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What Makes Restaurant and Bar Insurance Different?

Insurance is an essential element for any business, and this is especially true for a bar or restaurant. Choosing the best restaurant and bar insurance can be challenging, as there is a range of essential components to consider.

Our skilled Lake Region Insurance Agency team can put together the perfect package for your business. With proper coverage in place, you help keep your bar or restaurant viable and thriving.

Why Is Bar and Restaurant Insurance Different?

Many insurance policies can apply to just about any type of business. Any owner will need to make sure they have liability and property coverage, at a minimum. But by their nature, bars and restaurants have additional needs and requirements. 

They deal with perishable products and thin profit margins. Any disruption in inventory or operations can have disastrous consequences for your revenue. 

And restaurants and bars inherently carry greater risk for the employees, customers, and business owners. Potential hazards include:

  • Food Poisoning
  • Burns and Cuts
  • Drunk Driving Incidents
  • Economic Shutdowns

Specialized insurance policies offer much-needed peace of mind and reassurance. You will be in a position to weather the setbacks that come your way.

Do I Need Bar and Restaurant Insurance?

Any establishment responsible for cooking and serving food or serving alcohol should ensure they have bar and restaurant insurance. These businesses can include any of the following:

  • Cafes
  • Coffee Shops
  • Delis and Sandwich Shops
  • Bars, Pubs, or Taverns
  • Diners
  • Fast-Food Restaurants
  • Food Delivery or Takeout Services
  • Pizzerias

Restaurant and bar insurance gives you peace of mind.

What Does Restaurant And Bar Insurance Include?

Each business has its own needs, depending on how they operate. There are many pieces that can fall under bar and restaurant coverage. Here are the most common and essential items to discuss with your agent.

Property Insurance

As the name suggests, property insurance offers financial protection for the business’s physical building and property. This coverage includes the actual structure and contents. To have a viable claim, you must prove that the damage occurred due to an insurable event such as theft or fire.

Spoilage Coverage

Obviously, spoiled food is a safety issue and cannot go to your customers. But spoilage also represents a significant financial loss when it happens. Restaurant and bar insurance must offer protection for any spoiled goods. 

Power outages or equipment failure can make food unsafe to use. It’s crucial that your insurance covers this type of loss so that you can protect your bottom line.

Equipment Breakdown

Similarly, equipment breakdown protection is a vital aspect of any restaurant and bar insurance. Since properly-working equipment directly ties to customer safety, this type of policy should be non-negotiable. These plans can cover the cost of repairs necessary for critical equipment. Covered items could include refrigerators, ovens, or coolers.

Equipment failure can be catastrophic to your restaurant.

Business owners need to prove that the equipment receives proper maintenance and servicing. Without this documentation, the insurance company may refuse your claim. Be sure to clarify with your agent what you need to do to stay in compliance with this part of your policy.

Employment Practices Liability

Restaurant and bar insurance should offer protection against employee lawsuits for situations such as discrimination. Assuming the employer’s behavior was not intentional, this type of policy provides protection.

Workers Compensation Insurance

This plan is an insurance policy for all businesses that have employees, not only restaurants and bars. Workers compensation helps cover costs if the worker sustains injuries in the workplace while on the job.

Given the presence of stoves, knives, and deep fryers in many commercial kitchens, workers face the risk of injury each day. Workers comp should be non-negotiable, no matter how many employees you have.

Business Continuation Insurance

Business continuation insurance has come to light during the current pandemic and can prove to be a lifeline for businesses. This type of policy will provide income if your business must close temporarily, allowing you to stay afloat. In addition, some policies can cover the cost of needing to relocate your bar or restaurant for a while.

Service industry businesses, such as food and drink establishments, can be particularly at risk during an interruption. They tend to have thin profit margins that disappear quickly. The right insurance policy can help mitigate this problem.

Liquor Liability Insurance

Liquor liability insurance is essential for your bar or restaurant.

Liquor liability insurance protects you against customers’ actions after drinking at your business. If you served someone alcohol who then caused an accident, you could face liability. 

