Insurance During Stormy Weather

As the stormy season approaches, it’s crucial to prepare for any potential damage that could occur to your home or property. One way to protect yourself financially is by having complete insurance coverage on all your assets. Insurance can provide peace of mind and financial security in case of any unforeseen events.

What Type of Insurance Should I Get?

When selecting an insurance policy, it’s important to consider the specific risks associated with stormy weather in your area. For example, if you live in a coastal region, you may want to opt for a policy that includes coverage for hurricane or flood damage. A standard homeowner’s insurance policy may not cover these types of events. Here in Kentucky and Tennessee, we are not as worried about hurricane damage, but can be concerned with many other types of weather catastrophes.

During the stormy season, it’s important to ensure that your home insurance policy provides adequate coverage for any potential damage caused by severe weather. This can include coverage for wind damage, hail damage, and lightning strikes. It’s also important to review your policy to make sure you have enough coverage for personal property and additional living expenses in case you need to temporarily relocate due to storm damage. Keep in mind that some policies may have exclusions or limitations on coverage for certain types of storm-related damage, so it’s essential to read the fine print and ask your insurance provider any questions you may have.

Reviewing Your Policy

It’s also important to consider the coverage limits of your insurance policy. A standard policy may not cover all costs associated with repairing or replacing damaged items. It’s essential to make sure that you are adequately covered by reviewing your policy and increasing coverage limits if necessary. Additionally, it may be smart to purchase additional insurance riders for specific items that may need more protection, such as expensive jewelry or artwork.

Another consideration is the deductible amount on your policy. A higher deductible may lower your monthly premium but could result in higher out-of-pocket costs in case of a claim. Consider what you can afford to pay out-of-pocket before selecting a deductible amount. Sometimes storms can do just enough damage to where it may not be in your best financial interest to submit an insurance claim, but rather pay out of pocket for your repair.

It’s also important to review your policy periodically to ensure that it still provides adequate coverage. As your home and possessions change over time, so do your insurance needs. Take inventory of your belongings and make sure they’re covered under your policy.

Be Prepared

In addition to reviewing and updating your insurance policy, there are steps you can take to prepare for stormy weather and minimize damage. Clearing gutters and drains can prevent water damage from heavy rain, while trimming trees near your home can prevent them from falling during high winds.

It’s also important to have an emergency plan in place in case of an evacuation or power outage. Make sure everyone in your household knows where to go and what supplies they’ll need if they have to leave their home quickly.

Although no one wants to think about the possibility of damage caused by storms or severe weather conditions, being prepared with adequate insurance coverage and an emergency plan can help ease the burden if disaster strikes. Don’t wait until it’s too late – start reviewing your insurance policy today and take steps to protect yourself and your property this stormy season.

Is the Insurance Industry Becoming Automated?

Recently, Accenture.com wrote an article about the projections for the insurance industry for 2023.  One of those predictions was the possibility of an increase in automation.  Is it good?  Beneficial?  What potential hazards exist?  Is my agent automating my data and policies?  Is underwriting becoming automated?

Advantages to automation?

As technology continues to advance, the insurance industry is not immune to change. In fact, automating the insurance agency has become a necessity for many companies in order to stay competitive and improve their bottom line.

One of the biggest benefits of automating an insurance agency is the ability to streamline processes. This can be achieved through implementing software that can handle tasks such as policy renewals, claims processing, and underwriting. By reducing the time it takes to complete these tasks manually, agencies can increase efficiency and reduce costs associated with labor.

In addition to streamlining processes, automation can also help agencies make more informed decisions. Through data analytics and machine learning algorithms, agencies can gain insights into customer behavior and risk factors that were previously difficult or impossible to identify. This information can be used to personalize policies and pricing for customers while also reducing overall risk exposure for the agency.

Another benefit of automation is improved customer service. With automated chatbots and virtual assistants, customers can get quick answers to their questions without having to wait on hold or speak with a representative. Additionally, automated systems can send reminders for policy renewals or provide updates on claim status in real-time.

HOWEVER….

