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Restaurant Insurance Lafayette LA


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Restaurant Insurance Lafayette LA – Great Insurance Policies Are Within Reach!

Restaurant Insurance Lafayette LAGreat coverage on Restaurant Insurance in Lafayette are only a phone call or mouse click away! 

Please call 337-824-4455 to speak with a broker Monday to Friday 8:00 AM to 4:30 PM CST keeping in mind our office is closed for lunch from 12:00 – 1:00 PM.

Did you find us during our lunch break or after closing time and need a quote? 

Please use our quote request system you see below and one of our agents will get back to you soon:

Lafayette Restaurant Insurance – Part 29: Recap

A lot has happened since we first began following the story of restaurant owner Pete Ross, so we thought we’d take a brief look at all the events that have transpired over the course of the last 28 articles. 

It began when Pete Ross asked for a loan from his wealthy parents to start his own restaurant, even though he had no experience with running a business. 

Even before the grand opening of Squeaky Pete’s Pork Emporium, Pete ran into obstacles. A power outage forced him to replace thousands of dollars in food stores because he didn’t have Spoilage Insurance. 

Things didn’t let up after that. 

The restaurant endured a lawsuit when a customer was injured after slipping on some spilled vegetable oil. Thankfully, accidental injury to a visitor was covered by Pete’s liability insurance. 

Not long after that, one of Pete’s employees badly burned himself in the kitchen. The employee’s medical bills and other costs related to the accident were covered by Pete’s workers’ compensation insurance. 

Sometime later, one of the restaurant’s grease traps caught fire, which was made worse when someone attempted to douse the flames with water, which only spreads grease fires! The damage to structural elements of the building like walls, beams, ceilings, etc. was covered under Pete’s Building Property Coverage, and damage to non-structural property like chairs and tables was covered under his Business Personal Property coverage. 

Unfortunately, Pete’s high frequency of claims resulted in his insurance company dropping his policy, as Pete’s restaurant was simply too costly to justify maintaining him as a policyholder. 

Pete’s insurance agent Tracy managed to find a single insurance company willing to insure Pete’s business, but at almost three times the premium rate he was used to. 

To make matters worse, Pete brashly decided to buy the building he had been leasing for his restaurant, imagining that this would lead to an insurance discount. Instead, he now had to take on the added financial burden of insuring the property itself.

Even though Pete bought the building for a steal at $150,000, property coverage is based on replacement cost, which was estimated to be around $1 million. Wanting to avoid a high monthly premium, Pete decided to under-insure the building despite Tracy’s protests.

In our next entry, we’ll recap the events that transpired after Pete purchased his building.

Restaurant Insurance Lafayette LA – Get in touch with Our Agency Right Away.

Talk to Jeff Davis Insurance right away by dialing 337-824-4455.

If we are not immediately available, use the links below based on your area to send us a quote request:

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Restaurant Insurance Baton Rouge


Restaurant Insurance Baton Rouge – Free Quotes for Louisiana Businesses 

Restaurant Insurance Baton RougeIf you are in need of Restaurant Insurance in Baton Rouge then stick around.

Jeff Davis Insurance offers free quotes from multiple providers for Louisiana Business Insurance. 

Call 337-824-4455 any time Monday through Friday 8:00 AM to 12:00 PM and 1:00 PM to 4:30 PM CST or request a quote online by clicking one of the locations below: 

Baton Rouge Restaurant Insurance – Story Recap

In previous installments of our series on restaurant insurance, Pete Ross, owner of Squeaky Pete’s Pork Emporium, learned that his restaurant insurance policy was being dropped due to his inordinately high frequency of insurance claims. 

Tracy, Pete’s reliable insurance agent, did her best to find new restaurant insurance options for her client. There is only one company left willing to insure Pete’s business despite its claims history, but their offer is significantly more expensive than what Pete had been paying up to that point. 

Pete then informs Tracy that he intends to buy the building he had been leasing for his restaurant and wonders whether owning the property will afford him a discount on his insurance. 

Tracy says she’ll get back to him soon. 

Business Insurance Baton Rouge – Coverage Scenario Part 13

After putting together the adjusted quotes, Tracy calls Pete back two days later. 

“Hi, Pete.” 

“Hi, Tracy,” answers Pete. “Do you have any news for me?” 

“I do. I had someone do a replacement cost assessment on the building you intend to buy, to determine the total amount of money it would cost to completely replace the building were it to be destroyed, let’s say because of a tornado or a fire,” explains Tracy. 

“Your insurance rate will be based, in part, on the property’s replacement cost, and her estimate puts the replacement cost at about $1 million.” 

“$1 million? But I only paid $150,000 for it!” Pete exclaims.

“Yes, you got it for a great price, but there is a difference between market value and replacement cost. Replacement cost is a rough estimate of what it would cost to replace your building if the whole thing burned down or something like that. It would certainly cost more than $150,000.” 

“Okay, so what will my yearly rate be?” asks Pete. 

“Last time we spoke I told you your rate with the new company was going to be $14,000 for the year, but if we add $1 million in coverage for the building you just bought, that $14,000 figure jumps to $27,000 for the year…” 

Not for the first time, Pete spews coffee in surprise. 

He spends the next twenty minutes on the phone with Tracy trying to figure out how he can get the price down. 

Will he find a way to lower his rate, and if so, will it actually save him money in the long run? 

Find out in our next article. 

Baton Rouge Restaurant Insurance – Contact Us Today! 

Get in touch with us today by dialing 337-824-4455 or clicking an option in the list below to request free quotes any time:

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