Make Insuring Your Restaurant Easy as Apple Pie

Chances are, if you serve any kind of food or drink, you need general liability insurance. Being in the food and beverage business can come with great risks. That’s why it’s important to protect your restaurant with the best kind of coverage.

Who Needs Specialized Restaurant Insurance?

  • Cafes/Coffee Shops
  • Fast Food Restaurants
  • Ice Cream Shops
  • Fine Dining Facilities
  • Full Service Restaurants
  • Caterers
  • Cafeterias
  • Pizza Shops

Why Is Restaurant Business Insurance So Important?

Insurance protects the restaurant business you’ve worked hard to build – and helps keep it moving forward. No matter how hard you try to make sure everything is perfect, problems happen. Insurance is there to help when they do. If you’re in the food and beverage business, its best to start with a business owner’s policy (BOP) or a business insurance package policy.

A BOP combines three general insurance coverages that are important to almost every business: General Liability, Commercial Property, and Business Income. Bundling your policies into a BOP is a great way to lower your rate over purchasing the policies separately. If you have employees, you’ll also be required to have Workers Compensation.

General Liability

General liability insurance provides protection in situations where you could be held liable for injury to other individuals or damage to their property. Commercial property insurance protects your business property from damage or loss. A BOP typically covers:

  • Damage to your business property
  • Customer injuries and property damage
  • Advertising injuries, such as slander

The general liability portion of a business owner’s policy protects against lawsuits related to customer injury or damage to a customer’s property that happened at your business. To be sure of what your policy covers, you should speak with your licensed, local, independent agent protection coach.

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Risks Associated with Serving Alcohol

If your food service business sells alcohol, you need to purchase liquor liability insurance, which can be added to a business owner’s policy. This coverage protects you in the event of customer injury or property damage caused by someone who consumed too much alcohol at your business.

Temporary Closure

An unexpected closure for restaurants and other food service businesses could result in devastating financial losses. For example, a restaurant may need to close after a fire until restoration is complete. Business interruption insurance shields against lost revenue and other expenses related to closure caused by a covered property loss.

Optional Food Spoilage and Contamination Coverage

Whether it’s caused by a malfunctioning refrigerator or a power outage, damage to your stored food can be a big blow to your business. Food spoilage coverage can help reimburse the cost of replacing spoiled frozen, refrigerated, or shelved perishables.

Food contaminated by a supplier or by improper handling may also need to be thrown away. Food contamination coverage helps with replacement costs, along with associated costs such as cleaning or advertising to restore your reputation. Food spoilage and contamination coverage can both be added to commercial property insurance.

Make Your Restaurant Insurance Work for You

Business owners can tailor their restaurant insurance program to meet their specific needs. In the food service industry, useful add-ons might include liquor liability insurance, business interruption insurance, cyber liability insurance, EPLI or other endorsements. You can also add coverage for risks like cars parked with a valet service or items left at a coat check. To fully understand your policy, speak with your licensed, local, independent agent protection coach.

 

Questions? Want to learn more? Here’s 4 easy ways to reach us:

Phone: 877-994-6787
Email: insure@siaonline.com
Text: 951-482-8144
Web: www.siaonline.com

PS Here’s a few words from one client that trusts Stromsoe Insurance Agency:

“Stromsoe Insurance Team is amazing, if every company that I worked with would operate like them, Los Angeles truly would be called city of angels.”
John Melkonyan – Crispy Crust Pizza – Client Since 2005

PPS Every policy is backed by our iron clad, 100% complete satisfaction guarantee. Ask for your copy today!

VIP Protection for Your Classic Car

Your everyday car begins going down in value from the time you drive it off the lot. When you’re talking about a collector car, you’ve put much more into the car than your average Joe, making the car worth more than your average insurance policy would pay out should something happen. For any antique and classic car collector, it’s important to calculate an informed estimate of a vehicle’s current value if you’re planning to buy, sell or insure an antique, vintage, collector or classic car.

