Restaurant 1

2 There are several different types of restaurant classifications, including: Family Style Fine Dining Fast Food Buffet

Restaurant 3 This industry segment has many unique risk exposures that need to be addressed. Some of the common exposures are: General Liability Property Auto Workers Compensation EPLI Business Income Liquor Liability Business Life Benefits

Restaurant 4 General Liability:Provides coverage for Bodily Injury or Property Damage to a third party How does it apply? Premises: Slips/Trips/Falls Products: Minor exposure Completed Operations: Food related illness/injury

Restaurant 5 Liquor Liability:Provides coverage for Bodily Injury or Property Damage for which you may become legally liable as a result of contributing to a person’s intoxication. How does it apply? Premises: Assault and Battery Employees: Can cover employees as well

Restaurant 6 Property: Provides coverage for fire, theft, water damage, weather, etc.. Special Restaurant Needs: SpoilageOff Premises Utility Improvements & BettermentsFood Contamination Fire Suppression System Recharge Computer & Network Systems

Restaurant 7 Auto: Provides coverage for Bodily Injury or Property Damage to a third party. Can also provide Property Damage coverage to your auto. How does it apply? BI to others: Pays for medical expenses PD to others: Pays for damage to property Comp & Coll: Pays for damage to your covered auto Hired/Non-owned:Pays for damage to autos you lease, hire, or borrow

Restaurant 8 Workers Compensation:Provides no fault coverage to employees for work related injuries or illnesses. Employees do not need to prove negligence on the part of the employer. How does it apply? Employees: Provides partial and periodic payments to workers with an emphasis on returning the employee to work

Restaurant 9 EPLI: Protects against exposures such as wrongful termination, discrimination, sexual harassment or suits alleging inequality in pay. How does it apply? Lawsuits by employees: Pays for defense costs and any judgment associated

Restaurant 10 Restaurant Business Income: Coverage that provides for loss of income while business operations are suspended after a covered loss. Extra Expense can also be added and will provide coverage for necessary expenses incurred during the period of restoration. How does it apply? Damage to property: Pays for relocating to temporary location in order to continue operations Net Income: Pays net income that would have been earned Normal Expenses: Pays expenses including payroll

Restaurant 11 Restaurant Cyber Liability: Provides coverage for Unauthorized Disclosure of Private Information, Regulatory Expenses, and Network Damage. How does it apply? Disclosure of information: Covers actions arising from the violation of any applicable privacy law, internal privacy policy, or security breach law Regulatory Expenses: Costs to notify others if there is a reason to believe a data breach has occurred Network Damage: Pays for damage to your network or ensuing damage or disruption to another’s network

Restaurant 12 Restaurant Business Life: A part of any Succession Plan should include Key Man Insurance. Provides coverage to compensate a business for financial loss that would arise from the death or incapacity of a member specified in the policy. How does it apply? Partnerships: Enables partnership interests to be purchased by existing partners Key Employee: Pays losses related to the extended period when a key person is unable to work

Restaurant 13 Restaurant Group Benefits: Coverage for Life, Health, Dental, Vision and supplemental insurance How does it apply? Employees: It is an investment in employees. Supports employee retention, satisfaction, and productivity. Employer: Can be used as a recruiting tool

Restaurant 14 Restaurant How you address these exposures depends largely on: Your tolerance for risk Safeguards you have in place Your attitude towards insurance Your budget

Restaurant 15 Restaurant There are three ways in which a business owner can address these risks. 1. Go Bare – This approach puts the business, the business owner and any employees at risk, due to lack of any plan to handle claims or lawsuits. 2. Self Insurance – A risk management method in which a calculated amount of money is set aside to compensate for the potential future loss. Not practical for most small to medium businesses. 3. Purchase Insurance – This is generally the best approach as you are transferring risk to the carrier. The cost to transfer risk is only a fraction of the coverage provided.

Restaurant 16 Restaurant For Restaurants there are two policy types typically used. Business Owner’s Policy (BOP) Commercial Package Policy (CPP) Designed for small to medium sized businesses Combines Property and GL into one policy Less than purchasing coverages individually Includes a variety of additional coverages

Restaurant 17 Restaurant Business Owner’s Policy (BOP) Designed for small to medium sized businesses Combines Property and GL into one policy Less than purchasing coverages individually Includes a variety of additional coverages

Restaurant 18 Restaurant Commercial Package Policy (CPP) Designed for complicated medium sized and large accounts Combines Property and GL into one policy More flexible in the extent of coverage options available Allows for a more tailored approach to coverages

Restaurant 19 Restaurant As a business owner, what do you need to consider when purchasing insurance? Which coverages are required by contract. Which additional coverages do you need to purchase. What should your limits be. What company you should place your business with.

Restaurant 20 Restaurant One of the most important considerations is choosing an insurance agent. You will want to work with a professional and knowledgeable agent who knows your business. Your agent should be able to assist you with the previous considerations.

Restaurant 21 Restaurant Services your agent can provide should include: Comprehensive policy reviews A customized program to fit your business needs Assistance in designing and implementing risk management strategies. Comprehensive proposals from national carriers Excellent customer service Loss control services Claims assistance

Restaurant 22 Restaurant Questions?