While new restaurant owners deal with several issues that they must address, it is important for them to conduct a risk analysis so that they understand the types of risks eateries face and the kinds of business insurance coverage that they need. If you are preparing to open a restaurant, you should include risk protection in your business plan and get the coverage you need to protect yourself and your restaurant if something goes wrong.
Fire damage
Because you will be preparing food, fire is a risk. You will need property damage insurance in an amount that is enough to cover all of the property in the event of a fire.
Customer injury
Protection when customers slip, trip and fall is also important. Premises liability insurance can protect your business if a lawsuit is filed against your restaurant.
Food poisoning
If customers are sickened by the food that they are served, they may sue you. Product liability insurance can provide the protection you need to cover you if this happens, but it is best for you to take steps to avoid this in the first place because of the damage to your reputation.
Equipment failures
If your equipment breaks down, your food may spoil, leaving you to deal with the losses of your inventory and your equipment. Insurance on your restaurant equipment may help cover your losses.
Check out our article “Comparing the Different Types of Insurance for Small Business.”
Sufficient insurance coverage is important for restaurants. As with any business, issues do arise, and having good protection in place can help your business continue. To learn more about your coverage options, contact Oyer, Macoviak and Associates today.
Robert Macoviak is the President of Oyer, Macoviak and Associates. Oyer, Macoviak and Associates is the oldest independent insurance agency in Boynton Beach and has been in business since 1953. Oyer, Macoviak and Associates are vested members of the community who are committed to doing business face-to-face and being your insurance advocate in times of need.