Although no one price estimator or appraisal tool can accurately tell you how much your vehicle is worth, they can provide a starting point in determining its market value. Using a combination of the price guides and valuation tools, you can estimate your vehicle’s value—however, only a licensed appraiser can offer a truly precise and individualized valuation. Classic car value and antique car values are determined by a multitude of factors both in and out of the owner’s control. A collector car’s value is appraised according to its rarity, condition, restoration quality, and market demand.

By repairing a prominent or in-demand vehicle, taking care of it, seldom using it, and showing it off at automotive shows, value can be gained and improved. However, just like any car, the more often it is driven, the more likely it is to get into an accident. This is where insurance comes in for classic vehicles.

Traditional vs Classic Car Insurance

Traditional Insurance

Auto insurance traditionally protects you from the considerable risk that can be caused when driving, should anything happen to you, your cars, or others. From auto liability insurance to comprehensive and collision coverage, there are various forms of coverage that shield you in different ways.

The level of auto insurance that you have is up to you, but in the event of an incident, most states at least require a minimum limit of liability insurance to keep you safe.

Payouts for repairs or replacement after an incident are typically based on the depreciated, or current market value, of the vehicle.  In other words, if you total a five-year-old car, you’re not going to get the same price you paid when it was new. Instead, the insurer calculates the depreciated value so you can theoretically buy the same make, model, and year like nothing happened.

For older cars, there comes a point that the depreciated value is too low to be worth paying traditional insurance premiums. At this point, you’d be paying more money a month for a very small payout.

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Classic Car Insurance

Similar to typical auto insurance, collector car insurance is primarily reserved for older cars that have maintained value or have been repaired over time to retain value. Collectible cars tend to look and work as they did from the start, unlike traditional used cars. Some people buy such vehicles for the nostalgia of older eras of automotive design. Others simply buy and restore old vehicles for the investment opportunity or the challenge.

In any case, collectors auto insurance operates like standard auto insurance: in the event of an injury, various forms of coverage shield you, your car, and others.

Collector car insurance comes in two basic forms: classic car and antique car insurance. The main difference between the two is the age of the vehicle. Classic cars tend to be at least twenty years old and of sufficient historical interest. Antique cars are older than classic cars. They represent the bulk of collector vehicles since all vehicles reach the typical age of the antique car classification at some point.

Want more to read:

Is Classic Car Insurance Necessary?

Legally, you are required to carry a certain level of auto liability insurance. If you don’t want or need additional coverage because you never drive the classic car and never take it out of the garage, you may find the monthly premiums to be unnecessary.

The more you use or show an antique vehicle, however, the more you should consider antique car insurance. Things can happen to any vehicle on the road, even if you aren’t driving it, regardless of its age. Collision and comprehensive coverage, for example, can cover your vehicle for accidents, bad weather, and unexpected incidents.

An additional benefit for you of classic car insurance is the premiums are substantially less than standard auto insurance.

Some specialty providers even offer other options like restoration coverage and travel insurance as well.

 

Questions? Want to learn more? Here’s 4 easy ways to reach us:

Phone: 877-994-6787
Email: insure@siaonline.com
Text: 951-482-8144
Web: www.siaonline.com

PS Here’s a few words from one client that trusts Stromsoe Insurance Agency:

“I called Mike Stromsoe and he priced out my insurance for my company and saved me $1,500.00 so far. For all my needs it has only taken one phone call. SIA has taken care over my car insurance, renters insurance and my business liability. It’s nice to be all in once place.”
Mike Hughes – Surprise, AZ – Client Since 2007

PPS Every policy is backed by our iron clad, 100% complete satisfaction guarantee. Ask for your copy today!

Your Guide to Brewery Insurance

Brewery owners and entrepreneurs in the beer industry have precise needs, and agents who fail to recognize that fact may leave their clients open to business-destroying gaps. Having a custom designed brewery insurance program to fit your business’ needs is the first step to protecting it, but what are your needs? Here are some things to keep in mind when preparing to insure your brewery!

General Liability

General liability will protect you both on the premises, for example in a tasting room, and off the premises, for example at a brew fest or other event. This will also cover personal and advertising injury for situations such as libel and slander.

Other standard liability coverages to include are a fire damage limit and a medical expenses limit.