WE ARE NOT DOING THIS TO YOU!

You are a valued customer of London Insurance Agency and the Insurance Service Center of Corbin. We respect our customer’s privacy and relationship throughout the great states of Kentucky and Tennessee. From our personal customers to our business customers, our group of agents and support staff are TRAINED to develop the best policies for your protection and find the best pricing for you. We. Value. You.

In Summary

Overall, automating an insurance agency has numerous benefits that far outweigh any potential challenges. By streamlining processes, improving decision-making capabilities, enhancing customer service, and providing better data security measures, we can make our processes more efficient and limit human error, but our focus is still on you, your protection, and your dollar.

How to Insure a Manufactured Home

Shopping for Manufactured Home Insurance

When shopping for manufactured home insurance, there are a few key things to consider. First, it is important to understand the different types of coverage available. Common types of coverage include property damage, liability, and personal property coverage. It is also important to consider the location of the manufactured home, as this can affect the cost of coverage. Finally, it is important to compare quotes from multiple insurance companies to ensure you are getting the best value for your money. London Insurance Agency and the Insurance Service Center of Corbin help to find the best rates from multiple companies so that you have options.

Factors that affect the cost of manufactured home insurance

The cost of manufactured home insurance can vary depending on several factors. One of the most significant factors is the location of the home. If the manufactured home is located in an area prone to natural disasters or high crime rates, it may be more expensive to insure. Additionally, the age and condition of the home can also impact the cost of coverage. A newer, well-maintained home may be less expensive to insure than an older, poorly maintained one. Lastly, the level of coverage selected by homeowners will also impact the overall cost of their policy. Homeowners who opt for higher levels of coverage will generally pay more in premiums than those who choose lower levels of coverage.

Common exclusions in manufactured home insurance policies to be aware of

While manufactured home insurance can provide valuable protection, it’s important to understand what is not covered under a standard policy. Some common exclusions to be aware of include:

  • Flood damage: Most standard manufactured home insurance policies do not cover damage caused by floods. Homeowners who live in areas prone to flooding may need to purchase additional flood insurance to ensure they are fully protected.
  • Earthquake damage: Similarly, most standard policies exclude coverage for earthquake damage. Homeowners who live in areas with a high risk of earthquakes may need to purchase separate earthquake insurance.
  • Wear and tear: Manufactured homes naturally experience wear and tear over time. However, this type of damage is typically not covered by insurance policies.
  • Neglect: If a homeowner fails to properly maintain their manufactured home, any resulting damage may not be covered by their insurance policy.

It’s important for homeowners to carefully review their policy and speak with their insurance agent about any potential exclusions or limitations. By understanding what is and isn’t covered, homeowners can better protect their investment and avoid unexpected expenses down the road.

Tips for finding affordable manufactured home insurance rates

While manufactured home insurance is important, it can also be expensive. Here are some tips to help you find affordable rates:

  1. Shop around: One of the best ways to find affordable manufactured home insurance rates is to shop around and compare quotes from multiple insurance companies. This will give you a better idea of what coverage options are available and how much they cost. Our agents get quotes from multiple companies so that you can make the best option.
  2. Increase your deductible: Increasing your deductible can help lower your monthly premiums. Just make sure you choose a deductible that you can afford to pay out of pocket if needed.
  3. Bundle policies: If you have other types of insurance, such as auto or life insurance, consider bundling them with your manufactured home insurance policy. Many insurance companies offer discounts for customers who bundle their policies.
  4. Improve your home’s safety features: Installing safety features like smoke detectors, deadbolts, and security systems may help lower your premiums.
  5. Maintain good credit: Insurance companies often use credit scores to determine rates. Maintaining good credit can help ensure that you qualify for the best possible rates.

By following these tips, homeowners can find affordable manufactured home insurance rates without sacrificing coverage or quality of service.