These legal and medical claims can skyrocket, depending on the severity of the accident. Having the right policy in place can help you handle these expenses and protect your business.

So-called ‘Dram Shop’ laws make liquor liability insurance a necessity. These laws originate at the state level, not the federal. Dram laws kick in if a business serves a minor or a visibly intoxicated person who then creates harm due to their drinking. 

In the worst-case scenario in which a death occurs, a restaurant or bar could end up losing everything without coverage in place. Restaurant and bar insurance must include liquor liability if your business serves alcohol.

Business Owners Policy (BOP)

A business owners policy offers a strategy for having sufficient coverage at a more affordable price. This type of plan combines property and liability protection. When you work with a knowledgeable and independent agent, you can find the best option for your needs.

How Can We Help?

Here at Lake Region Insurance Agency, we have a significant advantage over other agencies. We are independent of any particular company, and our independence helps us to work objectively. Our team works to find the best fit for your business and budget. 

Our team of experts has decades of experience in the hospitality industry. We understand the intricacies of bar and restaurant insurance, so we can help you get the right policies. It’s an honor to serve our neighbors as they run their businesses.

Building a business is a tough gig, and we are here to help you protect your hard work and investment. Reach out today for a free insurance review or quote to see how we can help. With offices throughout Greater Minnesota, our agents are close by and ready to go to work for you.

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5 New Year’s Resolutions for Insurance

As the year draws to a close, many people are already looking forward to the new year.  Whether you see resolutions as a dreaded chore or as an exciting fresh start, they can be helpful. This year, consider fully embracing the world of adulting by making new year’s resolutions for insurance.

Getting your insurance ducks in a row might not be the most glamorous project. But it’s crucial for your long-term financial stability.

Here at Lake Region Insurance Agency, we take insurance seriously and want to help our customers wherever we can. Don’t let anything take you by surprise in 2021. After the craziness of 2020, preparation and planning are more important than ever. 

Out of Sight, Out of Mind? Insurance Shouldn’t Be That Way

You probably don’t spend a great deal of time thinking about insurance plans and policies. You might prefer to avoid it all together. But the truth is, if you ignore your coverage, you could end up with significant problems.

Get ready for the upcoming year with our top new year’s resolutions for insurance. You’ll be able to rest assured that you have the coverage you need.

New year's resolutions for insurance help you start the year right.

1. Figure Out What You Already Have

For many people, one of the key priorities for next year is to declutter, streamline, and minimize. But you can’t do this until you go through everything you currently have.

Why not extend this idea to your insurance by examining your current policies? Dig out your statements and take an hour or so to clarify what coverage you have in place, making a note of premiums, limits, and deductibles. That way, if you need to shop for a new policy, you can make sure you are getting the very best deal.

Better yet, set a time to meet with your insurance agent to review everything. They will help you find redundancies and gaps so that you can adjust your policies as needed.

2. Inventory and Document

The notion of doing a full, whole-house inventory can be overwhelming. But it is a vital part of your new year’s resolutions for insurance. 

If you are a victim of a fire, flood, storm, or natural disaster, the aftermath will be stressful. The forms and paperwork that come with filing an insurance claim can feel overwhelming when you are reeling from a loss.

With an up-to-date home inventory, you can significantly reduce the stress that comes with this process. Set aside some time, pour yourself a cup of coffee, and power through this job.

Make an inventory of all your household items in case you need to file a claim.

Don’t skimp on your inventory. Include anything that you would want to cover in an insurance claim. Go room by room and create a digital document that lists all pertinent items.

Alternatively, making a video inventory is a great option. It can be a relatively quick project, and you can store a copy off-site or in the cloud. Ideally, you will have an inventory list and a video. 

Make sure you include as much detail as possible. For big-ticket items, note when you purchased them and for how much. The more work you do now, the easier it will be if you need to make a claim.

3. Change Your Habits

Most resolutions involve establishing new habits, and this can also apply to your new year’s resolutions for insurance. Many people have behaviors or practices that boost their chances of needing to make an insurance claim. 

