| One area in the LGBT hospitality business you do not | | | | employee is hurt at work. Most states require that all |
| want to skimp is insurance. Insurance can protect | | | | employers carry some type of workers comp. |
| you and your business for a myriad of problems, | | | | Unemployment Insurance - Is for your |
| from broken equipment to liability lawsuits. Depending | | | | employees who no longer work for you until they |
| on where your establishment is located, you will need | | | | find employment. |
| certain types of insurance for your business. You will | | | | Life Insurance - Depending on your mortgage |
| also need to carry certain types of insurance to | | | | and financing you may need to carry a hefty life |
| satisfy your bank loans and mortgage. | | | | insurance policy to satisfy your lender. It is also a |
| The most common types of bar and nightclub | | | | good idea to have life insurance, in case something |
| insurance available include: | | | | does happen to you and your family isn't left with a |
| Property Insurance- - Protects your property in | | | | restaurant they don't know how to run and bills they |
| case of fire or other events. It may not cover | | | | can't pay. |
| natural disasters, such as floods or earthquakes (see | | | | There is insurance for just about any object, action |
| below for a policy that does.) If you have any kind | | | | or person out there. Here are some other types of |
| of mortgage on your business and/or equipment, | | | | insurance you can purchase for your restaurant. But |
| then you should carry a property insurance policy. | | | | keep in mind, these extras will cost you as much or |
| General Liability - This is the umbrella policy that | | | | more than whatever it is you are insuring. |
| protects you in the event someone slips and falls in | | | | Loss of Business Insurance - If you lose sales |
| your venue, gets sick after eating there (whether it | | | | through a specific cause, this type of policy can |
| was your fault or not). This is a must have in today's | | | | recoup some of the income. Keep in mind the |
| sometime sue-happy world. | | | | premiums and deductible may make you break even, |
| Liquor Liability - Most states require that any | | | | depending on how much you lose. |
| establishment holding a liquor license carry liquor | | | | Food Contamination Insurance - If you lose |
| liability as part of their insurance. It helps protect you | | | | power, because of fallen power lines or a storm, and |
| if a customer has too much to drink and drives and | | | | the entire contents of your walk-in and freezer spoil, |
| hurts themselves or someone else. | | | | this policy would pay to replace the food. |
| Automobile Liability - If you have a company | | | | Specific Peril Insurance - This covers many |
| vehicle, this is a good insurance to have. It may be | | | | natural disasters that general liability insurance doesn't. |
| covered in your general liability, but always check | | | | Events like earthquakes, floods or power outages |
| with your insurance agent first. | | | | due to either, may be covered under this insurance. |
| Workers Compensation - Protects you if an | | | | |