Product Liability

Product liability will cover anything you sell, this means both beer and merchandise. Some examples of claims that would fall under product liability are:

  • Defectively manufactured products: a beer makes someone sick or there is glass in the bottle
  • Defectively designed products: use of a poisonous ingredient in a recipe
  • Failure to provide sufficient warning or instructions: leaving off an allergy warning label

Liquor Liability

A basic general liability policy excludes liquor liability coverage for businesses who generate a profit from alcohol. Liquor liability insurance is designed to fill this gap in coverage and may either be added as an endorsement to a general liability policy or purchased separately. Keep in mind, liquor liability won’t replace a general liability policy.

Additional Liability Coverages

  • Employee Benefits Liability: protects against administration errors in employee benefit programs
  • Hired and Non-Owned Auto: protects your company from business auto claims for vehicles not owned by the company or rented/borrowed from others
  • Umbrella: adds additional, higher limit protections for when claims exceed your limits
  • Cyber Liability: if you have an email address and a bank account, you have a cyber liability exposure

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Property Coverage

Protecting your physical location and equipment is important for any small business. That’s where business property insurance comes in. This type of business insurance, also known as commercial property insurance, helps protect your business property, whether you own or rent it. It’s important to note that earthquake and flood are ordinarily excluded.

Some standard property coverages include beer products whether raw materials, in process or finished goods as well as, in some cases, property-in-transit.

Whether they’re stolen, damaged or destroyed, business property insurance can help cover the costs to repair or replace your:

  • Personal property located at your business
  • Tools and equipment you use for business
  • Inventory stored at your office or warehouse
  • Furniture, such as couches, desks, chairs and tables
  • Computers you use to run your business
  • Accounts receivable and other important documents
  • Outdoor landscaping, like fences

Equipment Breakdown & Business Income

Equipment breakdown covers the cost to fix or replace equipment that has failed as well as getting equipment working faster to minimize loss. You can also get reimbursed for related goods or loss of materials, such as a spoiled batch of beer due to non-operating equipment.

You may be asking, “what if I’m leasing my equipment?” Although you may not be responsible for the fixes that your broken equipment will need, equipment breakdown insurance is still very necessary. During the time that your equipment is broken your business will likely be losing income due to lack of production. The equipment supplier will fix your equipment, but will not reimburse you for lost income during this time, which is greater than the cost of repairs in a lot of cases.

Brewery Specific and Other Property Coverages

  • Off-Site Utilities: direct damage and loss of income
  • Leakage: beer spilling or draining from tanks or other containers
  • Contamination: cleaning fluids, stray bacteria, yeast etc.
  • Selling Price Endorsements: to protect your profit, you should have your endorsement start as early in the manufacturing process as possible
  • Business Auto: typically provides for higher policy limits and more complete protection than personal auto
  • Workers Compensation: helps protect businesses and their employees from financial loss when an employee is hurt on the job or gets sick from a work-related cause
  • Employment Practices Liability: provides coverage to employers against claims made by employees alleging situations like discrimination, wrongful termination or harassment
  • Directors & Officers: protects the directors and officers of the company from lawsuits from employees, investors, lenders and others

 

Questions? Want to learn more? Here’s 4 easy ways to reach us:

Phone: 877-994-6787
Email: insure@siaonline.com
Text: 951-482-8144
Web: www.siaonline.com

PS Here’s a few words from one client that trusts Stromsoe Insurance Agency:

“Dedicated to helping small businesses during these hard times. Great customer service and extremely knowledgeable in their products. Would highly recommend.”
Doris Hess – Relentless Brewing & Spirits – Los Angeles, CA – Client Since 2020

PPS Every policy is backed by our iron clad, 100% complete satisfaction guarantee. Ask for your copy today!

How Is Condo Owners Insurance Different Than Standard Homeowners?

When you’re comparing condo owners insurance and a standard homeowners insurance policy, are they different? Yes. When you’re insuring a condo you are only working within the space that you own and are then responsible for.

Condo insurance covers damaged or stolen belongings, as well as liability costs if guests are injured in your home. As a condo dweller, you don’t own the structure you live in or the land its on, meaning you are usually only insuring walls in leaving it up to the condo or homeowners association to carry a master policy to insure studs out.