The Benefits of Farm Insurance in Tennessee

Farm Insurance Benefits

Farm insurance in Tennessee offers a variety of benefits for farmers (It does in Kentucky too). Some of these include:

  • Coverage for agricultural property, including buildings, machinery, livestock, and crops
  • Protection against financial losses due to natural disasters, such as floods, fires, and storms
  • Coverage for liability claims, including personal injury and property damage
  • Coverage for business interruption, including lost income due to natural disasters or other causes
  • Flexible coverage options, including additional riders and endorsements to customize your policy to fit your needs

Farm insurance also provides coverage for losses resulting from theft or vandalism, as well as liability coverage for accidents that occur on the farm. In addition, policyholders may be eligible for discounts on premiums when they take preventative measures to protect their property, such as installing security systems or fencing. Furthermore, farm insurance policies typically include flexible payment options to make it easier for farmers to manage their finances.

Farm insurance also provides coverage for losses resulting from accidental damage or destruction caused by outside sources, such as a fallen tree or an animal. In addition, policyholders may be eligible for additional discounts if they take steps to reduce their risk, such as implementing safety protocols or upgrading their equipment. Finally, many farm insurance policies offer flexible payment options, including installment plans and payment plans tailored to the individual farmer’s needs.

For a quick video explanation of how farm insurance could help you, click here.

The Importance of Working with an Experienced Agent

Choosing the right farm insurance policy can be a daunting task, especially if you’re not familiar with the technical jargon or legal requirements. That’s why it’s important to work with an experienced agent who understands the unique needs of farmers and can help you choose the right coverage options for your operation.

An experienced agent can provide valuable insights into the specific risks associated with farming in Tennessee, such as weather-related damages, equipment breakdowns, and liability claims. They can also help you identify any gaps in your current coverage and recommend additional riders or endorsements to ensure that your policy meets your individual needs.

Furthermore, an experienced agent at one of our locations can guide you through the claims process and help you navigate any legal or regulatory issues that may arise. This can save you time and money in the long run, as well as provide peace of mind knowing that you have someone on your side who is looking out for your best interests.

Overall, working with an experienced agent is a smart investment for any farmer looking to protect their property, equipment, and livelihood. By taking advantage of their expertise and guidance, you can rest assured that you have the right coverage in place to safeguard against unexpected events and keep your operation running smoothly.

The Role of Deductibles in Farm Insurance Policies

Deductibles are an important aspect of farm insurance policies that can have a significant impact on your premiums and out-of-pocket expenses in the event of a claim. A deductible is the amount you agree to pay out of pocket before your insurance coverage kicks in.

Typically, higher deductibles result in lower premiums, while lower deductibles result in higher premiums. Farmers who are willing and able to assume more financial risk may opt for a higher deductible to save money on their premium costs.

However, it’s important to carefully consider your financial situation and ability to pay out-of-pocket expenses when choosing a deductible level. While a higher deductible may save money on premiums, it also means that you will be responsible for covering a larger portion of repair or replacement costs if something happens.

Conversely, opting for a lower deductible will result in higher premium costs but also means you’ll have less out-of-pocket expenses if you need to make a claim. The key is finding the right balance between premium costs and potential out-of-pocket expenses that works for your farm operation and budget.

When choosing a deductible level, it’s important to keep in mind the specific risks associated with farming in Tennessee. For example, farmers near flood-prone areas may want to consider a lower deductible for flood damage coverage since floods can cause extensive and expensive damages quickly.

Ultimately, the choice of whether to go with a high or low deductible depends on individual circumstances such as your budget, risk tolerance, and specific needs. The agents at London Insurance Agency and the Insurance Service Center of Corbin can help guide you through this decision-making process and ensure that you have the right coverage options at the best possible rate for your farm operation.

What is Covered by Full Coverage Auto Insurance

What is Covered by Full Coverage Auto Insurance?

Full coverage auto insurance is an insurance policy that provides the policyholder with more comprehensive coverage than a standard liability policy. This type of policy usually includes liability coverage for bodily injury and property damage, as well as coverage for medical payments, uninsured/underinsured motorist coverage, and collision and comprehensive coverage.

