General Liability Insurance

Unfortunately, we live in a society that is becoming more litigious by the minute. If you think your establishment is unlikely to face a multi-million dollar claim, think again. Imagine the time, money, energy and other resources that would be depleted if you had to fight against a claimant on your own. That’s time better spent running and growing your business.

That’s where the General Liability policy comes in. We call general liability the superhero of insurance because it protects your company’s assets and pays for obligations — medical costs, as the most common example — incurred if someone gets injured on your property or if you or an employee causes damage to someone else’s property. In the event that you are served with a lawsuit, this policy will provide coverage for a settlement up to the policy limit for any covered loss, and defense costs are typically covered outside of the policy’s limits.

General Liability can protect your establishment against:

  • Injuries to others including slip-and-falls
  • Damages to a rented/leased premises
  • Damages to others’ property
  • Suits alleging false or misleading advertising, libel, and slander
  • Claims of copyright infringement

General Liability coverage for your hotel, B&B or restaurant is typically included in a Business Owners Policy (BOP) or bundled into a Commercial Package Policy. Coverage, such as those mentioned above, vary and may not be available on all policies.

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Hospitality Industry & Restaurant Insurance Team

"I’m very grateful for the depth of knowledge possessed by our team at M&M Assurance, and their excellent commitment to customer service. Knowing that they are handling our risk management means I am freed up to focus on our restaurant and our guests."

Nora Mulkern-Bean, The Shannon Door Pub & Restaurant

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Who’s Your Star?

Small and medium-sized businesses often have employees that are “stars.” Sometimes the star is the CEO or president, other times there is a salesperson who consistently outsells every other sales team member by a two to one margin. Maybe you’re a software company that has a star coder whose ideas led to your product being a number one editor’s choice. The point is that most companies have an employee or two that helps their business thrive. What happens to your business in the short-term if a star employee, referred to by the insurance industry as a “key man,” dies?

According to a study conducted by the National Association of Insurance Commissioners (NAIC), only 22% of small businesses carry this type of coverage.

Death is an issue that most people do not like discussing, so many small and medium-sized businesses do not have detailed succession plans, and key person life insurance remains an unresolved issue. It is a discussion that helps your company survive the difficult times that can follow the death of a key person.

What is Key Person Life Insurance?

Key man life insurance protects a business from economic loss relating to the death of a key employee. The company buys the insurance, owns the policy, and is the beneficiary of the policy in the event of the sudden death of the insured. Payment from the insurance company to the business is a lump sum, and there are no restrictions on how the company can use the money. Most companies use the money to stabilize the business until they find the key person’s replacement.

Types of Key man Life Insurance

Businesses gravitate to two kinds of policies for key employee life insurance.

Term Life Insurance. Startups favor this type of policy. Startups always try to conserve cash, term life insurance is cheaper than any other kind of personal life insurance.

Policies that build cash value. Whole life or universal life insurance builds cash value that increases the cash value of the policy and is an asset on the company’s book. The company can get access to the excess cash value of the policy at any time for any purpose since the money from the cash buildup belongs to them.

Life insurance premiums vary between companies and smart companies comparison shop for the best insurance program.

The discussion is uncomfortable, but if you do not have key man insurance, it’s worth talking about.