Essential Business Insurance for Restaurants

As a business owner, having the right insurance in place to protect your assets is critical. If your business is a restaurant, you’ll have special insurance needs that are different than plenty of other businesses.

Here are some of the essential forms of business insurance restaurants should have.

Property Insurance

With property insurance, you have coverage for not only the physical structure of your restaurant but for the contents inside of it as well. This is useful if your restaurant is damaged, for example, by a fire and requires costly repairs.

Commercial General Liability

This is a very important part of a business insurance policy because it helps protect you from financial losses due to legal claims. For example, if a patron slips and falls in your restaurant and you’re sued, commercial general liability can help cover legal bills and medical costs.

Liquor Liability

If your restaurant serves alcohol, liquor liability will be very useful on your business insurance policy. If someone consumes alcohol in your establishment and goes on to injure themselves or someone else as a result, your restaurant could be liable for the damages. With liquor liability coverage, you’ll have the financial means to pay for legal bills and other damages.

Business Interruption Insurance

Let’s say your restaurant is damaged by a storm and is forced to close for several weeks while it’s repaired. With business interruption insurance, you’ll have a way of receiving the expected income you would have made during that time.

Inventory Insurance

If your restaurant were to lose power and all of your refrigerated food was spoiled, it would undoubtedly be a hefty cost to replace all of that food. That’s just one situation where a restaurant owner will benefit from inventory insurance!

These are just a few of the essential types of insurance your restaurant could need. If you’d like to learn more about properly insuring your restaurant, call us today!