Regardless of how important your restaurant’s service is to you, your business can still suffer if someone files a claim against you. Like any business owner, you do have to keep liability in mind. Even when you think that you followed every regulation, you could still face claims.
Common Risks to Your Restaurant
There are several risks that you may face as a business owner. Customer accidents and employee accidents are a common risk that all owners have to prepare for. Property damage due to fire, vandalism and natural disasters can also devastate a restaurant financially.
Protections Against Restaurant Risks
To protect your business, you have to be aware of the risks. When you know the risks, you can prepare for them. For instance, if you’re worried about accidents on your property, then you need to make sure that the restaurant is clean at all times, that there aren’t obstructions and that the staff checks over the restaurant regularly for slipping hazards.
For instance, if you’re worried about a fire, make sure that the kitchen staff understands how to put out a fire if necessary. While insurance coverage cannot protect you against claims, it can help you defend your restaurant in case of a claim.
Owning a restaurant can be a rewarding experience. As the owner, you need to keep the common restaurant exposures in mind and how to protect yourself against them.
U.S. states are responsible for establishing workers’ compensation laws for businesses that operate within their jurisdictions. In Florida, there are separate requirements for businesses in construction, non-construction and agricultural trades, with the former being more restrictive. You should not assume that all construction businesses have workers comp coverage, however, since the Florida workers comp exemption allows certain employees to apply for an exemption.
Understanding Florida Workers Comp Requirements
Most businesses with four or more employees, members or officers that operate in the state of Florida are required to carry workers comp insurance, although there are slightly less restrictive provisions for agricultural businesses. Companies that are involved in construction must provide proof of coverage if they have one or more applicable employees. That includes corporate officers or LLC members.
How the Florida Workers Compensation Exemption Works
If a corporate officer or LLC member wishes to exclude themselves from workers comp coverage, they must file an application for exemption with the Division of Workers’ Compensation. An application does not guarantee an exemption will be granted. If it is granted, that person is no longer considered an employee and is not entitled to any potential benefits in the event of an accident or injury.
It is important that all businesses comply with applicable laws and requirements, including who should be included in workers’ comp coverage and who may apply for an exemption.
If you are a business owner looking for alternatives to standard insurance, you may consider captive insurance. This insurance is owned and managed by the entities it insures, giving you greater control when it comes to managing your own coverage.
A Tried and True Option
Owning your own insurance company may at first sound like a niche idea, but it’s relatively common practice. These companies can be established in over 30 states, and roughly 40% of all major American corporations use some form of captive insurance.
A Wide Range of Coverage
If your business has unique risks, or has difficulty finding insurance due to certain liabilities, an insurance captive might be the solution. They can help you cover these special liabilities in addition to providing all the same coverage as standard insurance, including things like auto coverage and workers’ compensation.
A Long List of Benefits
In addition to the reasons above, there are many other benefits associated with using an insurance captive. This type of insurance offers flexibility in coverage while still providing all services in one single, easy-to-control company. It can also lower your insurance costs.
Initially, setting up captive insurance may seem intimidating. However, this type of insurance is well-established in the United States and can provide many benefits for your company. Many businesses are turning to insurance captives for a wide variety of reasons, and your business could join them.
Whether you own one semi-truck or 100 of them, you need a truck insurance policy. Here are some of the most common types of coverages under commercial truck insurance, and the benefits of having them.
This policy offers broad protection from personal injuries or damage of property that might occur to customers at your place of business. It also protects you if you are ever accused of breach of contract.
Truck liability differs from general liability in that it is specific to accidents involving the truck. Because truck collisions have the potential to cause serious damage and injuries, this required policy is usually the most expensive.
Damage insurance protects the large investment you have made in your equipment. It can be a broad policy, or cover only certain situations where you are at greatest risk. The higher the deductible, the lower your monthly premium.
If you transport hazardous materials, protecting yourself from liability is extremely important. Because most liability policies exclude pollution, you may need a truckers pollution endorsement or even a separate policy to cover this risk.
With so many options available, there is no reason to skimp on coverage. Talk to your insurance agent about what combination of coverages is right for you.
The cannabis industry is very diverse, so there are a lot of individual insurance options that are only needed by specific businesses. For example, a transportation company specializing in delivery from the manufacturer to the retail dispensary will need commercial vehicle coverages that most retail operations just don’t have to carry. Similarly, growers and other manufacturers need specific agricultural and food manufacturing insurance options that they share with businesses that have similar operations in non-cannabis industries like snack foods. They do have some common coverage options they share, though.
Understanding the Needs of Cannabis Businesses
General liability and public liability policies look a little different for some cannabis businesses than they do for many other operations, in part because many businesses in this sector need additional coverage related to the industry’s access to financial resources and the risk of interference with the operation by federal officials or other sources. They also sometimes need additional coverage against crime and employee theft that are uncommon in related industries that work with less restricted substances. The best way to make sure you have the right mix of cannabis industry insurance options is to work with a provider who can build a custom policy around the needs of your company. That gives you exactly the right insurance, no matter what part of the cannabis industry you participate in.