Sandwich Shop Insurance
With the focus on healthier food in recent years, the sandwich shop industry is now worth about $22 billion. It’s still growing, with an expected growth increase of more than 2% per year for the next decade. This is good news if you are a part of this field, but if you want to stay competitive in this field, you need to make sure you have the right insurance to protect your business. Take a look at the coverage you can expect when you get sandwich shop insurance.
General Liability For Sandwich Shops
Owning a sandwich shop means you can expect to see a lot of customers every day. This might mean business is good, but it also means there is a higher chance of someone getting hurt while they are in your sandwich shop. When a customer slips on a wet floor or is injured in any other way at your place of business, you will be responsible for the medical treatment that may be necessary. That’s where your general liability coverage comes in, since it should pay for the medical bills.
It will also take care of any repairs that are necessary when someone’s property is somehow damaged as a result of your sandwich shop. For example, if a driver hits a pothole in your parking lot and damages his or her car, your liability coverage should pay for the repairs. It will also cover any legal defense bills you have if someone claims you have committed copyright infringement, slander, or libel.
Business Owners Policy(BOP)
A business owners policy, or BOP, is a combination of a few types of coverage that you might find helpful when you own a sandwich shop. For instance, a BOP will pay for sewer and drain backup, equipment breakdown, and forgery and alteration. You should also keep in mind that a BOP is the coverage you will want when your sandwich shop is damaged by a fire, vandalism, or any other problem, since it will pay for repairs. In addition, your BOP can pay to replace any items, including door and furnishings, that may be lost when your shop is damaged.
No matter how many workers you have in your sandwich shop, you need workers comp to be a component of your sandwich shop insurance policy. In fact, most states require this type of coverage as part of business insurance for any company that has employees. If your employees cut their finger with a knife or are hurt in any other way at work, workers comp will be helpful in paying for their medical bills. It will also pay for their lost wages if they have to take time off work.
Having general liability is important, but it doesn’t mean you will never have to put money toward a legal settlement. After all, some settlements are so costly that they exceed the limits of liability coverage. This is why excess liability is a good part of your business insurance policy, since it will pay for any extra costs that your regular liability policy cannot afford.