For example, do you tend to leave the kitchen while something is on the stove? Maybe you decide to do a quick chore like moving laundry to the dryer and then get sidetracked folding clothes. Soon, something could be burning. 

According to the National Fire Protection Association, cooking fires are the top reason for home fires and injuries. Something as simple as supervising the stove could keep you safe and reduce the risk of a fire. 

Avoid kitchen fires by staying close to the stove while cooking.

Some other habits that can lead to insurance claims include:

  • Leaving keys in a vehicle
  • Driving while distracted
  • Driving while impaired
  • Speeding

Working to change these dangerous habits will help you avoid an auto insurance claim or having your rates increase due to a ticket.

4. Increase Your Chances of A Deal

Your credit score can have a significant impact on your eligibility for good insurance deals and policies. With this in mind, improving your credit score should be one of your top new year’s resolutions for insurance. 

Many factors go into your credit score, and they are under your control. Some of the most critical considerations are bankruptcies, debt load, missed payments, and the length of your credit history. 

Make it a new year’s goal to get a copy of your credit report. You legally have the right to claim a report from each major reporting agency once every year. TransUnion, Equifax, and Experian each have a file that contributes to your credit score. 

Take time to examine your file so that you can dispute any errors and identify areas you need to improve. Improving your credit score may have a tremendous impact on your insurance rates.

5. Consider Umbrella Insurance

Once you have taken care of your major policies – life, auto, and home – it can be a good idea to invest in an umbrella policy. This plan is sort of a ‘catch-all’ policy designed to cover a wide range of circumstances. In a sense, it offers an extra layer of protection to your existing policies.

Umbrella policies can be useful for extreme situations that exceed the limits of your other policies. For example, if your dog gets out and bites someone, the medical and legal costs could surpass your homeowners’ policy limits. An umbrella policy can cover the difference, giving you significant protection.

How Can We Help?

The team at Lake Region Insurance Agency has the experience and expertise to help you make and keep your insurance resolutions. As independent agents, we can search for the perfect policy from a variety of providers.

We take time to get to know our clients well so that we can help them find all the coverage they need to protect themselves. If you are ready for this level of service, let’s connect. We have offices in New London, Willmar, and Cokato, MN. Give us a call or stop in to get started.

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Your Safety Guide For Older Drivers

Driving is a form of independence, and older drivers usually want to keep that autonomy as long as possible. But, as with all freedoms, there are responsibilities attached. The first week of December brings us Older Driver Safety Awareness Week. So it’s a perfect time to visit this topic.

If your driving habits are changing, contact Lake Region Insurance Agency today for a free policy review. Perhaps you are driving less frequently or have eliminated a vehicle. Our team can make sure you aren’t paying more than necessary for your insurance.

Older Drivers Bring Experience and New Challenges

By the time a person reaches their seventies, they have likely been driving for more than half a century. That is a lot of practice and muscle memory built up. Compared to younger motorists, older drivers more often follow safe behaviors on the road, such as:

  • They are more likely to wear a seat belt.
  • They are less likely to drink and drive.
  • They are less likely to drive in bad weather.
  • They are less likely to speed.

These habits certainly help to keep mature drivers safe on the road. But, as people age, other risk factors begin to arise, including:

  • Failing Eyesight
  • Failing Hearing
  • Slower Reflexes
  • Taking Medications
  • Dementia

These issues likely contribute to the fact that older drivers are more likely to die in car crashes than middle-aged motorists. Because of these concerns, many states have different license requirements for mature drivers. The most common change is an increase in vision screenings and more frequent renewals.

Safe Practices for Aging Drivers

Eye exams might be more frequent for older drivers.

To stay safe while driving as you age, here are some health concerns to consider:

Eyesight

Make sure to get your vision checked every year. If you need glasses or contact lenses, always wear them while driving. And consider prescription sunglasses for sunny days if you notice your eyes becoming more sensitive to light as you get older.

If you ever notice fuzzy or double vision, see a doctor right away and do not drive until you get their approval.

