proven losses will be covered for as long as it takes to resolve the problem. Payroll is generally included in this type of policy.

Ask your insurance representative about covering potential losses for your business so you don’t have to worry about your future, or call Richard Turner San Diego Insurance Agency today.

Top Five Reasons To Have Restaurant Insurance

Written by dagny on . Posted in Insurance

Launching any business can be an exciting time. Restaurants are no exception, but there are so many details to focus on between developing a menu, training staff, decorating the interior, purchasing food and marketing that oftentimes restaurant insurance is forgotten. Just as you would invest in a security system or a good lock against theft, think of insurance for your business as a security system for the unexpected.

The top five reasons to have restaurant insurance are:

1. Property protection. If something happens to the physical property or building that your restaurant is housed in you will have no way of recouping your money. Property insurance protects you against both natural disasters and things like arson. Depending on the area you live in you may want to consider earthquake insurance, hurricane insurance or flood insurance. Usually areas that are prone to specific natural disasters require extra insurance to cover those specific disasters. Ask your insurance agent about risks in your area.

2. Protection against intoxicated patrons. If someone gets drunk at your bar or restaurant, whether they appear drunk or not, if they leave and get into an accident, where there is property or vehicle damage or personal injuries, your establishment will be held liable. Liquor Liability Insurance is mandatory in many states, but even in those where it’s not it’s well worth having.

3. Power outages happen. In the United States we are fortunate that power outages are a rare occurrence, however when they do happen they can have devastating effects for restaurant owners. Food can spoil, groceries can go bad and thousands of dollars of potential income can be lost. The ability to earn income during that time is also lost. By having food spoilage coverage, you can recoup costs for lost income, grocery replacement and more.

4. Not everyone is honest. As much as we would like to believe all people are honest, sometimes they aren’t and these people can include employees, patrons, managers and more. Protect yourself against theft with restaurant insurance.

5. People sue. In America, lawsuits are fairly common. As a restaurant owner you could be sued for food poisoning, for someone hurting themselves on your premises, or for an employee’s treatment on the job. Lawsuits are not only time consuming, they can cost thousands or hundreds of thousands of dollars to settle even if you aren’t at fault. Have your costs covered with insurance.

While these are Richard Turner San Diego Insurance Agency’s top five reasons to purchase restaurant insurance, there are many others. The cost of an annual insurance policy is peanuts compared to the cost of dealing with any of the above tragedies. Take care of yourself and your investment with a solid insurance policy. At Richard Turner San Diego Insurance Agency we can help. Call us today.

Power Outages and Your Business

Written by richard on . Posted in Insurance

Power outages are often thought of as a minor inconvenience unless they last for several hours or days. Power outages due to storms, hurricanes and more can be more than an inconvenience. They can cost businesses thousands or hundreds of thousands of dollars due to the inability of that business to provide service, employees being paid but unable to do their job, loss of production hours and more. Manufacturing businesses may not be able to fulfill orders on time and lose customers. Grocery stores and delis may lose revenue due to food spoilage.

How Food Spoilage Can Affect Your Business

Written by admin on . Posted in Insurance

Food spoilage isn’t just a hassle; it affects the bottom line of a business. Food that is paid for and has to be thrown away means lost profits. Food spoilage doesn’t just affect restaurants. Delis, food delivery services, caterers, coffee shops, bakeries, hotels and more may each be affected by food spoilage.

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