Restaurant Insurance New York
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Frequently Asked Questions About
Commercial General Liability Insurance
How much does commercial insurance cost?
Costs can vary widely based on industry and are also determined by zip code and often payroll and/or gross sales. Request a free quote to get an exact number.
What kind of business insurance do I need?
Most business owners need General Liability Insurance at the very least. If you have any non-owner employees, you will need workers compensation insurance too.
What is a Certificate of Insurance?
A Certificate of Insurance is proof of coverage. It lists the type and amount of liability coverage you have and other policy information when a third party requests it.
Is business insurance tax deductible?
Yes. you can deduct the cost of commercial insurance premiums. The IRS considers insurance a cost of doing business as long it benefits the business & serves a business purpose.
Restaurant Insurance New York
Restaurant Insurance New York. Restaurant ownership is hard work, and to open a restaurant in NY requires a substantial initial cash layout and lots of supervision of employees. Nonetheless, for the entrepreneur, restaurant businesses potentially provide good income potential. Protecting such a business with small business restaurant insurance New York designed for eating establishments makes a lot of sense.
One of the greatest perils facing the restaurant industry and all restaurant owners is the risk of fire. Each year, thousands of restaurants receive structural damage from fires, amounting to millions of dollars in damages. Around 65 percent of all fires result from cooking accidents, while around one in 10 occurs as a result of heating issues. Less than half of all fires originate in areas equipped with fire alarms or automatic systems to extinguish fires.
Restaurant insurance New York protects your eating establishment from lawsuits with rates as low as $77/mo. Get a fast quote and your certificate of insurance now.
What Type of Restaurant Insurance Does Your Business Need?
Restaurant structure fires are usually more damaging in terms of costs than those in residential properties. Fire is a common hazard that all restaurant owners face, but it is not by itself. A comprehensive policy for restaurants is necessary to ensure that restaurateurs weather any peril without losing their businesses. You may be required as the owner of a restaurant business to carry several insurance coverage types. The law requires some types of insurance, while financial institutions may require others if you have a large loan or you are paying on a mortgage for your business. Further, if you lease the building in which you do business, your lease may have a clause requiring that you buy this type of restaurant insurance New York to stay compliant.
Some types of insurance to consider for your restaurant business include:
- Worker's comp insurance. In NY, it is essential that eating establishments, maintain worker's compensation policies to protect their employees while they do work on the premises. This insurance covers work-related accidents, injuries, and deaths.
- Unemployment insurance. NY requires UI insurance for employees. Sometimes this is included in the taxes that the business pays; other times it is a separate cost for the business owner.
- General restaurant insurance coverage. This type of coverage is designed for restaurant owners, and it covers property and liability damage based on the specific eating establishment's potential perils.
- Commercial auto insurance. If your restaurant delivers food in company-owned cars or if employees use company-owned vehicles while on the clock, this type of New York restaurant insurance protects the business from liability.
- Life insurance. If you have a large loan for your business, you may be required to maintain life insurance to cover the lender's output of capital should you die.
Liability Insurance For Restaurants
Owning a restaurant can be a risky endeavor. There are several potential liability risks involved in the operation of a restaurant, but restaurant insurance can ensure the business is covered if the unexpected happens. Some types of liability coverage available for owners of restaurants include:
- General liability insurance. Premise liability and operations liability ensures that if a customer or employee is injured on your business' premises, you are protected. Lawsuits often arise because of poorly kept parking lots or objects placed in a manner that causes a tripping hazard, leading to a fall injury. This restaurant insurance New York coverage takes care of damages and medical bills for the injured party.
- Product liability insurance. If the food you serve sickens a patron, product liability insurance can help. Oftentimes food-borne illness is the root of product liability claims. This insurance protects your business from the expense of claims and lawsuits resulting from your restaurant's actions in preparing and serving the food.
- Liquor liability. If your NY restaurant serves alcohol, then liquor liability insurance protects you from damage when an intoxicated patron causes property destruction or harm to another person.
These types of coverages generally pay for the legal fees required to represent your business in the event of litigation against you.
Property Coverage For Restaurant Owners
Property insurance for restaurants ensures that damage to the property does not put your business in a hard position financially. This may include damages resulting from crime, theft, fire, weather, or electrical issues in the building that houses your establishment. Within this type of coverage, you will often find:
- Building insurance. Coverage to compensate you for damages to the structure of your restaurant is an essential type of coverage for restaurant owners.
- Contents insurance. The contents of your restaurant are often expensive to replace. This may include furniture, flooring, lighting fixtures, and equipment used in the kitchen.
- Equipment breakdowns. Equipment that breaks down can mean a loss in business for your restaurant. Freezers, dishwashers, air conditioners, and other essential types of equipment are necessary for running your business, and equipment breakdown insurance ensures that you can get your equipment up and running if some crucial components fails.
- Food contamination insurance. Mechanical failures and power outages may lead to food defrosting and becoming unusable. This coverage helps you recoup costs from such events.
- Loss of income insurance. Should your restaurant need to close its doors due to a covered peril, loss of income insurance helps you stay afloat until you reopen again, providing money for wages, monthly expenses, and more.
Does Your Business Need Flood Insurance?
Although the coverage provided for damage to your NY restaurant by flood or high water varies between companies, many policies specifically rule out this type of coverage, which necessitates purchasing a separate policy for water damage/flood damage/sewage backups, and so forth. Work with an agent to determine if purchasing a rider or addendum to your policy is important to your business. This is particularly crucial for restaurants operating in flood zones.
Tailoring New York Restaurant Insurance To Your Needs
Because the cost of operating and maintaining a restaurant varies so much from one business to the next, it is important to work with a seasoned commercial agent who can help you determine what your risks are and how to protect you against perils that influence your business' bottom line. Obtain multiple quotes for policies, and review each policy before signing on the proverbial line to ensure you get the most bang for your business' buck without giving up needed protection that ensure the health of your NY eating establishment.
Request a free Restaurant Insurance New York quote in Albany, Auburn, Binghamton, Bronx, Brooklyn, Buffalo, Elmira, Glen Cove, Ithaca, Jamestown, Long Beach, Manhattan, Middletown, Mount Vernon, New Rochelle, Newburgh, Niagara Falls, North Tonawanda, Poughkeepsie, Queens, Rochester, Rome, Schenectady, Staten Island, Syracuse, Troy, Utica, Watertown, White Plains, Yonkers and all other NY cities. Also see Restaurant Insurance Pennsylvania, Restaurant Insurance New Jersey, Restaurant Insurance Delaware