Restaurant Insurance to fit your budget and needs
Low Cost Restaurant Insurance
WHAT INSURANCE POLICIES DO RESTAURANTS NEED?
Whether you own a coffee shop or a pizzeria or a cantina, you need some fundamental business insurance
to get started. Many of your exposures can be addressed by…
• General Liability Insurance, which pays for your defense when a third party (e.g., a patron) sues
• over bodily injuries and property damage. Some policies also cover advertising injuries, such as
• lawsuits over copyright infringements.
• Property Insurance, which pays to replace or repair damaged equipment, inventory, or restaurant space.
• Umbrella Insurance, which supplements coverage when certain underlying liability policies have reached their limits.
• Workers’ Compensation Insurance, which reimburses employees who are injured on the job.
Additionally, restaurant owners can often get their General Liability and Property Insurance bundled into a Business Owner’s Policy (BOP), which is more cost-effective than buying each policy individually.
While those policies may cover the basics, the where, when, what, and how of each food service operation impacts its insurance needs. For example, consider the unique exposures of a food truck, catering service, banquet hall, or nightclub. Clients in these professions might also need…
• Commercial Auto Insurance to protect their business-owned vehicles.
• Inland Marine Insurance to cover their equipment in transit.
• Liquor Liability Insurance to pay for legal expenses when an over-served patron wreaks havoc on the community and the client is held accountable.
These policies represent the coverages most restaurant and bar owners need to protect their business assets. Our agency will still need to thoroughly review your business to determine what other policies it needs. We welcome the chance to go over your insurance needs and provide the protection that brings you peace of mind.
You know that you need insurance for your restaurant – you’re just not sure what types of insurance to purchase or how much it might cost you.
Here's what you need to know about coverage areas, potential costs and the risks of going without insurance.
Before you spend money on policies you don't necessarily need, here's what you should know about your risks as a restaurant owner, and what kinds of insurance coverage will help you mitigate them.
The Basic Types of Business Insurance
All business owners need general liability insurance, also known as trip and fall insurance. This policy covers you if someone is injured or has their property damaged on your premises, or by you or an employee through a work task. The risks of operating without general liability insurance are very high. No one can predict when someone might slip or trip at your restaurant. In many states, you can’t even open your business without general liability insurance.
You also shouldn’t open your doors without property insurance. It covers you for damage to the property, your business furniture, inventory, business items like computers or display cabinets and other fixtures. General liability and property insurance are often sold in one bundle called a Business Owners’ Policy, which reduces the price of both policies.
How Much is Restaurant Insurance Going to Cost Me?
Every business is unique, so it’s impossible to say how much restaurant insurance will cost you without getting a tailored quote. But on average, basic general liability insurance, property insurance and workers compensation can cost between $500 and $2,000 per year, per policy for a small business.
Your final insurance cost will be determined by a few factors.These can include:
Additional Business Insurance Policies
There are several more types of business insurance policies, but many restaurants don't require all of them to safely operate. It's important to review your business's specific risks to determine which policies you should purchase.
Below are 10 types of business insurance worth considering for your restaurant: