It takes a lot to successfully manage a business—especially one in a competitive industry.
As the owner of a restaurant, you will come across many essential factors that become the defining aspects of your eatery’s success and management—one of these being the need for an insurance policy that helps protect your investment.
The stress of lawsuits and costs as a result of damage to business property will simply cause additional problems for you.
A comprehensive insurance will cover everything from minor injuries to severe weather-related damages to your restaurant.
You, as the owner, will experience a number of unexpected risks as a result of establishing this business. There are various policies to choose from to minimise the risks.
General Liability Insurance
This provides operations and premises liability in case of damage or injury caused by careless actions of the business.
This will result in you becoming responsible for the payment of numerous medical bills. This way, general liability insurance will cover all such medical costs and damages.
Workers’ Compensation Insurance
Any injuries suffered on the job as well as any work-related illness faced by an employee will be covered. You don’t have to pay for the medical costs of that individual.
This includes damages caused by fire, crime, electrical problems and certain weather events. Such events are unpredictable and may cost you a lot of money to repair the damage.
Extreme weather situations such as floods can cause severe harm to your business. It can lead to contamination of food and food preparation areas as well as damage to expensive equipment and décor.
- Building coverage
- Contents coverage
- Equipment breakdown coverage
- Food contamination coverage
- Flood insurance
Commercial vehicles insurance
If you’ve expanded your business and are now providing either delivery services or catering to your customers, your employees will then be making use of company owned vehicles.
Driving these cars means that accidents are likely to occur. This is when commercial vehicle insurance becomes important for your restaurant. The repair of vehicles, especially as a result of a serious accident, can be very expensive. You need to make sure your business does not suffer as a result of this.
Life insurance is the best way to protect yourself and your family, if something is to ever happen to you.
This way, if you have taken a loan in order to set up your restaurant business or finance its operations, the amount will be repaid to the bank. And so your family will not be under financial debt.
Loss of Income Insurance
If your restaurant is temporarily shut for some reason, this insurance will provide you with the funds you need in order to pay your monthly expenses, including worker salaries and other utility bills, until your restaurant is able to one again resume its operations.
365insurance will help you choose the most suitable insurance policy for your restaurant, providing you will the exact cost of getting your business insured. Simply fill out the requirements online and get the best rates!