Liability coverage pays for damages to another person or property that you are legally responsible for. This type of coverage is typically required by law in most states. Medical payments coverage pays for medical expenses for you and your passengers if you are involved in an accident. Uninsured/underinsured motorist coverage pays for damages to you and your vehicle if you are involved in an accident with a driver who does not have insurance or does not have enough insurance to cover the damages.

Collision coverage pays for damages to your vehicle if you are involved in an accident with another vehicle or object. Comprehensive coverage pays for damages to your vehicle caused by events other than a collision, such as theft, fire, or vandalism.

Full coverage auto insurance provides the policyholder with the most comprehensive coverage available. It is important to understand the coverage provided by your policy and to make sure that you have the coverage that is right for you. If you’re thinking that it might be okay to drive without insurance all together, well… this article suggests that it’s not a great idea.  Our agents will explain your policy in detail and help you understand. Just ask!

Factors that Affect Full Coverage Auto Insurance Rates

Auto insurance rates can vary widely depending on a number of factors. When it comes to full coverage auto insurance, there are several factors that insurers take into consideration when calculating rates. Here are some of the most common factors:

  • Driving record: Your driving record is one of the most important factors that insurers look at when determining your auto insurance rates. If you have a history of accidents or traffic violations, you may be considered a higher risk and may pay more for coverage.
  • Age and gender: Younger drivers and male drivers tend to pay more for auto insurance than older drivers and female drivers. This is because younger and male drivers are statistically more likely to be involved in accidents.
  • Location: Where you live can also affect your auto insurance rates. If you live in an area with high crime rates or lots of traffic congestion, you may pay more for coverage.
  • Type of vehicle: The type of vehicle you drive can also affect your auto insurance rates. Cars that are expensive to repair or replace, or that have high theft rates, will typically cost more to insure.
  • Credit score: In many states, insurers are allowed to use your credit score as a factor when determining your auto insurance rates. Drivers with poor credit scores may pay more for coverage than those with good credit scores.

It’s important to keep in mind that not all insurers will weigh these factors equally, so it’s always a good idea to shop around and compare quotes from multiple providers before choosing a policy.  For more ideas on how to keep your premium low, check out this article.

Alternatives to Full Coverage Auto Insurance

While full coverage auto insurance provides the most comprehensive coverage, it can also be expensive. For drivers who are looking for a more affordable option, there are several alternatives to consider:

  • Liability only coverage: Liability-only coverage is the minimum amount of insurance required by law in most states. This type of policy only covers damages that you are legally responsible for in an accident. While liability-only coverage is less expensive than full coverage, it also provides less protection.
  • Collision coverage only: If you have an older vehicle that is not worth much, you may want to consider dropping comprehensive coverage and keeping only collision coverage. Collision coverage will pay for damages to your vehicle if you are involved in an accident with another vehicle or object.
  • Usage-based insurance: Usage-based insurance is a newer type of auto insurance that uses telematics technology to track your driving habits. Your rates are based on how much you drive, how fast you drive, and other factors. Drivers who have good driving habits can save money with usage-based insurance.
  • Higher deductibles: Another way to lower your auto insurance rates is to choose a higher deductible. A deductible is the amount that you have to pay out of pocket before your insurance kicks in. Choosing a higher deductible can lower your monthly premiums but also means that you will have to pay more out of pocket if you get into an accident.

It’s important to remember that while these alternatives may be less expensive than full coverage auto insurance, they also provide less protection. Before making any changes to your policy, make sure you understand the risks involved and choose the option that best fits your needs and budget. At Insurance Service Center of Corbin and London Insurance Agency, we always recommend full coverage automobile policies. If you have any questions, please feel free to reach out or come visit.

someone's knee in a brace for physical therapy

The Benefits of Workers’ Compensation Insurance for Kentucky Business Owners

As a business owner in Kentucky, you are required by law to carry workers’ compensation insurance. This may seem like just another pesky expense associated with doing business, but it actually provides some real benefits. But that’s not the only reason you should have it. Peace of mind and employee well-being are some other valuable benefits that this type of insurance can provide.

What is workers’ compensation insurance?

