Restaurant insurance has many commonalities with general commercial insurance, but there are also some particulars that you should follow to ensure that your restaurant is protected. Here are some tips to help you get the best restaurant insurance coverage.
Consult an Experienced Commercial Insurance Broker
First of all, you'll want to find a knowledgeable commercial insurance agent who has experience working with restaurants. The industry experience is key because they will know which resources to work with in giving you the best quotes and risk estimates for your industry. They will also have worked with other restaurants in the past and seen how their advice worked out for those clients. You can draw on that experience to get highly tailored quotes for your own restaurant.
Consider Restaurant-Specific Insurance Types
When you're coming up with a restaurant insurance package, there are some standard types of business insurance that will apply. General insurance is a must for covering all types of liability that you may not be able to predict. You'll need to insure your property and your restaurant equipment. Worker's compensation can also be a big one since your employees will be working with hazardous items (hot stoves, knives, etc.). And protecting consumers from food poisoning is a must.
On top of that, restaurants need to look into getting liquor insurance to cover their liability in case guests consume too much alcohol. They may also need to invest in inland marine insurance if they are doing a lot of hauling of business equipment. Work with your business insurance specialist to come up with an insurance package that covers the basics and also delves into some of the deeper issues that your restaurant may face.
Protect Yourself from Interruption
The restaurant business can be unpredictable, and you may find yourself with a health violation or an equipment fire that forces you to close your doors for a while. Business interruption insurance is crucial to new businesses that may face these sorts of setbacks. This business insurance policy will give you an income while you rebuild your restaurant, but it may also cover the costs of continued operation while you rebuild. Things like setting up shop in a new location can quickly add up if you have to haul a bunch of heavy restaurant equipment, for example.
While there are many types of business insurance that can be important to restaurants, it doesn't have to be a complicated decision if you follow the sound advice from your business insurance partner.Share