If you’re thinking about purchasing or starting a restaurant, you’ll need to invest in business insurance. Restaurants are open to certain risks, so coverage is required by law and will protect your assets and employees. To help you understand the scope of what’s available to you, here are a few policies to consider as you enter the food service industry.
What Business Insurance Policies Do Restaurants Need?
1. Commercial Property
Your restaurant could experience vandalism or theft, as well as natural disasters, including fires and flooding. Your facility, equipment, and supplies may become compromised as a result. Commercial property coverage keeps you protected against these threats. It will also provide payment to cover any lost revenue if you have to close temporarily.
2. General Liability
Should someone experience food poisoning or another type of illness after dining at your establishment, you could be required to pay fees for lost wages and medical care. General liability coverage keeps your assets protected, regardless of whether the illness was your restaurant’s fault. It also provides protection if a patron is injured on your property.
3. Worker’s Compensation
While employees in virtually any industry could experience injuries, kitchen work can be especially risky. Burns, cuts, and other injuries are common in the field, so your restaurant should have worker’s compensation coverage in place. This type of policy is required by law, even for family members who work for you and part-time staff.
This covers any medical bills and lost wages of employees who get hurt. It will also protect you from litigation, requiring employees who accept benefits to waive their rights to additional legal action.
If you’re opening up a restaurant in Western New York, Bryan Nelson, Ives-Johnson Agency INS will help you find the coverage you need. They offer business insurance policies for a range of industries, and will help you assess your risks to create comprehensive solutions. Learn more about their products online or call (716) 488-1191 to request a quote.