Hospitality Insurance in Ottawa
If you own or operate a hospitality business like a bar, inn, hotel, or cafe, in Ontario, it is a necessity to have the right insurance to protect your building and premises from many types of perils. It is especially important to protect your business from lawsuits, which can lead to financial disaster.
Once you have insurance coverage in place, it is essential to ensure that your coverage is updated periodically to ensure that your insurance provider can defend you in the event of a claim.
What is Hospitality Insurance
Hospitality Insurance is designed to protect your business against any damages to your assets, property and also protects against any liability issues and lawsuits.
Who Needs This Insurance?
Bar and restaurant coverage is necessary for anyone that owns a hospitality business. Here are some of the businesses that need this coverage:
- Restaurants and Cafes
- Dance clubs
- Night clubs
- Adventure tourism services
What Comes Standard with Your Policy?
When you take out a restaurant insurance policy, you need to have basic coverage in addition to some coverage options. Here are the basics that you may require:
- Building coverage
- Equipment and furnishings coverage
- Liability insurance
Hospitality Insurance Options
Depending on the business you run, you might want to consider a wide range of options, such as:
- Liquor liability – When you serve liquor, an inebriated guest may try to sue you and you might be found negligent or even partly liable for his or her actions (even after leaving your place of business). This insurance provides assistance with legal fees and other expenses.
- Business interruption – If your business was severely damaged due to an insured peril, repairs could take weeks or months to complete. Business interruption insurance will continue to make payments for your expenses, as well as keep up with other business related expenses such as: mortgage payments, key staff salaries, utilities, leases etc.
- Flood insurance – This is an optional coverage to your policy and certainly worth taking into consideration, especially if there is a chance of flooding in your area.
- Earthquake insurance – In 2011, a 5.0 earthquake was felt in Eastern Ontario and the following year, a 4.3 earthquake was registered in Hawkesbury, Ontario. Earthquakes are a real possibility in the Ottawa-area, and we strongly suggest that this coverage be added to your policy.
- Equipment breakdown – Covers sudden and accidental breakdowns to your equipment and mechanical equipment, such as heating and air conditioning equipment, electrical panels, etc.
- Replacement cost coverage – In the event of a claim, this coverage will pay replacement cost to your assets instead of actual cash value. This can make a substantial difference in most cases.
Choosing The Best Hospitality Insurance Provider
Our experienced insurance agents can provide you will valuable advice about the proper coverage that your business will need. We can inform you on your options, deductibles, liability limits and suggest various extensions that you need to carry as part of your coverage. That is why many businesses in Ottawa turn to Bradley’s Insurance for restaurant, hotel or bar insurance.
Our insurance company includes three convenient locations, and we are equipped to work with companies of all sizes.