Why are exclusions important when you buy restaurant insurance?
3 Things Restaurant Owners Need to Know About Insurance Exclusions
1. Make sure you know what exclusions are in your insurance policy, and make sure they do not affect your business.
2. General liability policies often exclude assault and battery coverage, which is important for certain operations
3. Know your risks and make sure the policy you have covers them.
All general liability insurance policies are not the same. You must look at your policy in detail and not just at the price. They all have exclusions, so you want to make sure those exclusions do not affect your type of business.
In the restaurant industry, general liability policies often have exclusions, such as those for assault and battery.
If coverage you are offered has a low premium, make sure that you have that coverage. That could be a big difference in price when comparing one general liability policy to another. Not having that coverage can be potentially costly. If you are a family restaurant that is not open late at night, that may not be a big concern. If you are a nightclub open late hours with high liquor to food sales, then that assault and battery coverage is something you want to maintain. If you are hiring security staff, you want to make sure you have a reputable security company that has their own insurance coverage.
Many carriers now also have firearms exclusions.
The chances of an incident are slim, but you don’t want something happening that can end your business because you didn’t have the right coverage. It is important to know what is and is not covered by your insurance.
If you want to make sure your insurance doesn’t have potentially costly coverage gaps, give us a call and we would be happy to evaluate your restaurant. Click Here to schedule a meeting directly.