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When you are beginning the start-up of a small food or beverage business, there are already so many things to consider and get in order to ensure that your business is successful. One of those things that can not be overlooked is business insurance that is tailored to fit your needs.
Business insurance for restaurants, grocery stores, and small food shops is a bit more complex than that of other businesses. It is vital to have insurance coverage to protect your business’ reputation, employee and customer safety, as well as the property and equipment that keeps your food or beverage business running each and every day. At Prime Insurance Market in Alpharetta, our team is dedicated to finding your small business the proper insurance coverage at the best rates possible to help you build a prosperous food or beverage business. Contact us today to get started!
When it comes to the food and beverage business industry, you can normally split it into two major categories of businesses. Those two categories are restaurants and retail food stores/shops. If you own or are considering opening one of the following food or beverage businesses, continue reading to learn about the important business insurance coverage that you need to have.
Your food or beverage business most likely has some sort of building or truck that it is ran out of. Having the appropriate business property insurance will help cover the cost of property damage in the event of a natural disaster, fire, or vandalism.
The other important piece of property insurance for your business is receiving coverage on other items of property that your business needs to operate properly. These property items could be anything from tables and chairs to cabinets and piping. Contact our Prime Insurance Market team today to ensure that all your business property is properly covered within your commercial insurance plan!
As the name implies, general liability insurance for your food or beverage business offers a blanket of coverage to protect your business when accidents or injuries occur that you could be held liable.
When a business relies heavily on the number of customers that come through the door, such as a restaurant or retail food store, it is vital to prioritize the safety of those customers. General liability insurance allows you to do just that as it comes into play when a customer is injured or a piece of a customer’s property is damaged or stolen while on the premises of your business.
Beyond the customers, general liability insurance also offers your business protection from a number of advertising injuries that it could encounter. These include events such as lawsuits that are related to copyright infringement, slander, invasion of privacy, and defamation.
Now that your property, customers, and reputation are protected, it is time to ensure your business’ ability to continue running smoothly day-in and day-out with each pertinent piece of equipment that your business relies on.
In the food and beverage industry, the equipment used behind the scenes is a vital piece to success. If a sandwich shop’s ovens breakdown and they are not able to make bread, they will likely have to close until the ovens are back up and running. Same goes for a coffee shop whose espresso machine suddenly quits working in the middle of the morning rush.
Not only do these breakdowns risk you losing sales that day, but they can cost you greatly to get fixed, especially in a timely manner. However, with the proper equipment insurance, you can rest assured that your coverage will help out with costs of repairs and replacement. Some equipment insurance plans also contain prevention coverage to keep up on routine maintenance of your equipment to avoid sudden breakdowns. Contact Prime Insurance Market today to find the right equipment insurance for your food or beverage business!
Some businesses are small enough that you, as the owner, are the only employee to start out with. However, if you have any other individuals that you employ, it is vital to have workers’ compensation insurance. While workers’ comp is required in Georgia, Louisiana, and both Carolinas once you employ more than 3-5 people, depending on the state, it is simply the best decision you can make when wanting to show that you care about your employees.
Accidents that lead to injuries can happen easily in the food and beverage business industry as there is often use of sharp objects, equipment, and the need to lift heavy items. When you have the proper workers’ compensation insurance, you and your employees can rest assured that if any injuries occur, the insurance coverage will assist with medical bills and missed wages, if applicable.
The four major areas of business insurance coverage above are ones that are either required or at least highly recommended for any business owner in the food and beverage business industry. Additionally, there are a few more areas of coverage that you may want to look into, depending on your type of business specifically.
Contact Prime Insurance Market in Alpharetta today to learn more!
Similarly to what we mentioned above with equipment insurance, business interruption insurance is an add-on coverage that can assist your business in lost sales due to anything from equipment breakage that hinders your business from running properly to weather closures and other uncontrollable interruptions to your business’s everyday routine and sales.
If your business sells or serves liquor of any kind, it is extremely important for you to have liquor liability insurance coverage in the event of an individual being served too much alcohol as well as any damages or injuries the person may cause while intoxicated. Liquor liability insurance not only helps to cover costs of repairs and medical bills, but also legal costs.
Whether it be catering services or simple deliveries, many restaurants and retail food stores have employees that drive a company vehicle or their personal vehicle while on the job. As a business owner, you need to have commercial auto insurance to protect them during these times. If an accident occurs, this coverage would assist with all the costs that accompany it.
When your business relies on the creation and/or distribution of food or beverages, it is advised that you invest in product liability insurance. This insurance coverage will assist in the legal costs that accompany lawsuits due to mislabeling, undisclosed warnings or ingredients, as well as the event of contamination that lead to harm or injury of a consumer.
Product recall insurance is another add-on coverage that you should consider when you own a food or beverage business. If even a single item within one of your products is recalled, you will be faced with many unexpected costs. With the financial assistance of product recall insurance, you can have peace of mind that your business will be able to recover from the event.
With more and more technology being implemented into small businesses, cyber liability insurance is something that every business owner should look into. Whether it be an advanced POS system that your restaurant uses or your business’ financial records that are kept online, a data breach or cyber attack could cost you thousands to completely recover.
When it comes down to it, we at Prime Insurance Market want to do whatever we can to help small businesses prosper in Alpharetta and the surrounding areas. We are dedicated to helping business owners in the food or beverage industry by providing them with the right insurance coverage at the right price for their budget.
Our team works alongside some of the top insurance companies in the area to provide you with top-tier coverage, but we don’t stop there. We have the knowledge and experience needed to piece together a customized insurance coverage plan for your business to ensure that you are not paying for coverage that you don’t need, as well as making sure that you won’t be put out of business by an incident in an area where you lack coverage.
Once we have learned about all the areas of business insurance coverage you need, we compare quotes from the best commercial insurance companies to find you the best rates possible. At Prime Insurance Market, we understand that as a small business, especially those that are just starting out, you may have a small budget for insurance, which is why we are willing to work with any sized budget. Contact our team today to get started!