Hospitality Insurance in Ottawa
If you run a hospitality business like a bar, inn, hotel, or cafe, in Ottawa, it is a necessity to have the right insurance to protect your building and premises from many types of hazards. However, it’s even more important to protect your business from lawsuits that can ruin you financially, and you must keep your coverage up to date or you could run into problems. Look at what happened to Fred H.
Fred ran a local bar for many years and he was very successful. In fact, he had many loyal patrons. His bar was known for its warm and friendly atmosphere and many types of entertainment. Not long ago, Fred decided to remodel the bar. He spent a great deal of money and installed a new mechanical bull and a stage, so he could offer live entertainment to his patrons.
Fred had to borrow a lot of money to make the improvements, but he figured it was an investment in his future. Once the upgrades were completed, Fred’s bar was full every night. Things went well for almost a year until disaster struck. A huge rainstorm suddenly came up one night, causing flash flooding in the area. In fact, the flood virtually destroyed the bar.
If Fred had not taken out flood coverage with his bar insurance, he would have been totally ruined, and he had not originally planned on this extra expense. However, his insurance specialist went over all of Fred’s needs in their annual review and he warned Fred that he was not protected against floods, and should be. Fred trusted his insurance professional and was very glad that he heeded his advice.
What is Restaurant and Bar Insurance?
This type of insurance is designed to protect hospitality businesses. It will make sure that your business property is protected and also cover your liability issues.
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 Restaurant Insurance?
When you take out a hospitality type 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
Restaurant, Hotel, and Bar 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 (after leaving your place of business). This insurance provides help with legal fees and other expenses.
- Business interruption – if your business was severely damaged, repairs could take weeks or months to complete. Also, you could lose electric power for days, and a great deal of business. Business interruption insurance will pay so you can continue to make mortgage payments and keep up with other business related expenses.
- Flood insurance – this is usually an added option 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. Earthquake is a real possibility and you may want to think about it.
- Equipment breakdown
- Replacement cost coverage – instead of paying the fair market value for items or your building, replacement cost coverage will pay you the price it takes to replace them. This can make a huge difference in some cases.
Choosing the Best Restaurant and Bar Insurance Provider
When you shop for insurance, you probably have many questions about coverage options, premiums, deductibles, liability, and other issues. After all, you want to make sure that you have all the bases covered, as this is your livelihood. To get the best coverage for your business, you should go to a company with insurance specialists there to serve your specific business needs. That is why so many businesses in Ontario turn to Bradley’s Commercial Insurance for restaurant insurance.
When you choose Bradley’s Commercial Insurance you have an independent insurance brokerage that is capable of seeing to all of your insurance needs. For example, our hospitality experts have 50 years of “working in the business” experience, so you are getting someone that is very familiar with your business. These people understand your needs and are there to give you the lowest possible premiums on hospitality and bar insurance. After all, we have several insurance companies at our fingertips and we search them for the best plans and lowest rates, to give you an affordable solution.
Bradley’s Commercial Insurance is one of the largest commercial insurance brokers in the area. Our 37 staff members serve more than 4000 clients, in the two convenient locations in the Ottawa area to serve you best. There is no need to pay too much for restaurant and bar insurance when you can talk to an experienced insurance specialist today.