Running your restaurant, bar and grill or pizza place every day is a full-time commitment.
And let’s face it, problems can (and do) occur no matter how well you manage your business.
Stuff, as they say, happens.
The reason to have insurance coverage is to protect your investment when the “you know what” hits the fan, such as a customer who slips and falls in your restaurant or someone gets food poisoning after eating at your establishment.
So which policy options do you need to protect your financial future?
Restaurant insurance tips
For starters, do you own or lease your place of business?
If you own the property then one aspect of protecting your investment is by making sure that the building itself is probably insured. In order to do this you’ll need to know the value of the property apart from the valuation of your business.
Even if you lease the property you will want to have your own insurance coverage to make sure that furnishings and equipment are properly covered.
Don’t simply assume that your landlord’s commercial insurance policy will be sufficient protection for your restaurant.
Restaurant equipment and fittings
Have you made improvements to the restaurant, such as upgrading the kitchen or adding an impressive wine collection?
Your restaurant insurance policy can provide coverage for this as well. After all, should a fire break out in your kitchen the cost to replace any damaged equipment could run into several thousands of dollars. Additionally, losing power for an extended period of time could result in the loss of some or all of your food supplies.
When it comes to insuring your wine collection a separate policy may be required.
Loss of License
Do you have a bar or serve alcohol at your restaurant?
If so it’s important to have the right liability coverage for your business. As you can imagine, serving alcohol to customers presents you with additional risk factors that need to be insured against.
One aspect involves possible loss of license. The purpose of this coverage is to insure against loss of income should you lose your liquor license for whatever reason.
Business interruption insurance
What is business interruption insurance?
Quite simply, this type of insurance policy protects you from loss of income should the business property become damaged or destroyed due to a cause not specified in your business insurance policy.
This type of policy is typically triggered when:
- your business operations cannot resume until the property is restored, or
- some (or all) of your day to day operations can continue only by relocating to a new property
Business interruption insurance is designed to help should either one of those situations apply to you.
At the end of the day properly insuring your restaurant involves much more than getting a quote in 15 minutes, or 7 1/2. The only way to make sure that you have the right restaurant insurance policy in place is to speak with an experienced and knowledgeable agent who can walk you through all of the various policy options, and their costs, to make sure that you have the right coverage at the right price.
Are you searching for affordable business insurance?
Save time and aggravation with a free, customized, quote comparison from qualified insurance providers. It only takes a couple of minutes so why not enjoy peace of mind by getting the coverage you need.
Get your FREE, no-obligation business insurance quotes today.
Or you can search through our list of business insurance providers and find a local insurance agent who can help you get the coverage you need.
Either way the choice is yours…