Workers’ compensation insurance, also known as workman’s compensation or workers’ comp insurance, provides medical benefits, wage replacement, and vocational rehabilitation to employees who are injured or become ill while at work. It also pays death benefits to the families of employees who are killed on the job.

Life and business can be unpredictable. Workers’ compensation insurance is there to protect you in those unpredictable moments.

Benefits of workers’ compensation insurance

While Kentucky and many other states require this type of insurance, it provides benefits beyond simple compliance. Aside from the legal and financial aspects, this type of insurance has some intangible benefits as well. These benefits include peace of mind for you and overall well-being for your employees.

Peace of mind

Having workers’ compensation insurance for your business can provide you with peace of mind in a way few other things can. We know that as a business owner, your employees are important to you. You are likely invested in your employees and you want what’s best for them.

Unfortunately, this can create a lot of stress for you. It’s easy to worry and become anxious over what would happen to them if a workplace accident occurred. Worst-case scenarios may begin to swarm your mind. But workers’ compensation insurance is an antidote to this! With workers’ comp insurance in place, you can feel confident that should an accident occur, your employees will be taken care of.

Employee well-being

When you have workers’ compensation insurance, you are providing a safety net for your employees in case of an accident or injury. This peace of mind can lead to a more relaxed and productive work environment. Employees who know that they are taken care of in the event of an accident will be less likely to worry or be stressed out. This can lead to improved morale and a happier workforce.

In addition, workers’ compensation insurance can help with the rehabilitation process if an employee becomes injured or ill as a result of their job. This can include things like physical therapy, counseling, and job retraining. By providing these services, workers’ compensation insurance can help employees get back on their feet after an accident and return to work as soon as possible.

Get a customized workers’ comp insurance package

London Insurance Agency & Insurance Service Center of Corbin can offer many different programs for different industries in Kentucky. This allows us to create a customized package that fits your specific needs in your industry. We take a proactive approach to our clients’ workers’ compensation challenges. We will work to reduce your insurance costs, thereby saving you money this year and in the years to come.

3 Benefits of Builder’s Risk Insurance

If you are a builder, contractor, or developer, then you know that there are many risks associated with your work. One way to protect yourself and your business from these risks is by purchasing builder’s risk insurance. This type of insurance can provide you with peace of mind knowing that you are covered in the event of a loss. In this blog post, we will discuss three benefits of builder’s risk insurance.

Your equipment is protected

One of the main benefits of builder’s risk insurance is that it can protect your tools and equipment. If your equipment is lost, stolen, or damaged, builder’s risk insurance can help to cover the cost of repairs or replacements. This can be a huge financial relief, especially if you have expensive tools and equipment.

If you’re in this business, you’ve most likely invested a lot of money in the tools you need to get the job done right the first time. Oftentimes, you’ll have no choice but to leave some of your equipment unattended at a job site. This can be a huge liability for you if you aren’t properly insured.

The new build is protected

Another benefit of builder’s risk insurance is that it can protect your new build. If there is damage to the property during construction, builder’s risk insurance can help to cover the cost of repairs. This type of insurance can also provide coverage if the project is delayed due to weather or other unforeseen events.

Builder’s risk insurance can give you peace of mind knowing that your investment is protected. You’ve worked hard to get to this point and you don’t want anything to set you back. This type of insurance can help make sure that your project stays on track and on budget.

The specifics of what’s covered on your new build depend on your policy. However, most policies should include coverage for property damage, theft, natural disasters, man-made disasters, and soft costs. Below is a list with examples of each of these.

  • Property damage- this is coverage for construction materials like scaffolding or fencing that are used on the project.
  • Theft- this is coverage in case someone steals building materials like lumber or copper wire.
  • Natural disasters- this covers your new build in the case of something like a bad rainstorm or a tornado.
  • Man-made disasters- coverage for a man-made disaster includes things like destructive vandalism or an explosion during construction.
  • Soft costs- this covers additional costs that could come from the building project being delayed. Rental income is one potential example

Remodeling projects are protected

Did you know that your client’s home insurance doesn’t cover remodeling projects? This means that if there is damage to the property during the remodel, you or your client could be left with a huge bill. Builder’s risk insurance can help to protect you from this type of financial loss.

