Gild Insurance Blog

What You Need to Know to Protect Yourself, Your Staff and Your Business

Running a coffee shop is fast-paced, requiring balance between beverage craftsmanship and customer service. Coffee trends are constantly evolving and it can be hard to please coffee lovers across generational and regional interests.

Are your customers looking for ethically sources beans? Have you been pricing out a nitro machine to adapt to the increased popularity of nitro coffee? Research shows nitro coffee and cold brews were basically nonexistent in 2015 however, now 1 in 5 Americans under 40 years old consume at least one of these beverages every week. This is just one example of a possible exposure change in your operations that could present challenges.

The Most Common Liability Claims

A liability claim occurs when a customer is harmed physically or otherwise due to the fault of your coffee shop. What happens if a customer accidentally spills their fresh beverage and someone else slips on it before you get a chance to clean it up? Ouch! It sounds like she may have twisted her ankle.

• Slips, Trips and Falls – This is one of the most common injuries that occurs in a coffee shop. Remember that slip from earlier?
• Falling Objects – The new merchandise you ordered has arrived! You think you carefully stack all those new coffee cups and beans nicely for your customers. Crash! The display falls over on top of one of your customers. Are they hurt?
• Employment Practices – If you have employees, this exposure is ever present. Should a current or former employee accuse you of wrongful termination, discrimination, or workplace harassment and retaliation, it can prove to be very costly.

Business Insurance is Your Friend

If the scenarios we mentioned above made you more than a little concerned about all your potential losses, don’t fret. Everything we listed above was simply meant to outline the most common claims we see in the coffee industry so that you can do your best to prepare yourself for them.  

To learn more about the risks of running a coffee shop, check out the Gild Team’s article “Sip With Confidence: Navigating The World Of Coffee Shop Insurance“. 

Remember, if you need help preparing yourself, your friends at Gild Insurance are never more than a click away. We combine the latest technology with experience to provide business insurance options that fit your business. We help coffee shop owners like you find the insurance coverages they need!

Sources

“NCA Releases Atlas of American Coffee.” NCA We Serve Coffee. Accessed 19 Nov 2023. https://www.ncausa.org/newsroom/nca-releases-atlas-of-american-coffee

What You Need to Know to Protect Yourself, Your Staff and Your Business

Yum! Who doesn’t love baked goods? According to bakemag.com, the most popular items sold in bakeries are cakes at 24%. For full line retail bakeries, these cake products can be found in their traditional form, by the slice and as cake pops. With new bakery innovations comes new equipment and training which can present new risks and exposures. Running bakeries can be demanding enough, so we at Gild Insurance decided to take researching the most common types of liabilities you do face off your plate.

The Most Common Liability Claims

A liability claim occurs when a customer is harmed physically or otherwise due to the fault of the bakery. A part of owning a bakery is experimenting with new tastes and textures but what you shouldn’t experiment with is protecting your business interests and assets. It starts with being informed about what could happen. Below are some examples we’ve prepared for you:

• Slips, Trips and Falls – This is one of the most common injuries that occurs in a bakery. What a beautiful, freshly mopped floor. Jill, your employee, did an amazing job getting it done right before open and the morning rush. Who needs an old “Slippery When Wet” sign? The doors burst open with customers flooding in and one takes a tumble due to the wet floors. What now?
• Falling Objects – With no shortage of shelving in your bakery to show your beautiful pastries off nothing could go wrong, right? Especially since you’ve leaned in to the open shelving trend! As a customer reaches for the top shelf piece they sturdy themselves on another and all comes tumbling down on top of the customer causing an injury. Was this your fault? Either way this is heading to trail, cost of defense can be crushing even if you win.
• Employment Practices – If you have employees, this exposure is ever present. Should a current or former employee accuse you of wrongful termination, discrimination, or workplace harassment and retaliation, it can prove to be very costly.

Business Insurance is Your Friend

If the scenarios we mentioned above made you more than a little concerned about all your potential losses, don’t fret. Everything we listed above was simply meant to outline the most common claims we see in the baked goods industry so that you can do your best to prepare yourself for them.  

To learn more about business insurance risks for small business owners, check out “The Gild Guide: Most Common Small Business Insurance Questions”.
 
Remember, if you need help preparing yourself, your friends at Gild Insurance are never more than a click away. We combine the latest technology with experience to provide business insurance options that fit your business. We help bakery owners like you find the insurance coverages they need!

Welcome, coffee entrepreneurs! You’ve built a bustling coffee shop. Now, it’s essential to safeguard your passion and hard work.

In this blog post, we’re diving into the world of business insurance for coffee shops. Grab your favorite brew. Let’s explore how you can sip with confidence and keep your business protected.

Understanding Insurance for Coffee Shops:

Running a coffee shop involves lots of activities! It is serving up delightful lattes. It is managing a team of baristas. Also, with the joy of entrepreneurship comes the responsibility of addressing potential risks. Here are three main areas to explore with the basics of coffee shop insurance:

General Liability Insurance

Business Owner’s Insurance

Worker’s Compensation Insurance

General Liability Insurance: A Cornerstone of Protection

General liability insurance provides coverage for three main topics. These are bodily injury, property damage, and personal injury of customers. Basically, the usual accidents in a coffee shop are what you might guess! A customer slipping on a spilled latte. A claim related to the quality of your product. Having this coverage in place is crucial for safeguarding your business.

Business Owner’s Insurance: A Full Bodied Approach

Most coffee shop owners invest lots of time, effort, and money into the equipment and inventory of your business. Upgrade to a business owner’s policy to protect that property!

Business owner’s insurance provides the protections of general liability with property protections! It is important to remember that property doesn’t just mean a building. For a coffee shop owner, property includes coffee machines, cups, syrups, and even the beans!

