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Insurance For Banquet & Reception Halls
Banquet halls are popular locations for events, celebrations and gatherings. Your banquet hall may be seasonally busy or booked almost every day of the year depending upon its location and the clientele you cater to. Whether your banquet hall focuses on hosting corporate events and meetings or wedding receptions, you can keep it fully protected by carrying the right types of business insurance.
General liability is important business insurance that protects your company at the base level. This coverage helps protect you from a number of common hazards and risks. By protecting you legally and financially, your banquet hall won’t suffer substantially if a customer sustains injuries or makes other legal allegations against your company. General liability grows its level of protection automatically when you add new business locations, services and products. The biggest areas of coverage in a general liability policy include:
General Liability Insurance Includes:
- Premises Liability - Premises liability insurance coverage is important for your banquet hall because you have so many people gathered together for events. If your hall caters to wedding receptions and other party-style events then there is added risk if alcohol is included in the celebrations. When people injure themselves in an accident while on your business property, they may sue your company – particularly if the accident happened due to a wet floor in the bathroom or other potential negligence by your employees. Premises liability insurance pays the medical bills of people who are injured, and it pays for repairs when a customer’s property is damaged there.
- Products Liability - If your banquet hall sells products such as special décor or props for events, there is a chance that you will be sued if one of those products has defects. When products cause physical harm to a customer or cause property damages to their personal property, your products liability insurance can help pay the medical bills and expenses that arise. This coverage can also help pay for your legal defense fees if necessary.
- Completed Operations - When you provide services to your banquet hall clients, they may feel they were injured or damaged by your services after the fact. Completed operations insurance protects you from these events. It can pay for your litigation expenses as well as settlements, awards or judgments.
Business Owners Policy
General liability insurance is automatically included in other business insurance protection called a business owners policy, or BOP. A BOP is specifically designed to help protect your business from losing its assets. Business owners insurance protects both tangible and intangible assets, such as your banquet hall furnishings or your digital event planning software. You can tailor your BOP so that it only provides the coverage you need. Optional examples include:
- Buildings and Contents
- Business Income and Extra Expense
- Electronic Data
- Newly Acquired or Constructed Buildings
- Employee Dishonesty Coverage
If you or your start members must drive frequently for business reasons, a business auto insurance policy is must have coverage. This protects your company from suffering the potentially severe financial losses common caused by auto accidents. It pays for physical injuries and damages to property when applicable, and optionally it can protect you from losses caused by uninsured motorists, fire, theft and other potential hazards.
By law, most states require you to carry workers comp insurance for your employees. If an employee is injured while on the job, workers compensation insurance pays for their medical expenses and related recovery bills.
A commercial umbrella policy provides you with extra protection above and beyond the maximum limits of your other business insurance policies.