Restaurant Insurance, is It Important
welcome to my Channel please like comment and subscribe owning a restaurant is a challenging but rewarding way to make a living as you build your restaurant business it is important to have the right insulin in place to protect your investment you can get restaurant incidents by buying a business owner’s policy or pop which packages together three essential coverage types or less cost than buying them separately and they are property insurance business Interruption insurance and then liability protection from there you can add on customized coverage for your restaurant business liability insurance is perhaps the most important coverage in a restaurant insurance policy because your customers are consuming foods and beverages you are always at risk of being thought if someone says your food made them sick the ability Insurance also covers you if someone is injured in your restaurant or if your
Business is legally liable for property damage to someone else the liability portion of a bob can also provide you with funds to pay a settlement or court judgment and can cover your lawyer fees a Bop also provides commercial property insurance discovers damage to the restaurant building if you own it and other property such as kitchen equipment other coverage types that you may want for restaurant incidents are number one business Interruption insurance if your business cannot open due to a problem covered by your policy like a fire business Interruption incidence helps replace your lost income and other expenses such as prelocation costs to a temporary League location number two commercial crime incidents crime related problems such as pool clearly forgery fraud robbery and employee dishonesty are typically not covered by commercial property insurance commercial crime incidents covers these types of problems and can help your restaurant recover from crime related Financial losses number three extra expense instruments base expenses such as rent for temporary quarters number four food contamination endorsement if your restaurant is shut down by a help or due to a foodborne illness outbreak discovers expenses such as lost income replacing contaminated food medical tests on and vaccination for employees equipment cleaning and advertising to restore your restaurant reputation number five food spoilage coverage covers
The cost of food you lost to an incident beyond your control such as a long power outage or refrigerator equipment failure and then number six liquid liability insurance covers badly injury or property damage caused by a trump customer who will serve the liquor at your business and then seven mechanical breakdown covers the cost of repairing the breakdown to everything from your boilers and weeping to electrical machines and then number eight Workers Compensation Insurance if your employee gets sick or injured while performing job related duties Workers Compensation Insurance helps cover the cost of expenses such as medical bills Physical Therapy Rose wages disability and death benefits Most states require businesses to buy workers comp even if you only have one employee expect to pay about 175 dollars a month for a business owner’s policy with one million dollar in liability insurance according to insurance the cost of restaurant insurance fraud is depending on several factors including the type of facility you own where the restaurant is located the amount of coverage you need and the value of your business property if you own a restaurant the odds are good that it is a main or only source of income in your life imagine an event that caused the restaurant to suddenly shut down or we should could you financially survive if so for how long with proper business insurance you can financially recover in the week of disaster such as a fire that destroys your business in addition restaurant provides the funding to keep your business afloat if someone shows you thank you very much for watching don’t forget to always give it a like comment and subscribe