A restaurant can experience a variety of risks, from property damage to unexpected patron injuries. Such incidents can stall business performance or revenue generation. Restaurant insurance can serve as a financial backup plan in case of unforeseen occurrences and provide coverage to mitigate the effects. Here are a few areas the restaurant policy package covers:
General Liability
Business people need protection against liability claims from third parties. General liability covers various incidents such as damage to properties, injuries to people, negligence, and defamation lawsuits. The policy works on the principle that the restaurant will be safeguarded monetarily should legal proceedings arise due to a doctor’s bill or lawyer’s charges.
Liquor Liability
Restaurant liquor liability insurance protects businesses against a range of alcohol-related risks. It covers claims arising after patrons are served alcohol at the restaurant. This policy caters to liabilities and claims stemming from car crashes, physical injuries, altercations, or property damage related to patrons. The prices of liquor liability insurance vary from one insurer to another and from one coverage type to another. Dram laws put the business at fault that served the alcohol if injury occurs. Liquor liability insurance can help protect you in these cases.
Property Insurance
Natural calamities like floods and hurricanes can compromise the condition of your property. Insurance can pay for repairs that would otherwise be costly to offset from an individual account. Restaurant insurance supports your business’s financial security in the event of accidents, equipment failure, spoilage, and fraud.
Insurance can help pay the bills if the cause was not the fault of the employees or resulted from their carelessness. Damage or failure of equipment like fridges or power blackouts can result in food spoilage, which may be costly to restock. Insurance covers power failures or if food must be discarded due to contamination. This coverage minimizes the effects of loss, allowing you to continue running your restaurant business.
Worker’s Compensation
Managing a successful restaurant business includes more than just focusing on customers. They must also care for their employees. Workers compensation insurance protects your workers in case of an illness or injury as they work. If an injury incapacitates a worker either temporarily or permanently, workers’ compensation offers disability benefits to offset the loss of wages.
Worker’s compensation benefits both the employer and the employee. It helps your employees receive the prescribed medical attention when they are involved in an accident at the workplace, and helps pay their wages while they’re out of work. This allows your workers to feel safe and builds confidence in the company. Worker’s compensation policy shields your business against any legal suits arising from injuries sustained by employees.
Protect Your Investment with Restaurant Insurance
A systematic risk management plan for your restaurant requires that you incorporate the right insurance policies for your investment. Restaurant insurance addresses various incidents that might affect your business operation, including property damage or liability claims. Seek advice from an insurance specialist to find the right policy that provides fitting coverage for your situation.