Restaurant insurance is specially designed to protect restaurant owners against specific risks associated with serving food and drinks, including equipment- and treatment-related accidents and injuries.
Restaurant insurance describes several insurance policies that are combined to provide comprehensive coverage for your business.
General Liability Insurance:
General liability insurance policy provides liability coverage and financial protection from common business risks, such as a customer injury at your restaurant. This type of insurance gives restaurant owner’s financial protection in the event of an accident or damage.
- Customer bodily injuries
- Damaged customer property
- Product liability lawsuits
Property Insurance covers furniture, kitchen equipment, buildings, and other property that the restaurant owns. In the case of theft, fire, windstorms, or other covered events, your insurance company will reimburse you for the cost to replace and repair your property.
Worker’s Compensation Insurance:
Most states require workers’ comp for restaurants that have employees. This type of insurance helps covers medical expenses and lost wages if an employee gets injured while working. It also protects sole proprietors from work injury costs that health insurance might deny.
- Employee medical expenses
- Missed wages
- Legal costs
Business Owner Policy:
A business owner policy bundles commercial property insurance and general liability insurance under one plan. It’s one of the most popular and cost-effective options for a restaurant.
- Food contamination and spoilage
- Damaged commercial property
- Business interruption incidents
Liquor Liability Insurance:
This policy covers legal fees, property damage, and medical costs if alcohol is served or sold at your restaurant to a visibly intoxicated person who then proceeds to harm others.
- Injuries caused by intoxicated patrons
- Property damage caused by intoxicated patrons
- Legal defense costs
Restaurant insurance – Policy Premium
The restaurant insurance costs vary from business to business, and the premiums will depend on factors like the size of your restaurant, the number of employees you have, the food you’re serving, and whether you sell liquor.
Bundling your policies helps you get better prices and coverage. One of the most effective and easiest ways to save money on your restaurant insurance policies is to bundle them up with only one carrier. This way your restaurant can enjoy a multi-policy discount. It also ensures that there are no gaps in coverage.
Running the day-to-day operations of a restaurant gives you plenty to worry about. You don’t need to add restaurant insurance coverage concerns to the list.
We at ABS Insurance & Financial Services willmake sure your restaurant and staff are protected by the right insurance coverage.