Restaurant Insurance

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From public liability insurance to buildings insurance.
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Restaurant Insurance Explained

A restaurant business can be very risky, not only for the employees but also for the customers. Even if you are implementing the most rigorous health and safety measures, accidents can still happen. If you don’t want to worry about these things, then you should get substantial insurance that can cover your restaurant.

What is restaurant insurance?

Restaurant insurance is something that every restaurant owner should consider. It provides protection to your restaurant whenever accidents, damage, or loss can happen. There are different types of restaurant insurance but the most important one is the employers’ liability insurance since this is mandatory if you employ staff. This can protect your staff in the event that they obtained illness or injuries while working at the restaurant.

What restaurant insurance do I need?

There are numerous types of insurance that are needed by restaurants. Having these insurance cover can guarantee you that your business is always protected from unforeseen claims for injuries and damages.

Aside from food, your restaurant also consists of furniture and highly expensive kitchen equipment which are needed for the operation of your restaurant business. Having the right coverage can protect your business against theft and damage. Keep in mind that any unexpected interruption can easily damage your reputation especially if you have loyal customers who are always depending on your availability.

You have to consider that insurance is necessary so you can protect your restaurant against any claims that might be filed by the members of the public. If you have employees in your restaurant, then it is mandatory that you should get an employers’ liability insurance. There are numerous types of coverage that can provide the essential protection that you need for your restaurant:

Public liability insurance is considered as an extremely significant cover for restaurants. This can cover you in the event that you’ve damaged someone’s property, or somebody gets injured because of your restaurant. For instance, if your customer got sick after eating the food in your restaurant or somebody slips and got injured inside your restaurant. This insurance can cover for the compensation costs and legal fees in the event that they will file a claim against your restaurant.

Employers’ Liability Insurance is a legal requirement if your restaurant has employees, whether they are casual, temporary, or contractor. This can cover work-related injuries and illness in case your employee will file a claim against your company.

Finding the Best Restaurant Insurance

What other coverage do you need?

Buildings insurance is appropriate for you if you own the building in your restaurant. This type of insurance can cover for the cost of repairs on the structure in case it gets damaged. This is also very helpful if your building requires reconstruction. On the other hand, if you are only renting the building in your restaurant, then it will be your landlord’s responsibility to get buildings insurance.

Contents insurance can cover all the things that are inside your premises. This includes all the stock in case of fire or robbery. The cover also includes kitchen equipment, furniture, fittings, and the contents inside the freezer.

Business interruption insurance can cover the loss of income in case the operation of your restaurant was disrupted, or your restaurant was closed for a certain period of time. For instance, if your restaurant experienced severe damage, then you won’t be able to open your restaurant. But even if you did not open your restaurant, you still need to pay several business overheads such as rent, mortgage, bank loans, etc. A business interruption insurance can help you cover these overheads.

Product liability insurance can cover your restaurant in the event that your customer gets ill due to the food that you serve. This policy can cover the legal costs and compensation amount that will be rewarded to the customer in case they win the case. Product liability insurance can also cover the food and merchandise being sold in restaurants.

Tips in choosing the best cover for your restaurant

Before purchasing your restaurant insurance, it is crucial that you must know what cover you really need. Read your insurance policy carefully before considering exclusions and excesses.

For instance, do you actually need buildings insurance? If you are renting your building, then your landlord will be responsible for this. Learn what are the things that are covered in your contents insurance. There might be a different cover for different types of items. When you obtain insurance for your stock, do not use the retail price, instead use the cost price.

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