Restaurants are one of the most exposed businesses when it comes to liability. For this reason, you need to be sure you have the right restaurant insurance coverage. Restaurant insurance protects your business from, and keeps your business prepared for, unexpected events. With the right restaurant insurance you can be sure that your business is protected.
After a disaster, theft or law suit, restaurant business insurance protects your business from further losses. It also allows you to make repairs without paying out of pocket.
If your restaurant does not have the right insurance coverage and you suffer a business loss, you may not receive adequate compensation. Your restaurant insurance coverage should include, but not be limited to Products Liability, Employer Liability, Business Interruption, Refrigerated stock, Public Liability and Loss of License.
Employer liability insurance is important when running a restaurant; it covers issues that may occur while employees are at work. Public liability insurance is insurance that safeguard restaurant owners in situations where a patron is injured due to your business’ negligence. For restaurants, because you are serving food, this coverage is particularly necessary. A problem with a freezer can lead to thousands of dollars of lost food. A restaurant insurance policy can guard against these sorts of losses.
You can buy business insurance off-the-shelf, this may cut down on monthly costs, but it could leave you without the right level of protection. You should buy an insurance policy tailored specifically for your type of restaurant, from fine dining to fast food which allows you to recoup losses without risking away capital.
For more information on Restaurant insurance, contact TriState Business Insurance.