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One area in the LGBT hospitality industry that you don’t want to skimp on is insurance. Insurance can protect you and your business against a variety of issues, from equipment failure to liability litigation. Depending on where your business is located, you will need certain types of insurance for your business. You must also have certain types of insurance to meet your bank loans and mortgage.
The most common types of bar and nightclub insurance are:
• Property Insurance – – Protects your property in case of fire or other events. Natural disasters such as floods or earthquakes may not be covered (see below for a policy that does).
• General Liability – This is the umbrella policy that protects you in the event someone slips and falls in your venue, falls ill after eating there (whether it was your fault or not). This is a must-have in today’s sometimes sue-happy world.
• Liquor Liability – Most states require every licensed establishment to carry a liquor liability as part of their insurance policy. It helps protect you if a customer has had too much to drink and is driving and injures themselves or someone else.
• Auto Liability – If you have a company car, this is a good insurance policy to have. It may be covered by your general liability, but always check with your insurance agent first.
• Workers Compensation – Protects you if an employee is injured at work. Most states require all employers to have some type of employees.
• Unemployment Insurance – Is for your employees who are no longer working for you until they find work.
• Life insurance – Depending on your mortgage and financing, you may need to get a hefty life insurance policy to satisfy your lender. It’s also a good idea to get life insurance just in case something happens to you and your family isn’t left with a restaurant they can’t manage and bills they can’t afford.
There is insurance for just about every object, action, or person out there. Here are some other types of insurance you can purchase for your restaurant. But keep in mind that these extras will cost you as much or more than whatever you insure.
• Business Loss Insurance – If you lose business due to a specific cause, this type of policy can recoup a portion of the income. Keep in mind that the premiums and deductible may break you even further depending on how much you lose.
• Food Contamination Insurance – If you lose power, due to fallen power lines or a storm, and spoil the entire contents of your walk-in and freezer, this policy would pay to replace the food.
• Specific peril insurance – This covers many natural disasters that general liability insurance does not cover. Events such as earthquakes, floods or power outages due to either can be covered under this insurance.
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