Starting your own restaurant is the ultimate personification of the American Dream for many. Everyone needs to eat, and sharing food is sharing a love for those who are passionate about the food they create. If starting your own restaurant has been a dream you’ve been considering, restaurant insurance is a type of commercial insurance you’ll need to look into.
During the year 2018, more than 13,000 new restaurants opened across the United States, and more than 160 million people admit to eating out at least once per week. This shows just how robust the restaurant industry really is, and how restauranteurs can use their talents to reach great heights of success while sharing their love and their food with their communities.
What To Know About Restaurant Insurance
Restaurant insurance is a type of commercial insurance specifically designed to cover restauranteurs and their establishments. A few things that prospective restauranteurs should know about restaurant insurance include:
- What types of establishments are covered? – Restaurant insurance doesn’t cover just one type of sit-down restaurant. Your policy may cover your tavern, your pub, your food truck, a pizzeria, your dream deli, and more. Restaurant insurance really caters to the hospitality industry as a whole, and no matter the type of eatery you’re planning to open, restaurant insurance coverage remains important.
- What basic coverages will I need? – The basic coverages you’ll need as part of your restaurant insurance policy are property, liability, worker’s compensation, and commercial auto. The property insurance portion will cover your equipment, your food, and even business interruption in certain circumstances like a fire or a flood. Liability covers your business from claims filed by others, including lawsuits, and one may seek different types of liability coverages to suit their particular needs. Workers comp coverage covers your employees should anyone fall ill or injured while on the job. Commercial auto insurance covers your fleet if your restaurant provides delivery, catering, your food truck, or any other transport services.
- How much does restaurant insurance cost? – Like other types of insurances, the cost of restaurant insurance coverage will vary. Your location, the volume of your business, your proportion of alcohol sales, the type of property, loss history, and the number of years you’ve been in business will all be factored in to your restaurant insurance price.
- How do I go about buying coverage? – If you’re considering restaurant insurance, your first step is talking to a professional agent who can point you in the right direction. Professionals can answer all of your specific questions and ensure you get just the restaurant coverage you need to protect your business.
Protecting Your American Dream
Starting your own restaurant is a labor of love, and many business owners put all they have into their own culinary American dream. If you’re looking for the right coverage for your restaurant, we can help. Contact us at Panorama to speak to our experienced insurance professionals to see what we can do for you and your business today.