Restaurants and other types of establishments that are part of the hospitality industry require specific types of insurance. These types of businesses have special liability factors that other businesses may not have. If you own or manage a restaurant or other type of hospitality establishment, it’s up to you to make sure that you have the right types of coverage to protect yourself and your employees from any type of accident. Understanding what your risks are will allow you to make the right decision when it comes to buying the right insurance policy.
What Types of Establishments Are You Trying to Insure?
Restaurant insurance actually covers many different types of hospitality establishments. This includes full-service restaurants, as well as quick-service or fast-food establishments as well. Taverns, nightclubs, pizzerias, caterers, delis, and food trucks all fall under the category of hospitality businesses. Some of these establishments serve alcoholic beverages. Others may offer delivery services. Each one carries similar types of risk, but they need to be handled on an individual basis.
Basic Types of Insurance Restaurant Owners Need
Restaurants and other hospitality-based businesses need specific types of insurance. This includes property coverage, liability coverage, Workers’ compensation, and commercial auto coverage. While not every business owns a vehicle, those that do will need to have sufficient coverage to protect them from any type of auto-related claims. It’s important to remember that Workers’ comp insurance is mandatory in most states.
What Factors Affect Restaurant Insurance Premiums?
Restaurant insurance is influenced by multiple factors, including the location of the business, its hours of operation, type of property, years in business, type of activity, access to alcohol, and the number of prior claims. Any claims that have been filed in the past will also play a role in how your insurance premiums are calculated. When you fill out your insurance application, you will need to be as honest as possible so that the underwriters will be able to accurately determine your risk.
How Do You Buy Restaurant Insurance?
The first step in buying restaurant insurance is to talk to a reputable agent who specializes in restaurant and hospitality insurance. Fill out the application and be prepared to answer several questions about your business and the level of risk associated with the type of activity that takes place on the property. Your insurance agent will put together a policy that will include the types of coverage that will be needed to protect your business from all types of risks. Your agent will go over your policy with you to make sure all of the details are met and that it satisfies your concerns.
Cover Your Restaurant Against Varied Risks with Falsken & Associates
Suppose you own a restaurant or other type of hospitality-based business. You need to have the right type of insurance. At Falsken & Associates Insurance Agency, we have years of experience dealing with restaurants and hospitality-based businesses. When you need comprehensive coverage for your restaurant, we should be your first call! So, don’t let your risk get out of control; contact our agents to make sure you have sufficient coverage.
