Insuring Minnesota: Restaurants Insurance – Insurance Programs for Restaurants, Insurance for bars and taverns
If you own a food service in Minnesota, you know that it takes a lot of hard work and dedication to keep it running on a profit. It takes a goodly sum of money to get started in this business, and you don’t want to have that investment wasted. So, you also must invest in Restaurants Insurance or have Insurance Programs for Restaurants or Insurance for Bars and Taverns – what ever you have.
There are other types of insurance for food services in Minnesota your property may need to get. This includes food service insurance Minnesota restaurants need to cover them regarding the food served in the facility, as well as if the restaurant serves alcohol, it could require Minnesota bar insurance. You should talk to your insurance agent to determine which kinds of insurance that your property needs.
Common Hazards Minnesota Restaurant and Bar Owners Face
There are many types of damage or other threat that could befall a Minnesota restaurant in which insurance can help the owners to get it repaired or buy any new gear. The most common hazards faced by Restaurant, Bar & Taverns owner in Minnesota include things like fire, weather damage (i.e. tornadoes), criminal activities (i.e. break-ins or vandalism), or electrical and plumbing types disasters like a broken pipe or electrical fire.
One of the most common issues faced that insurance would cover is damage and loss from a fire. These kinds of fires are common due to hazards in restaurants or bars such as accidents from cooking foods. Insurance for bars and taverns or Restaurants Insurance in Minnesota would pay for damage and loss due to this kind of fire as long as it was deemed an accident by the insurance investigation.
In some cases, your restaurant might require coverage for floods. Take note! Regular Insurance for bars and taverns Minnesota or insurance for restaurants in Minnesota does not cover flood damage. You must buy separate flood insurance to cover your damages due to a flood.
Talking to an agent that sells Minnesota bar insurance or restaurant insurance owners need, can explain more what type of events are covered and which are not covered.
What Risks Do Minnesota Restaurants, Bars & Taverns Insurance Cover?
Don’t worry that the above list of risks and possible hazards that could happen to your business seems long because there are several types of bar insurance and restaurants insurance landlords and owners can count on to protect their investment. All of them are designed to help cover the costs of a covered loss through disasters such as fire or flood, robbery or vandalism, tornado or other weather catastrophes, accidents, food loss, and more.
Your insurance agent can sit down with you and talk about the risks so you can be assured of purchasing the right type of Insurance for Restaurants and bars or taverns in Minnesota to cover the possible risks in your area.
What kind of insurance does a restaurant need in MN?
As stated above, there are several kinds of important Insurance for bars and taverns or for Restaurants Insurance in Minnesota your facility could need. Some of these vital insurance types may include some or all of the following:
Workers Compensation – Minnesota law mandates that all businesses, including bars, taverns, and restaurants, must have this Workers Compensation insurance. This insurance covers if your workers get injured or ill due to job-related incidents. Medical things can add up fast, so this kind of coverage is vital to not only ensure your workers can recover but also so your business won’t go under from paying for it.
Life Insurance – If you own a large amount of property or the property was very expensive, the lender might make you take out life insurance. That way in the event of the death of an owner, the lender would still get their money back for the loan. Even if you aren’t forced to buy life insurance, it could be a very good thing, so talk to your agent to see if you need to buy it. You don’t want your family to have to lose everything due to your death.
Commercial vehicle insurance—Does your bar or restaurant own vehicles? Maybe you deliver or cater at parties? This kind of insurance covers all kinds of vehicles your business owns when your employees are driving them. Regular auto insurance will not cover a commercial business.
Restaurants, Bars & Taverns in Minnesota Also Need Liability Insurance
If you own a restaurant or bar, another type of coverage needed to protect your bottom line is various types of liability insurance. Here is a list of the kinds of liability insurance you should look into by talking with an agent for restaurant insurance companies can trust.
General liability: The first type of liability insurance is general liability. This comprises both operations (the way your business runs things and does certain things) and the building (including the surrounding areas such as sidewalks or parking lots) liability. If one of your customers gets hurt at your facility or even if they are still in your parking lot, your business is probably going to get a bill for medical payments or even get sued by that person. If your restaurant or bar has been negligent in taking care of things like shoveling snow off the sidewalks, not putting up warning signs if you mopped the floor or other hazards, then you are responsible if someone gets hurt or killed.
Product liability: The product in a restaurant or bar is the food and drinks served there. So, if a client becomes ill due to bad food or drinks such as getting food poisoning, then your business is liable. For instance, if one of your servers didn’t wash their hands and a whole table full of patrons he served came down with salmonella, then you have to pay their doctor bills. Having product liability insurance will cover those costs.
Liquor liability: Serving alcohol in your facility is a big responsibility. If a customer has too much alcohol to drink and gets drunk, you may be responsible if he then commits a crime since your bartender or server kept providing the drinks. If this results in your business being sued, liquor liability insurance will pay for your court or other related costs.
Hired and non-owned vehicles liability: This is separate from commercial vehicle insurance and covers you if your workers make a delivery and use their own car or truck. So, if they got into some sort of accident on the way to the event they were delivering to, this will pay for covered incidents.
All of these liability insurances will also pay for the court and legal fees and other costs related to such covered events if needed.
Restaurants, Bars & Taverns in Minnesota require Property Insurance Coverage
Don’t forget about your building and other property when trying to figure out what kind of Insurance for bars and taverns or insurance for restaurants in Minnesota to buy to cover the possible risks in your area. You also need to make sure any insurance policies you get to cover the following things:
Building coverage: If you own the property that your bar or restaurant is located in, then you need to make sure the building is covered by the property amount and kind of insurance. Your agent can help you get the right kind.
Contents coverage: Don’t forget about the items inside the building. You have to have insurance coverage for things like your furniture, equipment, and gear (i.e. computers, cash registers, kitchen tools), and even the light fixtures or any artwork you may have displayed.
Equipment breakdown coverage: What if something breaks down? You sure can’t run a restaurant without a stove, for instance. This kind of insurance will cover things like stoves, refrigerators, freezers, dishwashers or air conditioners and heaters.
Food contamination coverage: Spoiled food would be a big disaster in a restaurant, so be sure to have a policy that covers you in case your food is ruined due to something like a possible power outage.
Other Insurance Coverage Options for Minnesota Restaurants, Bars & Taverns
Loss of income coverage: This covers your business if the place must close for a period of time due to a covered incident. It would then kick in and pay your bills like rent, workers’ salaries, etc.
Coverage against employee crimes: You don’t want to think about it, but sometimes you have bad employees who may steal from your business. If so, this kind of coverage helps to pay for losses or lawsuits.
All in all, it can be very complicated to buy the right kind of Restaurants Insurance – Insurance Programs for Restaurants or Insurance for bars and taverns in Minnesota, so be sure to talk to an agent dealing in restaurant insurance companies can trust.