Hearing

Many older drivers suffer from hearing loss, leading to unsafe driving situations. See a hearing specialist each year to ensure that you can hear sirens, trains, and horns while driving.

Medications

Any time your doctor prescribes a new medication for you, ask if you can safely drive while taking the prescription. Many medicines can lead to sleepiness or dizziness, making it unsafe for you to operate a vehicle.

Mental Confusion

Forgetfulness frequently increases with age. But if you find that you have a hard time remembering where you are going, it’s time to talk with your doctor. Confusion while you are on the road leads to mistakes that can be deadly.

How To Know When It’s Time To Turn In Your Keys

Most drivers know that they will have to give up their keys someday. But that knowledge doesn’t make it easier to accept the loss of independence.

Older drivers do not want to lose independence.

Recent data shows that more than 8000 traffic-related deaths involve older drivers. And adults age 75 and over are more likely to sustain injuries in a car accident, as well. So, knowing when it’s time to stop driving can be, literally, a matter of life and death.

Here are some signs that it may be time to stop driving:

  • You’ve had several near misses or crashes in a short time.
  • You’re getting lost going to places that are familiar to you.
  • You feel overwhelmed by road signs and the activity around you.
  • You’re accumulating dents from poor parking.
  • You take medications that make you tired.
  • Your doctor or family members express concerns about your driving.

Alternatives to Driving

Many people who don’t drive rely on family and friends for transportation. Of course, this option isn’t the same as driving yourself, but it is probably safer. And the odds are that you have several people who are willing and able to help.

If you do not have someone available to help with driving, taxis and ride-sharing services can be an excellent option. And some communities also have senior buses that take a group of older adults to the grocery store regularly. Some churches offer this option, too.

Online shopping and delivery can be the perfect way to get what you need without relying on others for transportation. Most major retailers offer this service.

How To Talk with Someone About Their Driving

Talking with a loved one about their driving can be difficult.

Many adults have to navigate this change with their parents or other loved ones. They are watching for signs that a person’s driving habits are no longer safe. Situations like the following raise enormous red flags:

  • Your grandfather confuses the brake pedal with the gas pedal and runs into the garage door. 
  • Your mother experiences decreased mobility and ‘helps’ her foot from one pedal to the other by lifting her leg with her hand. She hasn’t caused an accident yet. 
  • Your elderly uncle misjudges the distance between his car and a building and scrapes his door.

Whether it’s the ability to stay focused, to move quickly between pedals, or something else, diminished driving skills result in accidents. And if you are worried, you need to speak up to the person.

Nobody wants to have this conversation. Be gentle and stick to the facts. Explain which actions and behaviors you find worrisome. Talk through the potential consequences with the person and encourage them to make the choice while they are still in control. If they cause an accident, they may have no say in the matter.

Many older drivers are more open to the idea of stopping driving if it comes from their doctor. Ask your loved one to discuss any potential barriers to safe driving with their physician. 

While You’re on the Road, We’ve Got You Covered

Whether you’re ready to hang up your license or plan on driving for years to come, we are here to serve. With auto, home, life, and health insurance plans, our team has something for everyone.

Our offices in Cokato, New London, and Willmar, MN, have friendly agents ready to help. Contact Lake Region Insurance Agency today for a free review of all your policy needs. 

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5 Tips for Choosing an Insurance Agent

Ads for large insurance companies dominate TV and social media. It can feel overwhelming to choose an insurance agent for your needs. How do you select the person that will serve you the best? Read on for tips and tricks to help.

The independent agent team at Lake Region Insurance Agency has served Greater Minnesota with integrity for over 40 years. We stand tall on our community values and work tirelessly for our clients, not the big insurance companies.

Call or come in for a free policy review and insurance quote. We’re always excited to find our neighbors the right coverage at a fair price.

Direct vs. Independent Agents: It Pays to Have Choices

Insurance companies like State Farm and American Family have agents who sell their policies directly to clients. These so-called direct or captive agents can only sell plans from their affiliate companies. 

