BUSINESS INSURANCE BY INDUSTRY
Restaurant Insurance
The Best Restaurant Insurance Policies Owners
If you own a restaurant or any establishment that serves food, such as a cafe, there are certain things you’ll want to do to protect your business. Purchasing the right insurance policies is an essential piece of that. But how do you know which policies are appropriate? Luckily, we’ve got you covered. Here are the insurance policies every restaurant owner should consider.
General Liability
A general liability policy protects you and your business from bodily injury or property damage for which you may be responsible. For example, if a customer gets injured on your premises or if someone gets sick from eating your food, your general liability policy will pay for these damages. You may also want to add liquor liability coverage to your general liability policy if you sell alcohol. This specific coverage will protect you from lawsuits stemming from alcohol-related incidents.
Business Personal Property
Business Personal Property or BPP coverage is usually purchased as part of a Business Owner’s Policy (BOP). Business Personal Property will cover things such as your kitchen equipment, tables, chairs, and other tangible property used in your business. This means that if a fire breaks out in your restaurant, your BPP will pay to replace any damaged items. It’s important to note that tangible property is anything you can physically touch, so it does not include patents, trademarks, or intellectual property. If needed, that would require a separate type of policy.
Equipment Breakdown Coverage
As a restaurant, you presumably rely on your equipment to run smoothly. If your ovens, cash registers, or refrigeration equipment fails, how will you continue to operate? This is where Equipment Breakdown Coverage can help. This policy protects your business equipment from power surges and mechanical failures which are typically not covered by a BPP policy. Equipment Breakdown will also cover food spoilage and loss of income in addition to paying for the cost to repair the equipment affected.
Workers Compensation
Running a restaurant usually involves at least one other employee besides yourself. Almost all states have laws regarding workers’ compensation insurance, so it’s imperative to be familiar with what your state requires. However, even if your business is not required to carry Workers’ Compensation it’s in your best interest to do so anyway. Suppose an employee burns themselves on a hot stove, for example. Workers’ Compensation will pay for their medical and any lost wages.
Other Restaurant Insurance Policies
The type of insurance coverage needed for your restaurant will depend on the specifics of your business. Factors such as whether you offer valet services, make deliveries, or are concerned about employee dishonesty will all affect what policies you may want to purchase. Why spend time worrying about your business insurance when you can leave it to the experts? Contact The Craven Agency to learn which policies are right for your restaurant!
Contact The Craven Agency today! Serving Shreveport, Bossier City, Minden, Ruston, Monroe and the surrounding communities in Louisiana and the Ark-La-Tex regions.
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