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What kind of insurance do you need?

While some things in life are purely ‘wants’–from fine pastries to rare wines–others are most definitely ‘needs.’ Among these are the multitude of legal steps you’ll have to take before you can ever switch on the ‘OPEN’ sign. But once you’ve secured all necessary permits, licenses, and certificates, be sure to also take time for insurance. 

Here are some fundamental types of insurance every restaurant owner should have in their arsenal: 

    • Business owners policy: Combines several policies (e.g., commercial property, liability, and business income coverage) into one
      • Commercial property: offers compensation for damage due to fire, gas leaks, faulty wiring, and customer theft
      • General liability: provides for medical fees and legal costs 
  • Business income: takes care of regular business expenses (e.g., payroll, rent, utilities, etc.) if operations are suspended; could pay for temporary operations elsewhere 
  • Workers' compensation: Protects against the everyday perils that employees face; pays for wage loss and medical fees due to injury 

Not only are general liability and a business owners policy vital to your company’s stability, but they might also be required as part of a lease. Certain vendors you do business with may also set strict guidelines here.  

Rounding Out Protection

Hot grills. Sharp equipment. Food contamination. These risks are stacked on top of those that the average business might face. If your establishment serves alcohol, delivers orders, or offers valet parking, another set of unique risks can crop up. And of course, there are circumstances beyond anyone’s control that merit protection. Here are a few insurance options that could really work for your business: 

  • Utility interruption: similar to business interruption, but with damages caused by off-site utility malfunction; protects against physical damage to property or compensates for suspended business operations
  • Equipment breakdown: covers loss of income from failed equipment; pays to repair/replace equipment
  • Commercial auto: extends liability coverage to company-owned vehicles; can also cover non-owned vehicles when used for business purposes
  • Crime and employee dishonesty: compensates for employee theft or fraud, credit card and check forgery, and computer fraud
  • Food contamination: pays to replace contaminated food, clean equipment, and cover medical expenses for employees
  • Food spoilage: compensates for stored food that spoils due to equipment or mechanical malfunction or lack of utility service
  • Liquor liability: covers bodily injury or property damage caused by an intoxicated patron, should the injured party decide to sue your business
  • Employment practices liability: pays legal and attorney fees should an employee bring a lawsuit alleging discrimination, harassment, or wrongful termination
  • Commercial umbrella policy: offers an extra layer of protection against bodily injury and/or property damage; picks up where other liability policies stop 

Thinking Beyond the Basics

Once you’ve found the best fits for your business, you’re protected against so many possible dangers. But it’s always worth the effort to dive a little deeper. So why not take a moment and survey your property. Ask yourself: 

Do I use valuable memorabilia or artwork as décor?

Is a large amount of my storefront glass?

Would my business’ sign be costly to repair? 

If you answered “yes,” then a speciality coverage policy–i.e. fine arts, or sign and glass–could be just what you need to protect your investments. Additional coverage options can easily be worked into your policy so that you’re protected from all angles. And by chatting with our well-versed agents you can determine precisely what you’ll need.  

Protect and Serve

If you’re supplying a product, a service, and your business has a physical presence, then you absolutely need a wide scope of protection. This holds true from the neighborhood coffee joint to the ritziest spot downtown. In fact, the smaller the business, the more you have to lose should things go wrong. So take some time and look into restaurant insurance. You’ll come away with a realistic view of what’s at stake, and how to protect against it. You’ll also gain peace of mind knowing that your customers and investments are safe, come what may.

Interested in More Information?

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