5 Basic Coverages your Restaurant Insurance must have!

Most of us buy insurance policies for our businesses without complete knowledge of its benefits and coverages. This article will help you understand what your restaurant insurance policy must include. 

What is Restaurant Insurance?
It is a contract between you and your insurance carrier to protect your business from financial liabilities and help it function smoothly.

Why do you need to insure your restaurant?
Owning a restaurant includes risks at every level like cooking, serving food, serving alcoholic beverages, offering valet parking services, etc. These are a few reasons you may need dependable insurance to protect your business from financial losses. 

5 Must-Have Coverages For Complete Protection

  • Cyber Security Coverage

Cyber Insurance pays for claims occurring from internet-based risks like hacking, identity theft, firewall breakdown, system breakdown, etc. This coverage protects your crucial data and softwares. It is a must because these days cybercrime rates have increased more than ever. 

  • Employee Dishonesty Coverage

Employees play an important role in any business. Some employees are given access to confidential business information. Therefore, the risk of an employee’s dishonesty is high. This coverage protects you in situations where an employee’s dishonesty leads to financial losses to the restaurant. 

  • Liquor Liability Coverage

If you serve alcoholic beverages in your restaurant then this coverage is a must. With this coverage, your business can settle the liability claims that occur from the misbehavior of an intoxicated patron. 

  • Spoilage Coverage

Managing kitchen inventory is a task in itself. Damages to the refrigerator or other storage devices may affect the freshness of food products. Spoilage of produce can lead to financial damages that can shatter the functioning of your restaurant. For such situations, the spoilage coverage pays for these damages and helps you from burning a hole in your pocket. 

  • Property Coverage

This may seem like a basic coverage but it is the most important one. Your restaurant property is exposed to many risks like a fire hazard, theft, vandalism, water leakage, etc. Some of these risks can create enormous damage leading to high renovation costs. Here, property coverage comes into effect and pays for all such damages, hence saving you thousands of dollars.

To conclude, if you own a restaurant you must be aware of what your insurance policy includes. You must also make sure that it provides you the above-mentioned coverages. If you are looking for a suitable restaurant insurance policy, check out the benefits we offer and get a quote now: https://www.exceedinsurance.com/restaurant-insurance/ 

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