Selecting adequate insurance coverage for a restaurant is just as important as choosing the location, decor, and menu items. Insurance protection is vital to the success and well-being of a restaurant. Ideally, restaurant owners want policies covering the property, supplies, employees, and customers. Not having the right policies could leave your restaurant vulnerable to litigation and result in other costly outcomes.
Types of Insurance Your Restaurant Needs
When you begin looking at insurance coverage for your restaurant, you may come across an overwhelming amount of options. Some of them may seem right for your business while others will not. However, there are some common types of insurance that most restaurant owners will want to consider.
- General Liability – This type of coverage protects your business from lawsuits that involve bodily injury or property damage sustained by third parties.
- Workers’ Compensation – This protects your employees from financial hardships associated with work-related injuries or accidents, including medical bills and a portion of lost wages. This is mandatory in most states.
- Property – This will cover the costs of damage to your building, equipment, furniture, etc. The cost of this policy will depend on factors such as your limits and the location of your restaurant, among many others.
- Liquor Liability – This policy offers your business protection in case a customer is injured or causes damage after being served alcohol at your establishment.
- Business Interruption – This protects your business if the restaurant cannot open after covered property damage occurred. This will cover lost income and the fees to temporarily move your business to a new location.
- Crime – This offers protection to a restaurant in case of a burglary, forgery, fraud, cybercrime, robbery, or employee dishonesty. These are areas not typically mentioned in property insurance policies.
- Mechanical breakdown – This covers the fees that come with repairing necessary equipment for your restaurant. It may also include money to go towards replacement costs.
- Employment practices liability insurance – This type of coverage protects your restaurant in the event that an employee makes a claim of discrimination, harassment, or wrongful termination.
Biscayne Risk & Insurance Group: Ensuring Your Business is Protected
Biscayne Risk & Insurance Group has the policies you need to protect your restaurant. Our team can help you determine which risks your business could face. We’ll also help you minimize those risks. Our business insurance is designed to provide a tailored blanket of coverage that will give your business the protection it needs. We can also help you sort through employee benefits for your staff. We’ll help you with designing the right strategy, figuring out the right finance approach, selecting a vendor, and ultimately launching the program to benefit your employees. You can find out more about our services by clicking here.