Colorado Springs is a vibrant community. Starting out as smaller city not too far back, Colorado Springs is now home to approximately 674,000 people. With the growing population the city has also been expanding from an entertainment standpoint. A quick search on Google for “Colorado Springs restaurants” brings so many different options - breweries, casual and family dining, fine dining, international dining, big chain and mom-and-pop coffee shops, you name it, we have it! 

Restaurants, bars, and clubs face some unique risks when it comes to serving alcohol, or even food. The coverage you get will vary depending on your provider. You can get a simple one, which protects your building and its contents. There are also comprehensive ones that provide reimbursement for the most damaging of circumstances. Choosing restaurant insurance that caters to your specific needs is important. Take your time when thinking about what to include in your package and seek expert advice, for guidance.

Colorado Restaurant Property Insurance

Getting space for your restaurant business can be a big investment. In the long-term it could save you funds on monthly rental fees and it also allows you to be in full control of your space – layout, atmosphere, etc. The first thing you need to square away is the insurance for your building. Property Insurance protects your business investment in case of fire or other events. It may not cover natural disasters, such as floods or earthquakes, however, so carefully review all options before committing and consider adding on Specific Peril Insurance. If you still owe money on your business and/or equipment, you should carry a property insurance policy. Always prioritize your insurance from the start. If anything unfortunate happens, you will get compensated and you won't need to worry about starting over. 

Protecting Your Colorado Restaurant Equipment

 Restaurant equipment is very expensive. If maintained properly, it can last you for many years. Including it along with other fittings in your restaurant insurance policy gives you an additional layer of investment protection. Aside from the warranty that comes with each appliance, your plan can also compensate you for these individual items in case of theft or natural disaster. 

Protection From Loss of License

Getting protection from loss of license is also a good idea, especially if you own a bar in Colorado. People drinking too much is not a rare occurrence, and the government can hold you responsible for any troubles that may occur. Also, you run into young adults trying to and pass themselves off as of legal drinking age. These are just a few things which can lead you to lose your license. Pub insurance protects you from the possible financial losses that may result from these occurrences. 

Finding the Right Coverage

The right coverage can insure you against a variety of unforeseen occurrences, including the examples mentioned above. To build a comprehensive policy, start with the basics that every business should have. Property coverage shields physical structures, furniture and also other assets from damages caused by severe weather, fire, theft or vandalism. General liability coverage protects patrons who suffer bodily injury or property damage while on premises or as a direct result of your deeds or the services rendered. 

For a more comprehensive net of protection, restaurant/bar/tavern insurance provides specific coverage to reflect the requirements of the industry. These can include the following: 

Liquor Liability: 

Serving alcohol puts your business at great risk if the actions of intoxicated patrons create damage, injury or even death, that can result from bar violence or even drunken car collisions after leaving your pub. Liquor liability covers you against any unexpected expenses.

Food Contamination:

The food restaurants serve is what stake their reputation on. Obviously taste and quality are key for repeat business, but it also contributes to the health of your patrons. One severe case of food poisoning can lead to that individual suing your business for medical costs, bad PR and a loss of business. Food contamination coverage protects against such expenses. 

If you lose power, because of fallen power lines or a storm, and the entire contents of your walk-in and freezer spoil, this policy would pay to replace the food. 

Assault and battery:

In unfortunate events, whether sober or drunk, patrons and employees alike may get into fights on your restaurant’s premises. This coverage protects against costly damages, injuries, and resulting legal expenses.

Hired/non-owned vehicle liability: 

Employees may utilize their cars for business purposes, such as pickups and deliveries. This coverage protects vehicles and drivers, much like a personal auto policy would, during work-related errands.

Auto/valet liability: 

Misfortunes can happen at any unexpected time, even during the brief few minutes that a valet is driving a patron's car. This coverage protects against such damages that occur during a valet's temporary possession. 

Entrepreneurs and those new to the industry often make the mistake of failing to secure their investment. They believe their money should go to more important things. They only see restaurant insurance as an additional cost. What they don't realize is they need it. Having one in your back pocket assures you in case of damages and accidents. Remember to always assess your risks before turning the other cheek. You can never tell what tomorrow has in store.

Owning an establishment that serves alcohol opens you up to many different risks, as highlighted above. It is important that you are protected in the event of a disaster involving any that are in or have left your establishment. Make sure you have the right protections in place. Our independent insurance agents can help you discern the proper protections for the risks your restaurant, bar or club faces. Contact us today!