Like every business, restaurants need insurance to protect them from the risks of having customers on the premises. However, restaurants themselves are a unique type of business, which means the risks they face every day are unique. Unique risks mean specific insurance needs! Check out this video detailing some different forms of insurance that every restaurant needs!
General Liability Insurance
Every business needs general liability insurance, and in this situation, restaurants are no different! Liability insurance covers any injuries or property damage that occurs on the premises. However, there is one unique form of liability insurance that every restaurant needs: product liability insurance. Product liability insurance ensures that you will have protection and the ability to cover a customer’s medical expenses if they were to get food poisoning from your food.
Liquor Liability
If your restaurant serves alcohol in any capacity, this form of insurance is vital. It protects the restaurant if someone injures themselves or others while intoxicated.
Business Income Insurance
Business income insurance has become essential in recent months due to the COVID-19 pandemic. This form of insurance ensures saves your restaurant from suffering significant income loss if your restaurant shuts down for any reason.
Spoilage Insurance
When a refrigerator or freezer inevitably breaks down, you’ll be happy your restaurant has spoilage insurance. You will have to replace all of the spoiled while your equipment is down out of pocket without it.
Equipment Breakdown
Restaurants require lots of equipment to operate at peak efficiency. So, just one oven or mixer being down for an extended amount of time can cost thousands in lost income. That is where equipment breakdown insurance comes in. Typically, equipment breakdown insurance covers the cost of replacing the equipment and the income and food that was lost while the equipment was out of commission.
Commercial Vehicle Insurance
If your restaurant makes delivers, caters, or uses vehicles in any way, you need commercial vehicle insurance. You must have insurance on all company vehicles!
If you have any questions about your restaurant or business’s commercial insurance or would like to speak with an agent, please contact Arthur Blake Insurance today! Be sure to follow our social media accounts to keep up with the latest restaurant insurance updates!