What Kind of Insurance Does a Restaurant Need?
For most restaurants, both large and small alike, insurance is a common denominator in building a successful business. Insurance should be considered as essential to the survival of your restaurant just as basic utilities are.
Some types of insurance are required by law, others may be required by municipalities, vendors, landlords or property managers, etc. Restaurant insurance is all about safeguarding your business and protecting your employees and your financial investment in your restaurant.
For most restaurants, including fine dining, casual, and carry-out, a business owners policy can be the best way to insurance your restaurant. A business owners policy, or BOP, is a combined policy package that usually includes general liability insurance and property coverage.
General liability insurance protects your business from third-party injuries while inside or outside your restaurant. Property insurance protects any property your business owns. This can be the building your restaurant operates from, or any contents, equipment, computers, or any other inventory your restaurant owns.
Other coverages that may be required based on the state your restaurant is in include:
Liquor Liability – If your restaurant sells or serves liquor, the risk of a liability claim as a consequence of a patron is involved in a fight, auto accident, etc. Liquor liability coverage protects your restaurant if it is held liable for those damages.
Workers Compensation – If an employee at your restaurant is injured while on the job, workers compensation insurance, or workers comp, covers that employee’s medical bills, recovery costs, and partial missed wages.
And some additional coverages that may be added to a restaurant’s business owners insurance policy:
Loss of Income – Read more here.
Commercial Auto – If your restaurant owns a vehicle used to pick up food orders from vendors, a commercial auto policy for your car, truck or van is necessary to protect you.
Commercial Umbrella – This policy is designed to add-on, or supplement existing restaurant business insurance policies. This means commercial umbrella insurance takes force when the cost of a lawsuit exceeds and exhausts your general liability insurance coverage limits.
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