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As a restaurant owner, you know the amount of work it takes to run your business on a day-to-day basis. You might also know the statistics about how tough it is to survive and thrive in the restaurant business. But did you know that getting a restaurant insurance policy may help give you a fighting chance by mitigating some of the risks involved in the food industry?
On top of traditional business insurance, it’s worth considering a restaurant insurance policy, as this may not only make life simpler but may even cover some risks you hadn’t considered. There are unique aspects of running a restaurant that make it different from other types of businesses, which means different types of coverage might be required.
One of the most important parts of many restaurants is the property it is located on. For that reason, most restaurants will usually cover risks to property, such as the building and equipment, along with liability to customers and staff.
Aside from property liability coverage, there’s an important difference to note between general liability, such as a customer slipping on a spilled drink, and professional liability, such as a bout of food poisoning from bad food or inadequate preparation. General liability may cover patrons who are injured on your property, as well as property damage, and may also protect you from potential lawsuits. Professional liability, on the other hand, may protect your restaurant if someone gets sick from spoiled food products.
Restaurant insurance may typically include coverage for food spoilage and contamination, general liability, liquor liability, and commercial property. Additional coverage options might be available for your policy.
The costs of coverage depend on a variety of factors, such as location, as well as the size and type of your restaurant, including small restaurants, high-end restaurants, and chain restaurants.
Other elements that are easy to overlook include the risks of fraud and data theft that come with handling cash and card payments, the risks of spoiled food you have to throw away if there’s a power outage or refrigeration failure, and the risk of lost business if you close for repairs after a fire. Coverage options such as cyber liability, spoilage, and business income insurance may help protect you in these instances.
Are you ready to help safeguard your business with restaurant insurance? Contact us to discuss the insurance needs of your restaurant and to go over your coverage options.