There are a number of different businesses that operate in society and each are exposed to different risks. Restaurants are one of those businesses that have a ton of risks they need to be worried about. A restaurant has many worries from the dangers of the kitchen, spoiled food, safety of their diners and more. Signet Insurance Group would like to share the basics of restaurant insurance and why it is so essential that every business that runs a restaurant needs to have quality restaurant insurance.
Who Needs Restaurant Insurance?
Restaurant insurance covers a number of different business types. Some businesses may not feel they meet the standard of a full restaurant and need a different type of insurance policy. However, any business that serves food and drinks will need a restaurant insurance policy. Some examples of business models that would fall under a restaurant insurance are:
• Bars, Lounges, and Taverns
• Coffee Shops and Cafes
• Diners, Delis, Sandwich Shops
• Pizzerias, Buffets, and Fast food Franchises
These are but a few examples of those who will need restaurant insurance. However, there are some shopping centers that provide food such as Ikea, Costco, Sam’s Club, and Walmart that may have a food court but there focus is not food. If a shopping center has a food court they should also have a restaurant insurance policy to cover and protect the services in their food court.
What is The Cost of Restaurant Insurance?
There is no flat fee when applying for restaurant insurance. Each restaurant business type will have different types of risks. Because of this, the cost for restaurant insurance will vary from business to business. Some of the common factors that can influence the rate can include the type of food that is sold or served, the cooking methods and the number of employees and position types. For example a coffee shop may only serve drinks and some pastries. Here the staff and cooking methods are very limited and will not need the same level of coverage as a full-size industrial kitchen that has ovens, fryers, and stoves. Some restaurants cook with gas stoves and some may produce a very large flame. As you can see, this style of kitchen already has more risks than a simple coffee shop. Basically, you will need to sit down with an insurance company and begin tailoring your insurance policy to your own unique needs and potential risks.
Types of Restaurant Insurance
There are four basic types of restaurant insurance policies that you will first look at before tailoring your insurance policy to fit your needs. These basic insurance policies are:
• Business Owner Policy: Is a package that covers commercial property and liability into a single policy. This is often one of the most common types of insurance policy used for restaurants.
• Workers Compensation: This policy protects your employees if they are injured while at work and preforming their assigned duties.
• General Liability: This is a fundamental coverage package that protects the restaurant against lawsuits and other financial risks that were due to an accident or mishap. This can include illness from food or even slips and falls.
• Commercial Auto: If you have a restaurant that carries out and delivers, you will need to protect your drivers. This is where you will need a commercial auto insurance coverage plan.
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To better protect your restaurant, make sure to seek a quality insurance policy. To begin creating your restaurant insurance plan, contact Signet Insurance Group today.
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