Starting a restaurant is both thrilling and challenging. As you begin to focus on designing the interior of your restaurant, employing staff, and marketing, don’t forget to obtain restaurant insurance. A restaurant needs insurance, mainly because the hospitality industry frequently services customers and vendors. Additionally, this insurance will help you deal with any problems when they arise so that you may continue running your business.
Types of restaurant insurance
Restaurant management is challenging. Along with thinking about the workforce, service, food quality, and the customer experience, you also need to handle the back office. You can probably appreciate how time- and effort-intensive issues like taxes, restaurant insurance, consumer safety, profitability, and rules may be.
- Commercial general liability is one of the mandatory insurance policies that every restaurant should have (often known as restaurant liability insurance). It protects you from physically hurting or inflicting property damage to clients. The most frequent claim we receive for restaurant insurance is a slip and fall. This frequently happens when a client falls and wounds themselves when they hit the ground because of the wetness (or another substance on the floor).
- Commercial Real Estate – The business general liability policy probably sees the most claims, even if the restaurant property insurance policy often receives the largest monetary claims. The building as well as the refrigerators, freezers, dining room tables, and other such equipment may all be covered by this insurance policy.
- Employee Compensation – The government of your state usually requires that you get workers compensation insurance. It pays for the medical costs linked to employee injuries sustained at work. This is important for restaurants since employees move around a lot, carry things, climb on seats, reach up to the ceiling, and touch hot surfaces.