Restaurant Insurance: Here’s What You Need to Know

Insurance is an integral part of any business. It helps protect your business against catastrophes that could otherwise bankrupt a growing, thriving business.

If you operate a restaurant, you need to ensure that it carries the right insurance. To know the proper insurance to purchase, you need to understand the dangers that your restaurant faces.

Here you’ll learn more about restaurant insurance, why you need it, and how to determine the right coverage.

Let’s get started:

What is Restaurant Insurance?

Generally, restaurant insurance refers to the types of insurance that a restaurant needs to remain covered and protected in case of damages, accidents, injuries, and other uncertainties. It’s not really a particular type of insurance, it’s a bundle of insurance products suited for restaurants.

Why You Need Restaurant Insurance

Accidents happen, and they’re unpredictable. Even a single accident or unexpected incident could cost you thousands of dollars. Restaurant insurance helps:

  • Eliminate penalties and fines for noncompliance. Most states require a business with employees to have workers’ compensation insurance to protect their business in case an employee is injured, gets sick or dies due to work-related incidents. Your state might issue penalties if you fail to comply.
  • Protect your restaurant in case you’re sued due to a fall or food poisoning incident at your restaurant.
  • Validate you with financial institutions or landlords to buy equipment or sign leases.
  • Retain employees who are concerned about their safety in case of an unexpected incident.

Read more:

Types of Insurance You Need for Your Restaurant

General Liability

General liability covers against claim due to property damage or bodily injury that results from accidents such as slips and falls. It also covers product liability, which offers protection against claims due to food poisoning.

Property Damage

Arguably the most common insurance product, this coverage protects your restaurant as well as its contents. If you own the building hosting the restaurant, you’re covered in case of vandalism or fire.

If the hotel is located in a rented place, the building enhancements you’ve developed such as built-in cabinets, range hoods, and light fixtures are protected. Your contents such as computer equipment, appliances, furnishings, kitchen implements, and sale equipment, are also covered.

Be sure to carry enough coverage to protect all your property. Some policies have coinsurance clauses that can penalize … Read the rest

The post Restaurant Insurance: Here’s What You Need to Know appeared first on Just Cooking.



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