Owning a cafe or a coffee shop may be your dream come true. However, to make sure it runs successfully, you need to carry adequate insurance. Here are the recommended types of insurance for your coffee shop.
Prioritize These 2 Types of Insurance
Two types of insurance that must be prioritized when you own a coffee shop are commercial property insurance and commercial general liability insurance.
Commercial property insurance protects your premises when it gets damaged due to fire, plumbing issues, as well as natural calamities. This includes costs for all fixtures and important equipment.
Commercial general liability protects your business in case guests get hurt due to an accident on the premises.
Business Income Insurance
Business income insurance protects businesses during lean periods or a crisis such as lockdowns. This one is especially useful for coffee shops, as it offers coverage to pay your bills and routine expenses when you are not making enough income due to a crisis.
Workers’ Compensation Insurance
Workers’ compensation insurance can help you attract the best workers as well as compensate them in case if they meet with an accident on the premises or experience a medical emergency. This insurance contributes towards lost wages and covers the medical costs of employees.
Other Types of Insurance to Consider
A few additional types of insurance for coffee shops include:
- Commercial auto insurance, especially if your employees use company vehicles to complete business operations
- Equipment insurance, if you have expensive equipment
- Utility insurance, which protects your company against hazards caused by utilities
- Spoilage insurance, which protects from massive food spoilage
Bundle Your Insurance Needs
Combining multiple insurance options from the same provider can help you save on costs, paperwork, time, as well as other hassles. If you are a small business owner, this strategy brings additional value and can help you secure the best policy at an affordable cost.
These are some types of insurance for your coffee shop that you need to protect your business. Do you have additional questions about your insurance policy? Contact the experts at the Scavone Insurance Center in White Plains, New York today. Our team is looking forward to answering all your questions.