Do you have the proper coverage to protect you from “new millennium” claims?
The new year is a perfect time to think about protecting one of your major assets – your business. In today’s world, claims other than the traditional fire, theft, and slip and falls are becoming commonplace.
Employment Practices Liability Insurance provides coverage for sexual harassment and discrimination claims, defense costs for wage and hour claims, and more. Cyber Liability Insurance protects against credit card fraud, identity theft, and many penalties/fines from credit card companies.
If you have an E. Coli outbreak, is your loss of income protected? What about a media campaign to help minimize negative press? Many owners do not realize that there is coverage available for situations like this that can happen to any size restaurant.
Prevention is always the best medicine, so verify that your food safety training and employee handbooks are up-to-date. Verify that you have a certified alcohol compliance training program in place as liquor liability claims are becoming more prevalent in today's litigious world.
Don't fall victim to automatically renewing your insurance policies without a thorough review. Policies are not all created equal and it is important to know both coverages and exclusions. Just because a policy is titled "Employment Practices Liability," for example, doesn't mean that it covers all risks mentioned above as many exclude defense costs for wage and hour claims.
Reach out to an experienced insurance professional who specializes in the restaurant industry to review your coverages. Your business may depend on it!
~Tony Davenport, Vice President /SE Region
Restaurant Programs of America
Contact your local RCS representative or call the RCS headquarters office at 800.537.9863 for help with your insurance, posters, and training.