The restaurant business is a tough one. There are many risks involved and potential ways that your patrons or employees could suffer some sort of accident, opening up yourself to a wide range of liabilities. It is important to protect your business with an insurance policy that will adequately cover all of these risks and prevent you from suffering financial loss or worse.
There are a number of issues that are prudent to be protected when you are in the restaurant business. A qualified insurance agent near you can help make sure you have the correct policies in place for your establishment. Below is a list of policies you should consider having.
Every business regardless of size needs to have a GL policy to protect against lawsuits arising from customers being injured while at their establishment. In the restaurant world, a GL policy would protect against things like customers being accidentally burned by food, tripping over hazards like chair legs, even people getting injured in the parking lot would be covered.
Within a general liability policy, there are also customizable addons that could be helpful depending on the unique circumstances of your restaurant:
These two policies protect your restaurant from any damage that might be sustained for a number of reasons; a grease fire in the kitchen, a flooded dining room from a broken pipe, damage sustained from rowdy customers breaking a table. A building policy will cover your insurance needs for the structure and main foundational elements of your restaurant, where a contents policy protects things like tables, chairs, decor, even plates, and silverware.
Restaurants have tons of equipment running at any given moment, refrigerators, stoves, air conditioning systems, computer ordering systems, and cash registers just to name a few. And restaurants with an entertainment component like a Dave & Busters even have things like arcade machines, lighting and musical equipment that is susceptible to breakdowns. An equipment breakdown policy will not only help cover the costs of repairs but also covers loss of income that could occur if you are forced to temporarily shut down due to equipment malfunction.
Restaurants also have the added headache of the risk of food going bad if there is a power outage or equipment malfunction. The cost of throwing away a large amount of food inventory can be quite extensive. A food spoilage policy helps to cover these costs should such a situation occur.
If your restaurant is forced to temporarily close due to some sort of disastrous event, like a fire, flood or earthquake, a loss of income policy will provide you with the funds you need to help you continue paying your required expenses and employee’s wages.
There are many ways that employees can end up injured in a restaurant. Burns, cuts, slip & falls on greasy or wet floors, even tripping over hazards like a customer’s chair are all common. As such it is important to have a comprehensive worker’s comp policy to cover the costs of potential medical treatment and loss of wages for your employees.
When you think of the word restaurant you might picture a sit-down area with booths, tables, menus, waitresses, and more, but food establishments come in all shapes and sizes. And each requires customization for their restaurant insurance policy. For example, a coffee shop won’t need an automobile policy if they have no delivery component to their store, where this would be of utmost importance to a pizza place or food truck.
Different types of restaurants that should speak with a licensed insurance agent about their unique insurance needs include:
Because of the uniqueness of every food establishment to determine the cost of a comprehensive restaurant insurance policy, it is best to speak with a qualified Utah insurance agent near you. They can help to quickly assess your specific needs and make sure the correct things are covered by your policy. You can expect to pay usually between $1000 to $5000 a year, but this number varies greatly on a number of factors including how long the establishment has existed, the number of employees, whether there are any previous claims, and so on.
At Keystone Insurance we can help you find the best agent to help you set up your restaurant insurance policy. We work with many types of policies and companies within the state of Utah, including Bear River Mutual, Progressive, Travelers, and more. If you own a restaurant in the Payson & Provo, UT area, and are in need of a good insurance policy to cover all of your business’s needs Call Keystone Insurance to discuss all of your options and come up with the best policy to cover your unique circumstances.