Operating a restaurant or brewery comes with significant risk. These are high-traffic areas where a lot of unpredictable things can occur. While maximizing profits, developing strong marketing campaigns, and performing excellent customer service are your top priorities, obtaining the right insurance policies is important. One liability dispute could threaten the entire future of your business. To help inform you about the coverages that will protect your assets, here's a look at essential insurance for restaurants and pubs.
Liability coverage is arguably the most important insurance for restaurants and pubs. As previously noted, restaurants and pubs are high-traffic areas. That increases the likelihood that an accident may occur, especially when mixed with other variables, such as alcohol. Liability coverage protects your business if you are responsible for accidentally injuring someone or causing property damage. Liability coverage also protects your business if a customer alleges that your services caused them harm. The policy covers potential medical bills, repair costs, and legal fees if the impacted party opts to sue you.
Having good restaurant equipment helps you provide great experiences to your customers, which in turn improves your customer retention rate. Purchasing top-level equipment can be expensive. Equipment coverage protects your business if valuable equipment is stolen or damaged. The policy helps cover potential repair or replacement costs. Obtaining equipment coverage alleviates a lot of stress, so you won't be fully responsible financially for replacing multiple ovens and refrigerators.
Obtaining cyber insurance for restaurants and pubs is very important in this current age of technology, where consumers complete thousands of online transactions every day. Perhaps you have a website or app that allows customers to place carryout or delivery orders. You are gaining access to sensitive information.
Cyber insurance protects your business if a data breach occurs and hackers gain control of your customer's financial information and other sensitive information. Your customers will hold you responsible. Cyber liability insurance protects your business against potential lawsuits and also assists with any expenses related to restoring the system so your business can operate smoothly again.
Obtaining liquor liability insurance for restaurants and pubs is mandatory in most states if you are serving alcohol. Serving alcohol to a lot of customers leads to an unpredictable environment. Unfortunately, consuming alcohol may cause some of your customers to act out. They may start fights, damage property, or possibly get behind the wheel of a car and cause an accident.
These are all horrible situations where your business may be held responsible for serving too much alcohol. Liquor liability coverage could protect your business from closing. The policy should cover any medical bills, legal fees, and other issues that may arise as a result of an alcohol-influenced incident.
Perhaps you own commercial vehicles as part of your delivery service or pick up more inventory when you start running low. Obtaining commercial auto coverage is important regardless of your usage. Allowing your employees to use their personal vehicles to complete work-related tasks is generally a bad idea.
Your business will be on the hook if one of your employees is involved in an accident while working. Obtaining commercial auto insurance is recommended because you avoid potential complications. Commercial auto insurance policies provide similar benefits to traditional auto insurance policies.
Business interruption coverage is a major asset, especially if you are operating your business in areas that are vulnerable to severe weather coming through at any moment. Perhaps your restaurant suffers extensive damage from a hurricane or tornado moving through the area. Perhaps an accidental fire damages your property. Business interruption insurance covers your business by providing relief if you are forced to shut down for an extended period of time.
Business interruption insurance can help replace your projected income so you'll be able to continue making payroll and take care of other expenses until your business is fully restored. Business interruption insurance may also help you move to a temporary location until things are back to normal.
Purchasing a BOP is considered affordable and efficient insurance for restaurants and pubs because it merges multiple coverages into one rate. Commercial property coverage is a big part of the policy. BOP covers any damage to your inventory and other personal items at the building.
BOP may also cover potential repair costs to any damage regarding property upgrades that you've made. General liability coverage included in a BOP may protect your business against allegations of libel or slander. A BOP is considered must-have coverage for small businesses.
Owning a restaurant or pub allows you to fill an important niche in the community. The team here at GrayStone Insurance Group will help you find the right insurance policy to protect your business. Contact us today to get started!
