Undoubtedly, working in the food services industry can make you vulnerable to various risks. Your employees are subject to various kinds of hazards while working in the kitchen, like sharp knives, hot stoves, etc. Similarly, diners could also get food poisoning due to an uncooked meal or if they slip on a freshly mopped floor, etc.
To make sure that your restaurant continues to work fine and in order to avoid legal and financial responsibility which may arise in the event of loss or claim, the restaurant owner should make sure it has a solid insurance portfolio.
As a restaurant owner, it’s imperative to carefully assess the different needs of your business before choosing what insurance coverage you should buy. To help you make a sound decision, here we have listed below five insurance coverages which every restaurant owner should purchase=
Commercial General Liability Insurance
Every restaurateur should purchase a commercial general liability insurance which will safeguard you from common complaints filed by your customers, like fall injuries, etc. The policy offers you coverage against claims of bodily injury or other damages for which your business may become liable to pay.
Business Interruption Insurance
As a restaurant owner, you always look for the protection in the event of any loss or damage. Here, business interruption insurance can help you as the policy would offer you financial protection in case there is an interruption in your income. It means, you wouldn’t need to bear monetary losses as the business interruption insurance would compensate you by paying for the loss of income which may arise due to complete or partial shutdown, following the loss or damage of the insured property.
It is a business insurance policy which is specially designed for hotel and restaurant owners. It offers general liability and property damage coverages along with other coverage for hazards which are unique to the restaurants. The policy offers comprehensive coverage by covering your building, furniture, plant & machinery and electrical instruments from various kinds of perils, like fire, riots, lightning, etc. Further, the restaurant insurance also covers losses to the money-in transit between the insured premise and bank and vice versa, due to theft and burglary. The restaurant insurance policy plays an important role by covering money on the counter, money in safe and cashbook so that your business doesn’t get affect due to any monetary loss.
Moreover, you can customise the restaurant insurance policy and include some specific coverages, like terrorism cover, by paying additional premium rates.
Product Liability Insurance
As the owner of a restaurant, your product is your food which you serve to your customers. What if your customers fall sick due to food poisoning or develop any other food-borne ailments after consuming your food? In this case, a legal case can be filed against you, and if the verdict goes against you, then you would be legally liable to compensate the other party, including paying medical expenses. In many cases, the compensation amount can be hefty enough to disturb the finances of your business. Here, product liability insurance can help you by giving you protection against the high cost associated with the law suit. The policy would also offer compensation to the injured party on your behalf.
Commercial Vehicle Insurance
This insurance policy becomes useful if your restaurant is also offering food delivery services to the nearby locations. You should buy commercial vehicle insurance even if you are using vehicles to provide transport facilities to your employees. The policy would offer you coverage in case your vehicle is involved in an accident or suffers damages. If you have a comprehensive commercial vehicle insurance, the policy will not only offer you coverage for the losses or damages caused by your vehicle to another vehicle and property, as in fact, it will also cover damages caused to your vehicle.
Find the right insurance policy tailored to your business needs
While buying the insurance policy is essential for the security of your restaurant business, what is more, important is that you choose the correct policy. Here, you can take the help of SecureNow, a leading corporate insurance advisor, which can help you in comparing and choosing the right policy as per your needs. Here, the insurance experts will ensure that all your assets and liabilities are completely protected by the right kind of insurance policy.
You can count on SecureNow to find the best insurance policy to keep yourself and your restaurant protected.