Opening up a new restaurant business is surely an exciting process; the process of coming up with a creative brand concept, an exotic interior design, and a very delicious menu. Yet, opening up a new restaurant is also a very time-consuming and tough, which needs very careful planning in order to succeed.
One of the vital things you need to think about while planning your next restaurant is having the right insurance to protect your business against small and catastrophic losses you might encounter. To understand the right insurance coverage for your business, you have to first think of the perils your restaurant might encounter such as liability lawsuits and employee compensation.
So if you are planning to start a new restaurant or you are already an owner, here are your must-have insurance protections:
A restaurant, just like many other businesses, needs general liability insurance to cover bodily injury or property damage claims which result from accidents. The most common injury that takes place is when a client sustains an injury after slipping and falling on a wet floor. Another common loss typically covered under this insurance includes protection from claims arising from food-borne illnesses after a client eats at your restaurant. This insurance also covers accidental damage that may occur if an employee damages a patron’s car while valet parking.
There are other coverage types that can be essential for your restaurant. Visiting https://www.icnj.com/commercial-property-insurance/restaurants/ will give you an overview of all of them, including liquor liability insurance. If your restaurant serves alcohol, this insurance is very essential. Liquor liability insurance protects you against claims or payments for any settlement if someone sues you after consuming alcohol at your property, either causes or suffers injury or property damage.
Several injuries or accidents can happen to your employees either in the kitchen or in the restaurant. Wet floors, broken glass, or injuries from the kitchen appliances could cause harm to your employees. You want to make sure that your workers are compensated for those incidents and their lost salaries. Under the law, this insurance is required to be purchased by all restaurant-owners.
When your restaurant equipment such as boilers, ovens, refrigerators, freezers, and ice maker break down, this insurance coverage will be paid for repairing or replacing the equipment if it were to stop functioning. When things break, replacing or repairing them can be very costly, so this type of insurance will cover those costs as well as the losses incurred from their breakdowns.
You need to be protected against crimes from your own staff or employees. A common incident that can occur is theft when an employee steals food, cash, or other things from a patron of your restaurant. Therefore, this insurance is essential to protect you during those incidents.
While the process of obtaining those insurances could seem tedious to you, it should be a crucial component of your business that you cannot neglect. With life’s unexpected events, you can never know what could go wrong with your business; so it’s always a good idea to have your business covered against the turn of unexpected events.