Running a restaurant can be an especially rewarding experience, but it also comes with a set of challenges and risks you need to overcome in order to taste success. Failure to insure your restaurant against certain types of risks can put your business in a perilous state because you'll end up being liable for thousands of dollars. Here are some types of risks you need to insure your restaurant against:
Slip And Fall Injuries
When you open your restaurant to the public or to employees, rare slip and fall injuries can occur. This can cause the victim to sue you for hundreds of thousands of dollars, especially if it can be proven that negligence on your part caused the injury in the first place. Restaurants are often prone to food and drink spills, which could make the floors slippery and trigger slip and fall accidents. Make sure you have adequate public liability insurance to protect you and cover your costs if someone tries to sue you for a fall.
Restaurant Premise Theft
While typically uncommon, thefts can occur on your restaurant premises, which could cause you to lose several thousands of dollars – especially if you had money sitting inside the restaurant. To protect yourself against this particular risk, it's important to have contents, theft and money insurance. This ensures that you protect your assets despite having to deal with a completely unwanted situation. Theft insurance typically covers loss of items in your restaurant premises, along with any potential damage. You may also be covered for personal property loss of your employees, cost of replacing locks and added protection for your restaurant. Make sure your insurance broker explains the benefits and exclusions of your theft insurance policy, so you know you're getting the right one for your particular needs.
Temporary Restaurant Business Interruptions
Whether in your control or not, certain interruptions could disrupt the profitability of your restaurant. For example, road and rail infrastructure developments around your restaurant may be necessary for the long run, but they can put your business in severe financial strain, as fewer customers will patronise your restaurant during construction. To combat potential risks like these, it's important to have business interruption insurance. This insurance is designed to restore your restaurant back to its original financial position, so it would seem like the loss never took place. Your restaurant business can be covered for payroll and other ongoing expenses, food supply chain dependencies, added food delivery transport costs, added cost of returning business to normal and much more.
Make sure you protect your restaurant from these types of risks as much as possible with the right business insurance cover. Contact business insurance brokers for more information and assistance.