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Combining workers’ compensation and business owners’ coverage can cover medical bills and lost wages. If you have employees, workers’ compensation is usually required by law. Another valuable coverage to optimize your plan is to include the damage to premises rented, and this advice goes for both small catering businesses and the big ones. Catering businesses simply must obtain property insurance because they deal with tons of pieces of equipment, inventory, furniture, and tools that are a vital part of their businesses. If a catering company loses all these tools in one night due to a fire, owners consequently bury their business. Product Liability covers businesses' signed products or any other products they are serving to customers.
The reviews below show the best catering insurance companies and their pros, cons, and cost for a $1 million general liability coverage. Chances are, you work with fire and hot surfaces in your daily business operations. With the right insurance for catering businesses, you can have peace of mind knowing your catering company is protected from fires, theft and other covered events. Your assets, such as your building, equipment, and inventory, also require protection. The commercial property insurance policy protects these assets against fire, storm, severe weather , theft, or vandalism.
On-Site vs. Off-Site Catering
Some companies want to know so much upfront and then they can’t even cover your business after you spent all that time on their forms. While you're making an event delicious, B2Z can give you the peace of mind of knowing your catering business is fully insured. Even if you can handle all the cooking on your own, who is going to serve it? Two or three people may be enough to keep a buffet well-stocked, but if you plan to do seated meals, you’ll need more staff to prevent slow service and cold food. To avoid reinventing the wheel for every event, you can opt to offer a set number of dishes that customers can pick from.
And if you plan to sell alcohol as part of your catering services, you’ll likely need a liquor license to stay in compliance. This is a vital part of your planning process and goes to the very heart of your home catering business. Catering services are generally split into two categories—on-site and off-site. With on-site catering, the food is cooked and completed at the event location, like a wedding venue or hotel. With off-site catering, food is cooked somewhere else and then brought to the event location. This is often the case with catered business lunches and private parties.
How much does Catering Insurance cost?
Insurance is so important to proper business function that both federal governments and state governments require companies to carry certain types. Thus, being properly insured also helps you protect your company by protecting it from government fines and penalties. The kitchen must be kept clean and grease free to prevent fire spread. Spoilage exposure is high as a small fire or a power outage of even moderate duration can cause all fresh and frozen goods to be condemned as unfit for consumption or sale.
The cost of this policy might vary depending on the state and the nature of your business. As such, catering insurance policies are specifically tailored to meet these special requirements that caterers may have. Here’s how much these policies cost, on average, coverage options, and everything else you need to know. Both equipment and employees move from one location to another, but without the specific off-premises coverage, they won't be covered in case of an accident.
How much does catering insurance cost?
Though if you have questions, CoverWallet’s live agents are easily reachable and will be more than happy to give buying tips. Restaurant kitchen equipment, inventory and dining room fixtures are common exposures for most eating and drinking places. Employees who serve alcohol should complete training courses in recognizing intoxication problems and dealing with customers.
Caterers can pay around $80 per month in commercial auto insurance or $950 annually. Most General Liability policies are also packaged with a Product Liability policy. As a food business, Product Liability is one of the most important lines of coverage as it protects your business if a customer gets sick from the food you are serving.
In other words, product liability covers any damage caused after using any products you provide. For instance, if you have a defective product on the table that might impact the lives of others, the insurance is bound to cover it. Another integral part of the catering business is products, food products, to be precise.
A good catering business insurance policy is one that includes general liability insurance and professional liability coverage. General liability coverage protects catering companies from bearing the costs related to third-party bodily injury and property damage caused by their work. Professional liability coverage protects you from claims of professional negligence or errors, such as failing to properly train your staff on how to safely serve guests. General liability insurance is the second most popular business insurance policy. It protects catering businesses from third party’s claims of personal injury and property damage caused by the catering business operations. General liability insurance is a versatile policy that can be customized for businesses in different industries.
This coverage is also the basic plan or starter pack that protects the business from general or any type of damage liabilities that a catering business may encounter. Commercial Auto - If use a car, van, truck, or any other vehicle for work-related reasons, you'll also need commercial auto insurance. From cutting and slicing to lifting and serving, we know there are many risks you face on a daily basis while running your catering company. To help protect your business and staff, you need the kind of catering insurance you can be confident will keep you covered.
The outcome of the incidents can be fatal to the business and, more importantly — life-threatening to the employees. For that reason, catering insurance is imperative for both small and big companies. For that reason, insurance companies include the off-premise coverage or the Travel Policy to incorporate into the basc insurance plan. However, property insurance users advise taking the additional coverage in case of a power outage that might affect your frozen products. From comprehensive workers comp for mid-market manufacturers to cyber liability for tech startups, whatever your business needs, we've got you covered.
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