Every bakery owner knows that their bakery is a business that requires them to be a savvy financial manager as well as an amazing baker that knows their craft. Crises are always good to be prepared for and accidents are bound to happen. Fires are a common problem when it comes to baking, so it is good to have propper procdures in place to prevent them.
But if the unpreventable happens, you will want good insurance to take care of your financial needs to restore your amazing bakery. You never want to face this type of issue without an insurance to cover the costs. Insurance is not just there when inadequate equipment results in cupcakes and bread not properly baking, but other catastrophees big or small.
Business owner’s policy (BOP)
Typically used for service-based professions, and may cover you if a client sues due to a business mistake
Many insurance plans are commonly bundled together for simplicity and a cheaper rate.
Protect your bakery from potential stress that could cause serious monetary loss. If the power goes out will your ingredients spoil? You will want to have backup power or insurance to cover that as well. A side note, for new bakers, is to consider baked goods that did not sell the day they were made. Will you mark down the inventory, sell for less, give it away or throw it out? A financially successful bakery looks at multiple angles to decide what is best for them.
This is where our bundled insurance rates can help. Most insurance for bakeries is higher than one might think, but here at We Care our bundles will help you get everything you need at an affordable rate that is customized just for you.
Most policies include employer’s liability insurance, which protects bakery owners against lawsuits related to workplace injuries.
Even if you view your cake business as a hobby, if you sell to the public, it’s important to have insurance.
General Liability Coverage
Your General Liability limit is the max that your insurance company will pay for damages due to slips, trips, falls and damage to someone else’s property.
If you have a loss that is $750,000 and your General Liability limit is set at only $500,000, you are responsible for paying the additional $250,000.
So make sure you think about what limits you need!
Property Damage Liability Deductible
Property Damage Liability Covers damage done to someone elses’ property. This deductible is the amount you are responsible for any claims involving Property Damage Liability
Business Personal Property Limit
This limit provides coverage ro repair or replace your business equipment and property such as tools, computers, desks, chairs and other items used in the operation of your business.
This limit provides coverage to repair or rebuild your building if it is damaged or destroyed.
Property Claims Deductible
Your Property Deductible is the amount that you are responsible to pay when you file a claim for damages to your stuff, such as computers, desks, and anything else used in the operation of your business.