Builder’s risk insurance offers can offer coverage for a remodeling project the same way it does for a new build.

What isn’t covered by builder’s risk insurance?

Builder’s risk insurance is intended for large construction projects. Small jobs typically wouldn’t require the same type of coverage as the projects that this insurance is designed to cover.

Additionally, any incident that is specifically excluded from your policy isn’t covered by builder’s risk insurance. This may seem obvious, but it’s important that you have a strong understanding of your policy so that you don’t get blindsided by unexpected expenses.

Builder’s risk insurance through London Insurance Agency

At London Insurance Agency, we’re you’re local guides for all things insurance. If you’re looking for builder’s risk insurance to cover your projects, give us a call today!

(606) 864-5152

We’d be happy to walk you through the entire process.

Errors and Omissions – What it Means for Your Small Business in 2022

Does your business provide professional advice and service? If yes, then errors and omissions insurance is still as important as ever. 

 

What is errors and omissions insurance? Simply put, it’s professional liability insurance that aims to protect the business against client claims. Otherwise called E&O insurance, this policy covers the legal and settlement costs for lawsuits related to your business services. 

What does it cover?      

Mistakes happen in businesses, no matter what industry you’re in. Because mistakes happen, getting the right insurance service to protect you from them is crucial. E&O insurance also covers misrepresentation, negligence, inaccurate advice, and violation of good faith/fair service. 

 

While all states don’t necessarily require businesses to get errors and omissions insurance, it’s still an excellent way to ensure that you’re not paying claims from your pocket. If the claim is proven true, the insurance company will pay the settlement and other covered costs for you. 

It doesn’t only protect you financially, but it protects your employees too. Lawsuits can ruin your business. There’s the cost of court fees, the time wasted, and the potential loss of reputation that you have built for years. 

What it does not cover?

Things not covered by errors and omissions insurance are the following: 

 

  • Patents and trade secrets 
  • Work-related illnesses and injuries 
  • Illegal acts
  • Data leaks
  • Employment practices 
  • Discrimination/harassment claims from employees 

 

With errors and omissions insurance, the coverage should be in place before the claim is made in order for your insurance company to cover the cost. If the coverage lapses, your business will no longer be protected. 

Cost of Errors and Ommissions Insurance

The cost varies depending on your chosen provider. Some insurance policies start from $250 annually. The cost can increase based on your business situation and the number of your employees. The higher the risk and the more employees you have, the bigger your annual cost will be. Other factors that impact the annual cost are your type of business, location, and claims history. Small business owners usually pay between $500 to $1,000 annually for their errors and omissions insurance policy. 

 

There are ways to save money on your E&O insurance policy. You can pay for your entire premium yearly instead of paying for it on a monthly billing cycle. Some insurers provide discounts to businesses that pay an annual premium. It’s also important to ensure that your policy is active when the claim is filed and the mistake supposedly happened. 

London Insurance Agency | Insurance Provider in London, Kentucky 

London Insurance Agency is an insurance provider that aims to protect your business against professional negligence claims. The cases can last for years and the cost of damages can impact your business for the worse. With us, you are in good hands. We will evaluate your insurance protection and ensure that you have the right policy at the right price.

 

Call us for a free quote or a review of your policy today. 

Types of Surety Bonds for Your Small Business

The surety bond acts as a safety net for your clients. It means that they’re reimbursed should you fail to deliver. But does it benefit you too? 

 

Oftentimes, clients require surety bonds to reassure them of reimbursement in case something happens later on such as failure to complete the project, failure to follow regulations or failure to follow the terms stipulated in the contract. It may be difficult for you to pick which kind of bond you need for your business. 

Why get surety bonds?

The bond does not protect the business, rather it protects your clients. It’s an assurance that the business will do the job. For businesses, the bond is how they’re able to show that they are held accountable and reliable for their actions. When clients are looking for businesses to partner with, they will likely choose a business with surety bonds. It gives them peace of mind knowing that they won’t lose money. 

