What is Restaurant Insurance?
Restaurant Insurance is a combination of coverage’s first, you will want to make sure you have the proper commercial liability in place – covering you for any property damage or bodily injury to a third party you are found negligent for. Liability insurance for the food industry is critical, imagine if a customer was to become ill after consuming food for the restaurant or was injured due to being intoxicated and over-served. Next is the property, if you own the building you will want to insure the asset. Unlike home insurance, your contents (stock & equipment) are not included with the building and that is something you must consider when putting the proper insurance in place. Restaurants are also exposed to food spoilage for example if your power is interrupted due to an insured loss you may suffer a loss of food products that aren’t kept cool or frozen. Specialized coverage called equipment breakdown exists for the situation as such. And last business interruption coverage, this is used when your business suffers from an insurable loss and will replace any income that may have been lost or reduced due to the loss. Business Interruption coverage has both unlimited and limited coverage options.
How Much Does Restaurant Insurance Cost?
This depends on what type of restaurant you own, if its franchised, the business hours, type of food, years of experience and other underlying factors. If you would like to get an accurate quote contact a broker today 1-833-277-9438 or get a commercial quote online here!
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