THREE Business Insurance has released insights on affordable financial protection and bar insurance coverage options. One they highlight is the growing importance of cyber insurance. Many bar owners mistakenly believe they must be bigger to attract cybercriminals. Still, recent incidents show that no business is immune.
In a recent example, Bret Csencsitz, owner of the 40-year-old Gotham Bar & Grill in New York’s Greenwich Village, fell victim to a sophisticated cyber scam. An attacker impersonated the restaurant’s payroll service provider, deceiving Csencsitz into transferring approximately $45,000 to a fraudulent account. The loss forced him to close the fine-dining establishment temporarily for the summer and lay off about 50 employees. Csencsitz shared his experience to raise industry awareness, emphasizing that independent restaurants are vulnerable to such digital deceptions.
In an interview, Csencsitz detailed the event and offered advice to others in his industry: Get cyber insurance for your bar or restaurant. “It was probably something I should have done,” he said.
THREE Business Insurance emphasizes the benefits of a comprehensive policy over individual policies from multiple providers. A single, all-encompassing policy can prevent coverage gaps and simplify the protection process.
The Essential Components of Comprehensive Bar Insurance
A key component of bar insurance is something called Liquor Liability Insurance. This coverage protects businesses from unsurprising risks, given the nature of a bar or restaurant. Such as claims and damages resulting from incidents caused by intoxicated patrons served at the establishment.
However, in today’s digital age, cyber insurance is equally crucial. Online activity, credit card transactions, and gift cards lead to cyber risk. It can lead to unauthorized access to sensitive data and financial theft. Even closure or business interruption. Cyber insurance shields businesses from expenses related to data breaches, cyber extortion, and other digital risks.
THREE’s bar insurance policy covers various essential areas:
- Property Insurance
- Liquor Liability Insurance
- Cyber Insurance
- Workers’ Compensation Insurance
- Employment Practices Liability Insurance
- Commercial Auto Insurance: Navigating the Myriad of Risks
Bar owners face many risks beyond cyber threats and liquor liability, including slip-and-fall accidents, property damage, and employee injuries. However, adding cyber risks amplifies the need for comprehensive coverage for bars and restaurants, including cyber insurance. No matter the size of the establishment, being unprepared can lead to significant financial and reputational damage.
Other News: One in Five Businesses Hit by Cyberattacks, Lacking Preparedness(Opens in a new browser tab)
Other News: U.S. Indicts 2 Linked to Oct. 7 Cyberattack on Israeli Warning System.
