CSIS Insurance Services, Inc. Blog
Since the pandemic, small restaurant owners have realized that they are vulnerable to significant business disruption with COVID-19. The restaurant sector is among the industries that took a nasty hit from the health crisis. Lockdown measures and social distancing protocols have dramatically reduced their income. Some of them barely earn a profit that can support their business operation in the long-term.
For example, most local dining businesses in college towns are struggling to keep their business afloat. They are highly dependent on students for their income. With most schools switching to online classes, their primary customers are gone on school campuses. As a result, some business owners confessed that their earnings are inadequate to cover workers' wages and operating costs.
Business Owners Policies Is Now A Necessity
Nowadays, small restaurant owners are searching for ways to keep their businesses running. Most of them are seeing the importance of insuring their companies with business owners’ policies.
Business owners’ policies are usually bundling insurance coverages that are tailored to fit the needs of a small to medium-sized enterprise. It combines at least two policies into a single policy to protect a business. Restaurant owners will find it so convenient to have two policy coverages while paying for only one policy. In most cases, business owners’ policies are cheaper compared to paying the two policies separately.
Types Of Business Owners Policies
Commercial property insurance. It is a policy that provides financial coverage to your business property, whether you own it or leasing it. It also covers business equipment, tools, furniture, and buildings. If a fire damaged the building or someone stole your business equipment, the policy can cover the expenses in repairing the damages or replacing the stolen item. Small restaurant owners need this policy since the restaurant building and business has the inventory to protect.
General liability insurance. The policy provides financial coverage for claims that your restaurant caused a bodily injury or damaged property. For example, a customer slipped due to a wet floor and got injured. Your policy can cover the medical expenses for treating the customer. It can also pay the cost of your legal defense and the settlement from the lawsuit.
Like any other small business, restaurants are vulnerable to liability and property risks that might imperil your finances. Business owners’ policies are the best option that small restaurants can obtain for risk protection. It is specially crafted for small businesses that are operating on a limited budget.
At CSIS Insurance Services, Inc., we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays and we're here to help you out. Learn more about our products and services by calling our agency at (888) 501-2747. You can also request a free quote by CLICKING HERE.
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