Worker’s Compensation Insurance: Brew Peace Of Mind

Worker’s compensation insurance provides benefits to employees injured on the job. Benefits may cover medical expenses, lost wages, and even disability. Additionally, it is often a legally REQUIRED, coverage for your coffee shop.

Why Coffee Shop Insurance Matters:

• Peace of Mind: with the right insurance coverage, you can focus on the perfect espresso shots. Spend more your time on your shop, not your risks!
• Financial Protection: insurance helps lessen the financial impact of liability claims, property damage, or other unforeseen circumstances. It helps not break the bank!
• Perfected Business Practices: many landlords may require proof of insurance. Having the right coverage ensures you’re meeting contractual obligations.
• Legal Compliance: having the right coverages keeps your business legal. Do not break state law!

To learn more about coffee shop insurance, check out:

“The Most Common Liability Claims for Coffee Shop Owners”.

“The Gild Guide: Most Common Small Business Insurance Questions”.

If you need help, your friends at Gild Insurance are a click away! We combine the latest technology with experience to provide business insurance options that fit your business.

We help coffee shop owners like you find the insurance coverages they need!

Picture this: you are leading a Pilates session. Sarah, one of you clients is trying out a new exercise. You recommend she adjust her front leg and she takes your advice. She yells out in pain. Ouch! Now she needs to make a trip to urgent care to be evaluated. Was it your advice that caused the injury?

Your advice could be the difference between doing something right or wrong. You are the professional and your clients trust you.

The Most Common Professional Liability Claims

What are the most the most common professional liability claims?

• Negligence – In the fitness industry, professionals can make an error that harms someone. Remember our story about Sarah?
• Misrepresentation – Did you advise a client that a certain diet would help them gain muscle and lose weight? What if that recommendation caused a serious health issue?
• Incorrect advice – You shout, “Line up on the wall for handstands!” Closer to each other!” Suddenly, one client falls which causes everyone to fall. Now there are numerous injuries. Did you tell them to get too close? Is that what caused the injuries?

Which Fitness Professionals Need Insurance

If you are a studio owner it goes without saying that you need insurance. Chances are you might already have some coverage. What about personal trainers and instructors? Do they need insurance too? The answer is yes. AdvisorSmith reported that 3 in 4 small businesses encountered an insurable event in the year 2020. With those sorts of odds, you want to make sure everything you have worked for is protected. Maybe you have even established a concussion protocol in the event of an accident. And you may even have liability insurance to help you with other claims.

Business Insurance is Your Friend

Feeling overwhelmed now? There’s no need to panic. Everything we listed above was simply meant to outline the most common professional liability claims we see in the fitness industry. Our job is to best protect you from them.
 
To get the help you need and deserve, your friends here at Gild Insurance are a click away! We combine the latest technology with experience to provide business insurance options that fit your business.

To learn more, check out:

A Guide To Developing A Concussion Protocol

The Most Common Liability Claims For Fitness Studio Owners

Whichever your focus, a fitness instructor, studio owner, or personal trainer, Gild is here to help fitness professionals like yourself find the insurance products you need!

Sources

• Chen, Patrick. “Survey” 3 in 4 Small Businesses Faced an Insurable Event in 2020,” 26 Apr 2021, https://advisorsmith.com/data/small-business-claims-statistics/

There is a growing desire among clients for improved privacy and security in coworking spaces to protect again cyber risks. It is crucial for coworking space operators and businesses to prioritize data security. This includes cyber insurance as a fundamental component of their security strategies.

Safeguarding Sensitive Data: A Priority for Coworking Spaces

Collaboration and innovation thrive in coworking spaces. However, the risk of data breaches looms large. Shared networks and the use of smart tech services put personal and confidential information at risk. This includes the data of your clients and the businesses they operate. Be sure to review the privacy and security operating procedures of any smart tech service providers.

Using a third-party provider typically does not release a coworking space from privacy and security obligations to its clients. Therefore, due diligence is a must when hiring IT professionals to install shared networks.

Ensuring Uninterrupted Operations: Mitigating Business Disruptions

Cyberattacks and data breaches can severely disrupt business operations, leading to downtime, productivity losses, and reputational damage. To address these challenges, coworking spaces should prioritize cyber insurance coverage for business interruption. Cuber insurance can minimize the impact of cyber incidents. It can ensure easier resumption of operations, meeting the expectations of privacy-conscious clients.

Ensuring Compliance with Data Protection Regulations

Complying with data protection and privacy regulations is essential for businesses in coworking spaces. Stricter regulations like the California Consumer Privacy Act impose rigorous requirements on handling personal data. To adhere to regulations, coworking spaces should consider cyber insurance coverage that includes protection against regulatory fines and penalties. This proactive approach helps businesses effectively manage compliance risks – meeting the expectations of privacy-focused clients.

Strengthening Financial Resilience: Transferring Cyber Risks

Cyber insurance acts as a crucial risk transfer mechanism for coworking space operators and businesses. Cyber coverage can mitigate the financial burden. Costs associated with data recovery, legal fees, customer notifications, and potential lawsuits can addressed. This allows operators and businesses to effectively safeguard sensitive data. These protections allow businesses to focus on their core operations without the fear of significant financial losses.

Building Trust – Builds Market Share

Embrace strategies, including, investing in cyber insurance, addressing business interruptions, and ensuring regulatory compliance. Together this allows coworking spaces to build a trusted environment for their clients, a major differentiator in today’s market.

To learn more check out:

“The Gild Guide: Most Common Small Business Insurance Questions”.

Protect your business and look at what Gild Insurance offers! For a consultation with one of our Agents click HERE!