Restaurant Liability Policy Components
There are multiple “components” that make up a solid Restaurant Insurance policy. Different companies may offer these as a “bundle” while with others they are a’ la carte.
Workers Compensation Insurance?
In most states if you have employees then this isn’t even a question of do I want this? This is a must to be able to employee staff. Workers Compensation (otherwise known as workers comp) is strictly designed to ensure payment by employers for some part of cost of injuries to an employee. Some examples of this can be things like:
- Injury at Work
- Disease caused by work environment
In most cases an incident would need to take place while the employee is at the place of employment, however it would be best to discuss with your local independent insurance agent for more of a case by case basis.
Loss of Income Insurance
What happens in the event you are unable to open your restaurant due to a claim? This in most cases would cause a major hardship for you as a business owner. You wouldn’t be able to serve your customers which in turn means no income coming in.
This is where Loss of Income Insurance is imperative. This coverage would allow you to have a “back up” plan in the event you were unable to generate an income due to a covered loss.
This would allow you coverage for damage to your building, inventory, or equipment. Most policies would offer you a replacement cost coverage to these items so you would be able to repair or replace these items for today’s cost.
To make sure you have replacement cost coverage on property it is important to check with your independent insurance agent.
Crime and Vandalism Coverage
This would cover you in the event you had a claim due to a burglary, robbery, employee theft, or any vandalism to the property.
Here are a few examples of clients we work with and make sure their business are protected:
- Local Restaurants
- Food Trucks
- Catering Companies
- Food Delivery Restaurants
- Ice Cream Trucks
- Local Diners
The list can go on and on.
So how do you know if a restaurant liability policy is a good fit for your business?
We always would recommend you calling a local independent insurance agent like us, and discussing your coverage options. Our agency can work with you in finding the perfect fit for your restaurant insurance needs.