• The restaurant business is one of the most competitive businesses of them all.
  • It has been said that 9 out of 10 restaurants fail in their first year. That’s 90% of all restaurants! Needless to say, the odds are already stacked against you as a restaurant owner, and the last thing you need to do is put yourself in an even more precarious situation by not getting restaurant insurance.
  • Simply put, if you don’t have restaurant insurance, you’re at a huge risk for lawsuits, property damage, loss of income, and a whole host of other issues that could shut down your business.
  • What is restaurant insurance? Simply put, it’s a policy (or combination of policies) that provides special coverage to restaurant owners to protect their business.
  • A comprehensive restaurant insurance policy could protect your building and its contents in the event of damage or a loss, cover your income if you have to stop working, and even protect you against lawsuits from patrons and employees.

What You Need in a Restaurant Insurance Policy

Every restaurant is different, and it’s important for business owners to work with an experience restaurant insurance agent who can assess the

intricacies of the situation and provide quality coverage options to limit risk.

Some of the things you may want to include in your restaurant insurance policy are as follows:

  • Property coverage : Protects your actual building and its contents in the event of a loss or damage due to things like a leaky water pipe or a fire.
  • Business income coverage : This provides income and payroll coverage in the event that your business is interrupted and you have to stop working due to a covered event.
  • General liability coverage : This is basic liability insurance that protects your business in the event that your products, services, or employees cause harm to other people or their property.
  • Equipment coverage : Restaurant equipment is bound to breakdown at some point, whether from a power surge, burnout, or just operator error. This coverage can protect you against such losses.
  • Bar insurance : If your restaurant serves alcohol, bar insurance and liquor liability insurance is a must.
  • This insurance will protect your business against any losses or damages that occur as a result of an intoxicated patron doing damage to themselves, others, or property.

These are just some of the different types of coverage restaurant owners commonly need. To determine what needs to be included in your policy, it’s best to work with an experienced restaurant insurance agent who knows the business and can create a customized plan to minimize your risk.