Working with a direct agent is what many people are familiar with, but it significantly limits your options. Direct agents are called “captive” for a reason. They are unable to look elsewhere for policies that will serve you better.

Choosing an independent agent means you are their first focus, not one particular company. They can shop the market for you to discover which policies offer you the highest coverage for the best price.

Policy language can be challenging to sift through when it’s not your full-time job. A good agent takes the guesswork out of researching and buying a plan. 

Tips for Choosing an Insurance Agent You Can Trust

Choosing an insurance agent doesn't have to be difficult.

Whether you decide to use a captive or independent agent, there are certain things to consider as you make your choice. Here are five tips to keep in mind.

1. Determine Your Insurance Needs

Many insurance agencies specialize in specific policy types. While they can have expertise in those plans, they may not have the breadth of knowledge you need.

For example, if you run a small business out of your home, you could need any of the following types of coverage:

  • Home
  • Auto
  • Commercial Auto
  • Professional Liability
  • Cyber Liability
  • Medical
  • Umbrella

Anyone on your list of agent candidates should be able to handle all your coverage needs. Bundling all of your policies with one independent agent simplifies the process and usually saves you money.

It’s crucial for your agent to know about your professional and personal needs. With this information, they can search for policy options that may serve you better as your life changes.

2. Choose Someone Responsive

Insurance agents are people too. As with any collaboration, your personalities will dictate the comfort you feel with your agent. Be sure to find someone that puts you at ease and listens to your input and questions. 

The insurance world can be funny. You may go months or years without requiring any changes in your policies. And then you suddenly can find yourself needing immediate help with your insurance needs.

Be sure to choose someone responsive to your questions and will return calls and emails quickly. When you have life changes, you should be able to get information and help from your agent within a reasonable time.

Choose an agent who is responsive to your needs.

At a minimum, your agent should:

  • Return phone calls within 24 hours or less.
  • Have a pleasant and helpful demeanor.
  • Make a concerted effort to understand your needs, basic history, and life goals.
  • Check in with you to see if you’ve experienced any major life or business changes.

3. Ask Plenty of Questions

Hopefully, you will be building a long-term relationship with the agent you choose. So it’s vital that you get as much information about how they work as possible. Some important things to ask when choosing an insurance agent include:

  • What is their client retention rate? If the number is low or the agent isn’t forthcoming with the information, that should raise a red flag. 
  • Do they have a team of support staff? A solo agent who doesn’t have any help may be an insurance expert. But if they get sick or aren’t available, you could end up stuck without the help you need. 
  • How quickly do they return emails and phone calls?
  • How long have they been in business?
  • How often do they schedule insurance reviews?
  • Do they work nationwide? If you tend to move homes a lot, try to find an agent who can still work with you even if you are not in their state.

4. Check Qualifications and Complaints

Check your agent's certifications.

Make sure your potential insurance agent holds a license to sell policies in your state. Ask an agent about their experience and education before making any policy decisions. Some agents have insurance certifications that are pertinent to your needs. This training could make them better suited for you than others might be.

In addition to checking an agent’s qualifications, find out if there are complaints before choosing an insurance agent. Check with your state’s oversight office to see if the agent or agency has been the subject of lawsuits, complaints, or disciplinary actions.

5. Compare Quotes

Before settling on an agent, compare quotes from several representatives. Look at the deductibles and fine print so that you get a clear picture of what the proposed insurance coverage will include. If an agent doesn’t give you a quote without your promise to work with them, walk away.

Lake Region Insurance Agency: The Independent Team to Trust

We are proud at Lake Region to have a 98% customer retention rate. We work hard to serve our clients with integrity, kindness, and the highest level of expertise. With offices in Willmar, Cokato, and New London, MN, we are ready to go to work for you.

It’s a pleasure to watch our clients thrive and prosper. And it’s an honor to earn their trust as we meet their evolving insurance needs. As independent agents, we always have your best interest in mind as we search for the perfect policies.

Reach out and connect today to see how we can help you and your family have the protection you deserve.