 

While it’s not required, your bond serves as an edge over your competition. It shows that you are reputable, responsible, and trustworthy. These are factors that help clients decide on which businesses they want to work with. 

Types of surety bonds

To date, there are over 20,000 kinds of surety bonds. You don’t need all of them to help your business but there are common surety bonds that most small and large businesses get to protect their customers. 

 

Contract Bond

A contract bond is a guarantee that all the terms of the contract are fulfilled. If the terms aren’t met, the contract owner can claim the bond to recover from financial loss. Contract bonds are typically required by government agencies for construction projects. The total cost of the bond depends on the contract amount. It’s always somewhere between 1% to 3% of the total contract. 

 

Commercial Surety Bond

This bond protects the client or consumers from fraud and misinterpretation. Commercial surety bonds usually cost somewhere between 0.5% to 3% of the bond obligation. Most private owners use commercial surety bonds for contractual obligations. 

 

License and Permit Bond

License and permit bonds provide customers with a safety net when businesses fail to comply with the laws of the land. All the states require businesses to have a bond and a license from their local authority. The bond acts as proof of legitimacy, trustworthiness, and that the business complies with the codes required by the local government. It’s a necessary part of any business as people choose to work or partner with licensed parties. 

 

Are you looking for the best bond insurance for your business? Look no further. The London Insurance Agency & Insurance Service Center provides you with the right solutions. We specialize in several types of bonds for small and large businesses including contract bonds, subdivision bonds, commercial surety bonds, license and permit bonds, and court bonds. Call us today with your questions and we’ll get back to you in no time. You can also email us and get connected. 

What Kind of Insurance Does Your Restaurant Need? 

Protect your restaurant with the right insurance coverage. Here are three kinds of insurance coverage to consider for your restaurant business. 

 

Insurance may not be a great happy-hour subject to talk about but it is a necessary topic that you need to put some thought into. Insurance isn’t only to protect yourself, your home, or your vehicles. It can also protect your businesses and other assets. For business owners like you, it’s critical to put a safety net to ensure that whatever happens, you and your business will be protected against accidents and other unexpected issues. 

 

All kinds of insurance policies aim to protect their policyholder but they are not all the same. You need to purchase the one that best minimizes risks and protects your restaurant from financial loss. So, which policy is the best one for your business? Here’s a list of restaurant insurance options to consider. 

3 Types of Restaurant Insurance

A quick online search will give you lots of options but the search results may be overwhelming for you. Don’t fret. We compiled the most important ones for your consideration.

General Liability Insurance

This coverage protects you against lawsuits caused by incidents such as bodily injuries or property damages. Without this coverage, you may need to pay for damages with your personal money. Other things covered by general liability are: 

 

  • Medical costs if customer/s are hurt while inside your establishment
  • Damages on rented properties caused by fire or explosion
  • Reputational damage caused by malicious word of mouth, slander, wrongful eviction, and violation of privacy 
  • Legal fees for defending your business against lawsuits and claims
  • Settlements for customers or clients’ lawsuits

Workers Compensation Insurance

Simply put, this coverage is for your employees. If your employee is injured while at work, the insurance will pay for medical and rehabilitation costs. This also pays for the employee’s salary if he/she needs some recovery time or death benefits. 

Commercial Property Insurance

This is most important for restaurant owners who only rent a space for their business. This coverage protects the building, tools, inventory, furniture, and more. You don’t need to finance the building repairs and replacements in case of damages from fire and explosions. On top of that, it also helps you in case of business interruption or loss of income. 

 

Are you planning to get restaurant insurance for your business? The London Insurance Agency is here to help. We have professional insurance agents who are here for you. They can walk you through the process and answer any of your queries. We offer property insurance, crime/employee dishonesty, general liability, liquor liability, and employee benefits liability.

 

Paying an insurance premium is well worth the long-term protection it provides. We’ll help you find the coverage that best meets the specific needs of your business.

 

 Give us a call today and let us help you find the right coverage.