Some say that there’s nothing quite as rewarding as running a successful restaurant. Whether it’s getting your first rave review or finally getting into the black, there are many moments that make it worth the hard work and brutal hours. But the road to becoming profitable, or consistently profitable, can be long with many places to stumble along the way.
In an industry with infamously thin margins and high overhead, having the right insurance can give you added financial security so that an accident or unexpected shutdown doesn’t spell disaster for your business. We can help you shop rates on the coverages you need — like liquor liability and worker’s compensation — from multiple carriers simultaneously, ensuring you get proper insurance protection at a price that fits your budget.
A Business Owner's Policy is a combination of business liability insurance and business property insurance. A BOP generally protects business owners from liabilities, property damage, perils, and business interruptions. Additional coverage can include spoilage of merchandise, data breaches, forgeries, particular crimes, vehicle coverage, and more.
Workers' compensation provides monetary and medical benefits to workers who get injured or disabled during the course of employment. Typically, if an injured employee accepts worker's compensation, they cannot sue the employer.
Commercial general liability typically provides coverage in case an injury or damage takes place on a business' property or while a business is operating. For instance, a customer could slip on the floor of your property, or an employee working at someone's home can slip and cause damage.
Business interruption insurance, also known as Business Income insurance, is a form of time-element coverage. It replaces lost income a business would have made during a specific period had no loss occurred. Coverage, however, is triggered only if there is direct physical damage to covered property by a covered cause of loss. Operating expenses can also be covered if a business needs to change locations or make loan payments. However, it often does not protect closed businesses if a pandemic occurs.
Tools and equipment insurance is a type of inland marin insurance that provides coverage if essential and expensive tools get destroyed or stolen. You can add this as a supplement to your insurance policy to typically cover heavy and rare equipment that can be difficult to replace and find.
Some sources estimate that the average annual premium for restaurant insurance is between $2,000 and $8,000. That said, the actual cost of your coverage will vary based on where you’re located, the size of your space, and other factors. But perhaps the most important things to consider are the types of coverages you’ll want and the limits on that coverage.
The variety in the restaurant industry means there’s no such thing as a universally applicable insurance plan. Your policy should be specifically tailored to your needs by a knowledgeable professional and will often include the following essential coverages:
If you have questions on these coverages and more, or you’re just ready to get started finding the right policy for your restaurant, don’t wait. Fill out our quote request form today, and our service team will set you up with a free consultation. You’ll be on your way to getting the protection you deserve at a price you can stomach.
Something many businesses don't know is that commercial insurance carriers have preferences for which types of businesses they insure.
The problem for most business owners is that they don't know which carrier is the best fit for their business, leading to high premiums or declined applications for coverage .
The 321 LaunchPad is connected to the largest network of commercial insurers available anywhere. We match your business with a qualified insurer so you get the right coverage for a fair price.