What is Condo Insurance?

Condo insurance covers what your Condo Association Master Policy won’t, like repairing the inside of your unit after disasters, replacing damaged or stolen belongings and paying liability costs if guests are injured there. Many times, part of your condo fees will go toward a master policy to insure the exterior of the structure in the event of damage. Examples of what would fall under the COA’s jurisdiction are damage to the roof, exterior walls, hallways, elevators, and other common areas such as tennis courts, swimming pools or lobbies.

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What to read next:

What’s Covered in my Condo Owners Policy?

Usually your own policy on your condo will cover three things: your personal property, loss of use to cover living expenses in the event that damages force you to vacate for a time and in the event of damages if someone sues you due to negligence.

Below are some common problems that would and wouldn’t be covered with a typical condo owners insurance policy:

Usually covered:

  • Fire and smoke
  • Explosions
  • Wind and hail
  • Theft
  • Vandalism
  • Lightning
  • Burst pipe

Usually not covered:

  • Earthquakes
  • Floods
  • Intentional injuries to others
  • Nuclear hazards
  • Damage from birds, rodents and insects
  • Wear and tear
  • Damage from underground water

Is Condo Owners Insurance Required?

Current laws do not require you to carry an insurance policy as a condo owner. Similar to homeowners insurance, a mortgage lender will commonly require you to purchase a policy to protect their financial investment through the length of your loan.

 

Questions? Want to learn more? Here’s 4 easy ways to reach us:

Phone: 877-994-6787
Email: insure@siaonline.com
Text: 951-482-8144
Web: www.siaonline.com

PS Here’s a few words from one client that trusts Stromsoe Insurance Agency:

“Stromsoe Insurance is a reliable agency, it has provided fast and excellent service and made the process of finding the best homeowners insurance for our home. Thank you Maritza for taking care of our insurance needs!”
Betty Harrington – Murrieta, CA – Client Since 2014

PPS Every policy is backed by our iron clad, 100% complete satisfaction guarantee. Ask for your copy today!

Non-Profit Spotlight: Project 99

Our community is full of incredible people and organizations, out making a difference for others! In this month’s Non-Profit Spotlight we’d like to recognize Project 99–Play for Life, Inc.!

Project 99 was founded after the suicide of Diego Villarreal, a 16-year-old student athlete at Murrieta Valley High School, in August 2015. The Project 99 team works diligently to ensure that the topic of suicide is addressed and that youth in the community know they can reach out for help.

Project 99’s mission is to educate teens and the community about the negative consequences of suicide and to show students how one choice can devastate an entire community. Our panel of speakers discusses the topics of how suicide directly affects one’s family and community, resources available to those affected, other ways of coping and releasing negative emotions, and reassures students that they are not alone in their time of distress.

Although COVID gave Project 99 an initial pause, they no longer had direct access to the students and many of the board members being school district employees that had to focus on the many changes in schooling back in March. The summer allowed them to find their footing and they are now getting ready to train as many adults in the community as they can for the coming 2020-21 school year.

For the month of January 2021 Stromsoe Insurance will donate $21 to Project 99 for every referral that comes to our team!

Learn More about The 2020 Vision Referral Rewards Program HERE…

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Donations are always welcome and will support their efforts to train others and to share resources like the suicide prevention phone numbers. While Project 99 greatly appreciates monetary donations, you can also support them by spreading the message. They know that suicide is not a comfortable subject for most people, but you never expect to need these tools…until you do. If you know of a company or organization that could benefit from the training to become Suicide Gatekeepers, please reach out to the Project 99 team at project99org@gmail.com or by calling (951)704-8622. For more information you can visit their website.

If you would like to help support Project 99–Play for Life, Inc., please engage with them using the following:

For the month of January 2021 Stromsoe Insurance will donate $21 to Project 99 for every referral that comes to our team!

Learn More about The 2020 Vision Referral Rewards Program HERE…

Would you like to learn more about how we can help protect your non-profit , call your Stromsoe Insurance Total Protection Team at (951) 600-5751 or email insure@siaonline.com today!