Restaurant Insurance is one of the main building blocks of your restaurant business. As a small business owner, it is important to ensure the safety of your business assets. Running a restaurant is not an easy task but the right restaurant insurance will make your efforts worthwhile.
When you build your dream restaurant, you put in most of your capital and a lot of effort into it. Your dream restaurant needs the best restaurant insurance incase of any unexpected mishaps. When you run a restaurant, the safety of your employees and customers becomes your responsibility.
Any small or big mishap could prove to be a threat to your business assets, which is why you should insure your restaurant as a top priority. To ensure safety for your restaurant, it is important to purchase the right restaurant insurance. Read our blog on Steering Clear Of Common Restaurant Insurance Claims.
Here are some useful tips for you to choose the right Restaurant Insurance:
- Identify the risks of your industry
The first and most important part of choosing the right insurance is to identify the risks of your particular industry. In this case, as a restaurant owner, you should find out the potential risks that your restaurant could face and that you would like protection against.
For example, in the restaurant industry, you may face the risk of a customer falling sick after dining at your restaurant, kitchen appliances getting damaged or stolen, or employee dishonesty.
You need to understand the risks your restaurant faces and then look for an insurance plan for protection against the same.
As is also stated American Insuring Group, check out their blog, 3 Restaurant Insurance Tips to Protect Your Business
- Identify the details of your insurance needs
After you identify the potential risks that your restaurant might face, you have to understand the details and nuances of your insurance needs.
This includes the factors affecting your insurance plans such as:
- Your location
- The volume of sales
- The area of our restaurant
- Your total payroll
- The hours of operation
- The type of property
- The activities and services you provide such as entertainment, serving alcohol, catering, valet parking and others
- For how long you have been in business.
Apart from this, you should also consider the level of coverage you require for your restaurant. It is highly advisable to do some research of your own before purchasing a restaurant insurance.
- Understand the types of restaurant insurance plan and which one suits you best
There are several types of restaurant insurance plans available. You can choose the one that suits your protection and coverage needs the best. Some types of restaurant insurance plans are given below:
- Business Owner’s Policy – Covers any kind of property damage and liability claims caused by an accident of a guest in the restaurant premises.
- Workers Compensation Insurance – Covers medical costs or loss of income situations resulting from an on-the-job injury for your restaurant employees.
- Umbrella Liability Insurance – Covers liability claims even after your general liability claim gets exhausted.
- Commercial Auto Insurance – Provides protection for your owned, hired and non-owned auto used for daily business operations.
There are several other additional coverages that you should consider:
As your restaurant business expands, you will need extra coverage for your business.
Keep this in mind when purchasing your insurance plan. Make sure that you purchase a flexible restaurant insurance plan which will be able to accommodate the expansion of your restaurant business.
For this, you will need to assess your plan every year after the purchase to see if it still provides enough coverage for your growing business.
- Coverage over insurance cost
While choosing the perfect restaurant insurance plan for your restaurant business, try to prioritize the coverage it provides rather than the insurance cost you have to pay. Think of insurance as an investment for the safe future of your business.
- Choose a reputed insurance company
Choose a reputed insurance company for your restaurant insurance needs. Make sure that you understand the plan thoroughly and it matches your business requirements.
Choosing a reputed insurance company will ensure a good plan with great post service by experienced insurance agents that will make your insurance buying process a smooth and successful one. It will also ensure good claim management incase of any claims.
We have been in the insurance business for the past 20 years. We know the insurance market in and out. We have grown and upgraded with the market and its increasing needs.
Having worked with all kinds of small business owners, we are able to cater to their insurance needs. Working with such businesses have made us experts in insuring them and keeping their businesses safe. Contact us at 855-5EXCEED and get a quote for your business today.
We hope these tips will help you choose the right restaurant insurance for your restaurant business.
For further information or queries regarding the same, visit our website’s Restaurant Insurance page.