Restaurants are busy places, and running one can have you juggling multiple responsibilities simultaneously. From managerial duties to general upkeep, handling these tasks may have given you a firm grasp on restaurant operations, especially when your employees practice diligence. Still, risks are present in every form of business. You should have some form of protection for your investments, so perhaps it’s time to look up a restaurant insurance cost.
What is Restaurant Insurance?
Acting as a shield against unexpected damages, restaurant insurance is a policy package offering financial protection for your business,employees, and customers. This type of insurance comes in a bundle of plans covering several instances. Some of these include:
- General Liability
- Commercial Property
- Commercial Crime
- Food Spoilage Coverage
- Workers Compensation
Do note that restaurants have different insurance from small businesses due to their nature and categorization under the food industry. Cafes, bars, and other food-related establishments are included in the general restaurant insurance package.
What are the Risks Faced by Restaurants?
Businesses are always alert for any risks that might disrupt normal operations. Restaurants are no stranger to hazards, some of which include:
- Restaurant Fires
- Food spoilage and contamination
- Employee or customer injury
- Theft, break-ins, and other crimes
- Decreased cash flow and low capital
How Much Does Restaurant Insurance Cost?
The kind of insurance you should secure may vary depending on the type of restaurant or food business you own. Likewise, their costs also have different price ranges. Here are some of the most important insurances you should get for your restaurant.
Business Owner’s Policy
A business owner’s policy can combine all other umbrella policies for property and liability risks into one package.A business owner’s policy is a cheap insurance option for restaurants, ranging from $1,100 to $10,500 annually.
General Liability Insurance
A part of your business owner’s policy, general liability insurance is an umbrella policy that covers customer injury, customer property damage, and other events that might get you sued. Customer injury may include food poisoning or a slip and fall.
General liability insurance can range from $529 to $6,097 annually.
Worker’s Compensation Insurance
Worker’s compensation helps protect your employees in case they get injured, sick, or die while on the job. This covers hospital and medical fees, as well as lost wages. Worker’s compensation ranges from around $600 to $10,000 annually.
Liquor Liability Insurance
If you’re serving or planning to serve alcoholic beverages in your restaurant, it is best to get liquor liability. This type of insurance is necessary when you hold a liquor license. You at least have protection in case of alcohol-related incidents, such as injury, property damage, and other matters that might end in legal situations.
Get Your Restaurant Insured Now!
Visit California-based Insurance provider, ISU Armac, to learn more about restaurant insurance at their website https://www.isu-armac.com/.