America has hundreds of thousands of restaurants serving people almost daily. The average American eats out three times a month and orders takeout or delivery approximately four times a month. Providing quality food and service to Americans is necessary to keep restaurant doors open. Part of ensuring quality service is having proper protection for your business. If you have wondered what insurance restaurants need, read on to find helpful information about securing insurance for your business.
What Insurance Do Restaurants Need?
Running a restaurant involves juggling several priorities at once. This includes providing great food, top-tier service, and managing risks. A large part of managing your risk as a restaurant owner involves having the right insurance. Below, you will find the most common insurance policies restaurants need. Consult with a trusted insurance expert to ensure your business is properly covered.
General Liability Insurance
General liability insurance protects your restaurant from several claims, including personal injury, bodily injury, and property damage. Coverage kicks in if these issues occur during restaurant operations. It often covers legal fees, medical expenses, and settlements. This is a necessary investment in your business as it can protect it from major lawsuits. Common lawsuits include slip-and-fall or food-borne illnesses.
Commercial Property Insurance
Commercial property insurance is necessary if you own the building your restaurant is in. This type of insurance protects the building and its physical assets, including the kitchen equipment, fixtures, furniture, and inventory. In the event of a fire, natural disaster, vandalism, or theft, restaurant and bar insurance keeps you protected. Depending on the severity of the damage, this may include replacement or repair.
Workers’ Compensation Insurance
Most restaurants have a large team of employees. From the wait staff and chefs to management, several people help run a restaurant. Workers’ compensation provides coverage for medical expenses and lost wages. This is necessary in the event that an employee gets injured or falls ill due to their role within your company. Workers compensation is often required by law in the vast majority of states. It is a necessary investment as it can protect you from expensive claims and lawsuits.
Liquor Liability Insurance
Many restaurants serve alcohol to cater to patrons who prefer establishments that offer adult beverages. If your restaurant serves alcohol, liquor liability insurance is imperative. This category of insurance covers damage or injuries caused by someone who drank at your restaurant. Coverage can sometimes cover fights and drunk driving incidents. Be sure to talk with your insurer to determine what your policy covers.
Commercial Umbrella Insurance
Commercial umbrella insurance offers additional coverage beyond the limits of your primary policy. It is a great option for high-risk restaurants, offering extra protection in the event of a major lawsuit or catastrophic event. Standard policies offer great coverage for the average restaurant. However, additional protection may be necessary in some cases. Trendy restaurants in large cities, such as Los Angeles or Las Vegas, can greatly benefit from this type of policy.
Safecal Insurance Coverage
Choosing the right policies for your restaurant is necessary to protect your business. Investing in the right coverage can save you a lot of money in the event of an issue. To ensure your restaurant is covered, consult with a trusted insurance expert. The team at Safecal offers several policies catered to restaurants. Because the industry is unique, it is necessary to have protection that provides you with peace of mind. Avoid the risk and contact the team at Safecal today!