If you own a restaurant, then you have probably already faced your fair share of challenges. There are many aspects to the restaurant business you have to go over with a fine-tooth comb to ensure that you comply, and you are ready to open the doors. Having the right insurance coverage is one of those important items that you need to check off your to-do list.
General Liability Coverage
Restaurants require general liability insurance because it is coverage for bodily injury and property damage as the result of an accident or a slip and fall. This policy also covers product liability in the case of any reported foodborne illness.
To ensure product liability under your insurance coverage, you need an endorsement known under the products/completed operations coverage. This kind of endorsement helps ensure that any claim due to the food is covered whether the food is eaten on the premises or off.
Liquor Liability for a Restaurant
Other liability coverage you may want to consider for your restaurant includes liquor liability. If you sell alcoholic beverages, this coverage is for different types of liquor-related claims. A general policy for this coverage covers damages against the restaurant fro serving or furnishing any alcoholic beverage. Injury, in this case, includes bodily injury and property damage.
Commercial Property Insurance
Different types of property insurance coverage are available that include sewer backup, business income, utility interruption, spoilage, equipment breakdown, and electronic data processing, among others. Commercial auto insurance should also be added to your policy if the restaurant has a vehicle that is used for deliveries and other business uses.
This insurance coverage is often mandated by the government and is a requirement for the employer. It covers wage replacement as well as medical benefits for employees who have experienced an injury while on the job. It also protects the employer from being sued for the injuries.
The Value of Insurance for a Restaurant
A restaurant needs to have insurance coverage in place to help cover the costs associated with property damage and other liability claims that may arise. Without any insurance coverage or the lack of the right coverage, a business owner may find themselves paying out of pocket for these expenses. This can become quite costly, especially when legal claims are brought against the restaurant.
It is the best way to keep your restaurant up and running. It also makes your business look much more credible, which is also extremely valuable for a business owner. It shows customers and employees that you care about their safety, and if something were to go wrong, it would be handled appropriately.
For more information on the type of commercial insurance you should have in place for your business and to discuss all of your options in-depth, contact the experts at Panorama today. Don't wait until something happens to get the coverage you need to keep your business running.