When you run your own restaurant, it’s easy to get caught up in all the little details of your business and lose sight of the big picture.
Insurance can help you stay focused on what really matters: serving great food and making sure that everyone in your neighborhood knows about it.
After all, one of the best ways to bring in new customers is to give your regulars something to talk about—and how better to do that than with a fun event or some tasty new menu items?
1) Product Liability Insurance
Product liability insurance will protect you if someone gets sick or is injured due to the use of your product. If a customer falls and breaks their arm on your stairs, this insurance would cover the costs of their medical bills.
Product liability insurance is not just for businesses that produce products—it covers food service establishments as well.
So, if someone has an allergic reaction to your dish and needs medical attention, this type of policy can help you out.
That’s why it’s always important to get professional advice before buying anything; this way you know what fits into your budget and makes sense for your company’s needs.
The different types of policies offered by restaurant insurance companies vary in coverage amounts and cost, so you’ll want to carefully compare them before signing up with one.
However, these policies are relatively inexpensive considering the extent of protection they offer – usually starting at $1-$2 per day for a mid-sized establishment!
2) Commercial Property Insurance
Commercial property insurance is a type of business insurance that protects the physical structure of your business. It covers the building, its contents, and any other buildings on the property.
Commercial property insurance can come in two forms: all-risk coverage and named-peril coverage.
All-risk coverage pays for any damage to the insured property, no matter what caused it. Named-peril coverage only pays if the loss falls within one of the specified risks covered by the policy.
If you need more protection than either of these types offer, you may want to consider buying a commercial package policy, which includes both types of commercial property coverage.
These policies are much broader in scope, but also more expensive.
For instance, they may provide additional coverage for lawsuits or injuries related to events at your restaurant premises or extra protection against natural disasters such as floods and earthquakes.
Some policies even cover losses due to terrorism or war, but this kind of comprehensive coverage will cost significantly more than just insuring the physical structure of your building or contents inside it alone.
3) Business Interruption Insurance
If your business is forced to close because of an unforeseen event, such as fire or flood, you may not be able to continue operating and making the payments on your restaurant insurance.
You can purchase a business interruption insurance policy that will pay out a lump sum if your restaurant is forced to close for more than seven days.
This type of insurance will help you make up the lost revenue while you rebuild your business.
When considering this coverage, it’s important to consider the length of time it takes for your business to recover from the disaster.
In some cases, rebuilding takes months or even years; in these cases, you’ll want a policy with long-term coverage.
4) Commercial Auto Insurance
High-end commercial auto insurance protects your business from costly liabilities and lawsuits. Commercial auto insurance for a restaurant typically covers the following:
– bodily injury liability of $1,000,000 per person – $3,000,000 per accident – property damage liability of $1,000,000 per accident
– uninsured motorist coverage of up to $1 million dollars – medical payments coverage of up to $250000 dollars or more.
Additional coverages are available such as comprehensive physical damage protection (CPDP) which will pay to repair your vehicle after an accident if you have not purchased collision coverage; equipment breakdown protection; and commercial fleet operations.
5) Workers’ Compensation Insurance
Workers’ Compensation Insurance covers medical expenses for employees who are injured on the job and lost wages for employees who can’t work due to their injuries.
As a business owner, you’re also responsible for having Workers’ Compensation Insurance in order to avoid lawsuits from your employees.
It’s crucial that you have this coverage because There are many benefits to this insurance:
it provides income replacement when an employee is unable to work; it pays for medical care and rehabilitation;
it may cover death benefits if an employee dies as a result of his or her injury.
There are many companies that offer Workers’ Compensation Insurance so be sure to find one that suits your needs best! One such company is HCCI Mutual Group.
Their website offers a list of all the services they provide, with descriptions and pricing options, so take a look before deciding which company is right for you.
6) Liquor Liability Insurance
Liquor liability insurance covers the restaurant for damage, injury or death caused by a guest who has been served too much alcohol.
This type of coverage is especially important for any establishment that serves alcohol. Liquor liability insurance is usually a separate rider on your general liability policy and may be optional depending on state regulations.
Restaurants can purchase this form of insurance with a minimum limit per occurrence up to $1 million.
For example, if the deductible is $500, it will cost you $500 before the insurance company pays for any damages incurred from the accident.
There are many types of insurance policies that should be purchased when starting a new business venture; as such we cannot offer specific advice in regards to which policy best suits your needs.
7) cyber security insurance
Cyber security insurance is a must for any business that deals with sensitive data. The best restaurant insurance program will have cyber security coverage that helps protect against breaches and theft of personal or financial information.
Cyber attacks can cripple your business if you don’t prepare for the worst, so make sure you purchase a policy that offers protection from this type of threat.
A company with strong cyber security policies should be able to cover the cost of these types of events. but it’s still better to have a safety net in case something goes wrong.
For example, if a hacker gets into your computer system and steals customer credit card numbers, an online retailer could provide those customers with new credit cards to keep them from being financially hurt.
An organization might also offer identity restoration services which could help you reclaim what has been stolen.
As long as there are no loopholes in their policy then they would likely cover this event because they are also responsible for protecting their clients’ information.