November 2

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Where Might FLIP Insurance Be Beneficial


Caterers, bars, and restaurants can purchase FLIP (Food Liability Insurance Policies) to protect their businesses from risks. FLIP insurance is designed for the food and beverage niche and allows policyholders to customize the coverage to their needs. You can find standalone liquor liability insurance, combined general and liquor liability, bar insurance, BOP, and other adjusted policies. Here are three instances when FLIP insurance can be beneficial:

1. When Starting a Food Related Business

FLIP insurance covers common risks that food and beverage companies face. If you plan to run a restaurant, bar, food truck, or catering business, you’ll need to protect the company from general liabilities. The business may also need liquor liability protection and commercial property insurance. Other policies you should consider are errors & omissions insurance, worker’s compensation, and D&O insurance.

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Policies under FLIP allow you to build your coverage for specific liabilities. They’re available for caterers, bartenders, chefs, vendors, concessionaries, and individuals. FLIP insurance can offer general liability, which covers third-party lawsuits. General liability suits businesses that host customers, handle customer belongings, operate in fast-paced, high-risk environments, or serve food/drinks. The coverage will also pay for injuries caused by spills and falls.

FLIP policies also feature liquor liability insurance, which covers alcohol-related claims like drunk driving, assaults, harassment, fights, and property damages. The coverage is available as an annual policy and may feature some limitations. General and liquor liability are fundamental policies for anyone starting a food and alcohol-related business. They’re also part of any restaurant and bar insurance since both often offer food and drinks.

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2. When Your Business Faces a Lawsuit

Hospitality businesses offering food and drinks face various risks that leave them vulnerable to lawsuits. The claimant can be a vendor/supplier, business partner, worker, or customer. If someone slips due to unattended spills at your facility, they can sue you for personal injuries and property damages. General liability insurance will take care of such claims. The business may also face lawsuits for food poisoning or assault on a patron.

FLIP insurance policies cover popular lawsuits and claims, including errors and omissions, directors and officers, and rented property. The goal is to protect your business from all known liabilities. An injured worker may sue the business under worker’s compensation. Third parties may sue the company for unfulfilled contract promises, delays, and wrongful advertising. The insurance may cover court proceedings and settlements when your business faces lawsuits.

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Dealing with a lawsuit can be draining to the business. Some settlements can set your business back thousands of dollars, in addition to a potentially damaged reputation. FLIP coverage can pay for credible lawsuits your business faces throughout its lifecycle. The insurance can protect the business’ assets and cash flow, allowing you to focus on rebuilding. FLIP is also optimized for companies that provide food, beverage, and hospitality services like catering and food trucks.

3. When Rebuilding After a Crisis

A crisis can be natural, financial, or PR related. Your food truck may be part of an accident, leaving you unable to deliver meals to your customers. Fires, storm damage, and vandalism are other concerns that can put food and beverage businesses in crisis. Other times the disaster comes in the face of a lawsuit. Losing a claim is more likely to affect your business reputation.

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Rebuilding a reputation after disciplinary actions requires thorough PR work and may involve rebranding to restore customer faith. A FLIP policy covers the financial aspect of the claim, so your business won’t have to pay from reserves. The insurance company can pay third-party settlements and cover the repair and restocking costs after fire or vandalism. Some policies cover payroll and business income.

Purchasing adequate FLIP insurance policies can lessen the blow caused by a lawsuit, fire, robbery/vandalism, natural disasters, and accidents. Insurance policies cover specific damages and make it easier to recover and rebuild. FLIP insurance protects the business, directors and officials, workers, and other assets like income. The coverage becomes handy during a crisis, allowing you to focus on rebuilding.

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Must-Have Restaurant and Bar Insurance Policies

FLIP insurance is a must-have if you operate a food and beverage business. Caterers, food truck owners, restaurants, nightclubs, and pub owners can benefit from having adequate FLIP insurance. By customizing your bar insurance policies, you can build coverage optimized for your operations.

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