Owning a restaurant involves juggling a lot of moving parts. When you are in the market for insurance programs for restaurants, it’s helpful to know the risks involved with everything you do. Your agent can help you navigate the exact kind of coverage you need, but here are a few basics to start with.
There are five key policies restaurant owners need to consider:
- General liability – coverage for accidents that occur on the property
- Property – coverage for building, equipment and signage
- Auto – coverage for all commercial vehicles involved in transport or catering
- Crime – coverage for risks associated with theft and vandalism
- Umbrella – additional coverage that kicks in where other policies end
The amount of coverage you get and the premium cost depend on several factors such as how high your particular risks are.
There are several other policies that you may consider if they apply to your business. For example, if you serve alcohol, an alcohol liability policy may prove necessary. Food contamination business interruption coverage helps shoulder the financial burden if you have to shut down temporarily because of contamination or spoilage. Talk to your agent about additional policies you may need.
When you own a restaurant, there are a lot of things to consider when it comes to insurance. Having the right coverage when you need it can save the day.