If you are planning on opening a restaurant or already have a restaurant in place and need further information about monthly insurance, there are various important considerations. The most important inquiry is the types of risk coverage your restaurant requires, as well as the services your insurance provider offers.
- Property insurance protects the actual property you are using for the restaurant from negligent fires or other accidents. Typically, such insurance does not protect against natural disasters. If you do not own the property, property insurance may not be necessary. Obtain a general liability policy to protect yourself from general injuries that may occur to both employees and customers. If your restaurant serves liquor, liquor liability must be included in your insurance policy, as most states require this protection by law. States also require workers' compensation liability, which fits under your general liability insurance policy. Concomitant with workers' compensation is unemployment insurance.
If your restaurant delivers food and uses company cars, obtain automobile liability under your insurance policy. Obtain loss-of-business insurance, which protects against sales losses that pertain to a specific, identifiable cause. Finally, obtain food contaminatio n insurance. - Given the multitude of insurance options, look for an insurance provider that can encapsulate all of the aforementioned liabilities into one policy. Always inquire whether the provider covers the typical risks and liabilities associated with a restaurant. More specifically, inquire with your prospective insurance provider whether it provides a 24-hour call service to report claims. Properly vet your insurance provider by asking whether it has affiliations with the Better Business Bureau in your state. Such affiliations are a good way to determine your insurance provider's legitimacy.
- Your insurance provider should have a specific department or division that deals primarily with restaurant businesses. You do not want an insurance provider that is new to covering restaurant businesses. Ask for quotes from several insurance providers and inquire whether the companies provide discounts on their insurance policies. You can gain price reductions if you indicate you are shopping with competitive insurance companies.
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