Insurance can be especially tricky. This is especially true when it comes to business insurance. Oftentimes things are phased in a way that only professionals can understand. The industry uses terms and phrases that the average individual might have a hard time interrupting. Not only this, but there are so many risks and policies available with catering insurance that it makes the whole situation even all that more confusing. Regardless, catering business insurance is pertinent. Without you are not only putting you and your business at risk, but you’re putting your family’s financial future at risk. Is this something you are willing to do?
Why Bundling And Getting Multiple Quotes Makes Sense
Before you start learning about the wide world of catering insurance and all the policies available, you need to understand that food business insurance is a must. Not only because it will protect the financial future of your family, but because it’ll likely be required by law in Canada. That’s right, if you want to legally offer food and beverage services in Canada, you’ll need certain policies in place. Regardless, you’d want these policies anyways because they can protect you in a variety of unique ways. More on that later, but what you need to know now is that these policies are expensive.
This is why bundling and multiple quotes make sense. First off, when you bundle policies together with the same provider, you do not only get enhanced protection, but you’ll likely get lower rates. Bundling multiple policies with providers like ProfessionalsCoverage will over you lower rates as well as enhanced protection. Secondly, getting multiple quotes help you find and obtain the best rates. Each provider out there in Canada will offer different prices for the same type and amount of coverage.
The reason for this is because different providers base their rates on different factors. Nonetheless, getting more quotes will help you save money. That being said, just remember that the cheapest option isn’t always the best option. It might even mean less protection.
Understanding The Types Of Policies You Need
Safeguarding your business starts with understanding the unique risks and threats that you are exposed to on a daily basis. Unfortunately, there are so many and they can be so random that this is nearly entirely impossible. That is unless of course, you are working with an insurance provider that truly understands your industry. Someone that is familiar with all the risks and threats you’re exposed to. ProfessionalsCoverage is one of those providers and they’ll help you put together an entire insurance package that’ll protect you in just about any situation.
While quality providers like this will help you build comprehensive packages, it is still important to understand the types of policies available to you and how they can protect you.
A Compilation Of General Liability And Business Owner’s Insurance
Usually, right at the heart of most comprehensive insurance packages are the general liability and business owner’s policy insurance. Regardless of the industry that you are in, most providers will suggest getting these policies. This is because they are not only basic, but they protect ever business against real hypothetical situations. To start out, they protect you against customer injuries, damaged customer property, libel and slander, damaged business property, and business interruptions.
All that being said, it is true that there are some of these situations and threats that you might likely never experience, but it truly never hurts to be prepared. That aside, what you need to know about these policies is that they’ll not only cover the medical-related expenses with the incidents, but they’ll cover and court-related costs. For instance, if you or an employee accidentally burns a customer with hot coffee, the policy will pay if the customer wants to sue.
The policy will pay for your lawyer, the court fees, your lawyer’s fees, and all or part of the settlement. You can clearly see how pertinent these policies are to any Canadian business.
Workers’ Compensation Insurance
It’d be nearly impossible to run a successful catering business without help. You might be able to do some on your own, but it would almost be impossible to do it all. Even if you could, you wouldn’t be maximizing your true potential. If you want to earn the most money possible, you’ll need to take on help. There is nothing wrong with asking for help or getting help, but it does mean that you’ll be at even more risk now. Why? Because you’ll not only have to worry about your employees injuring customers and their property, but you have to worry about the employees themselves getting injured.
Isn’t it possible that an employee might slip and fall while serving? Just the wrong move and your employee could throw their back out. Whatever the situation, these instances put you at risk. Not only will the employee look to you for medical compensation, but they’ll likely look to you for lost wages as well. There are even some situations where employees sue over such events.
This is exactly where workers’ comp was designed to help. It’ll not only cover the medical-related expenses with such incidents, but it’ll cover the lost wages of the employee, as well as rehab costs. In fact, the policy is specifically designed to help get employees back at work.
Commercial Auto Insurance
Canadian caterers are always on the go. They spend very little time in the office. And, this is just one of the things that make the job exciting and different daily. However, it does also open you up to even more risks. Doesn’t it seem like everything opens you up to more risks? That’s because it does! Regardless, the road is a dangerous place. You’d be surprised at the number of vehicular accidents every year in Canada. Even the slightest on incidents could have major repercussions for your business.
You’ll have to worry about getting the vehicle repaired so you can get it back on the road and working. You’ll have to worry about the medical expenses of the injuries parties, you, your employees, and the opposing parties. You might have to worry about property damage. Whatever the situation, these are all events where commercial auto insurance will help out.
This policy will not only cover medical-related expenses, but it’ll cover property damage as well as court-related costs. It might even cover all of the settlement in the event that you or an employee are sued over the incident.
Liquor Liability Insurance
Liquor and alcohol are oftentimes involved with catering. People like a good, stiff drink with their food, and there is nothing wrong with this. The only problem is that it can sometimes lead to bad decisions. Someone might get drunk, get behind the wheel, and hit someone. Someone you serve alcohol to might get drunk, get in a fight, and deathly injure someone. Regardless, you might be surprised to hear it, but you can be sued over these events. As unfathomable as it might sound, it happens all the time. Luckily, there are also policies specifically designed to safeguard you in these situations. This policy is known as liquor liability insurance.
This policy will cover injuries caused by intoxicated patrons, property damage caused by intoxicated individuals, and the legal fees that might be associated with liquor liability lawsuits.
Factors That Determine Cost
While you are getting quotes, you’ll notice that each provider offers a different price for the same type of coverage. This is because each specific provider bases their rates on certain factors. Some might base their rates on the number of employees you have and the types of clients that you serve. Some providers might base their rates on the areas where you do business as well as the number of years you’ve been in business.
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Other Types of Food Business Insurance We Provide:
If your business is not mentioned below, have no worries. Our insurance markets can provide liability coverage for the majority of food related industries.