Business insurance is an important element of making sure your business and income continue even after a catastrophic loss has happened. When life “hands you lemons”, you don’t want to lose everything you’ve worked so hard to build in your restaurant. With the right restaurant insurance, you won’t have to. You can dust yourself off and carry onward in spite of just about anything that might happen.
Workers comp is perhaps the most basic type of business insurance. Without your workers, you have no business. When someone gets hurt on the job, this protects you from most of the financial fallout from a potentially massive, even class action level suit, by providing for the injured worker and their family.
Theft of Property and Cash
Theft insurance is an optional rider on general coverage or a policy unto itself. Considering theft is a major part of any type of retail business and restaurants have high turnover with workers who may steal, this can be a serious drain on your bottom line. This gets even worse if you operate in less than wealthy neighborhoods, where violent theft is a real possibility. You should have this conversation with your insurance agent, because forgetting to include theft coverage is expensive if employees steal or your restaurant gets robbed. Don’t wait until this happens to prepare yourself.
General liability business insurance protects you when someone slips in your parking lot and injures themselves. While everyone knows that, and it is important, not everyone realizes this also protects you if equipment malfunctions or an employee makes a mistake and a foodborne pathogen makes someone sick. While you take precautions against such a situation happening and you are licensed for public food service, having general liability coverage is a solid step in protecting yourself against all kinds of potential accidents.
Umbrella coverage is even more important for businesses than it is for homeowners — and it’s very important for them. As a restaurant owner, you have a business actually capable of paying someone’s multi-million dollar lawsuit. Unlike what a homeowner might do, you may not be able to simply file Chapter 7 bankruptcy to get out of the settlement. Umbrella business insurance keeps even extreme liability from destroying your bottom line.
Business interruption happens through a variety of causes. Business interruption insurance, food spoilage insurance and lost income insurance are all used to replace the income lost if your refrigeration unit breaks, if you have to close down due to a fire or a natural disaster. When a hurricane rolls through town, you might be closed — but your bills are still due. If the lack of income and food that goes bad during a week or two without being open is a significant financial setback for you, taking on this kind of insurance saves you from serious hardship.
Property and Auto
Property insurance such as general risk protects you from the loss of your building, your fixtures and the contents of your building. This does little to protect you if your restaurant owns commercial vehicles, such as delivery to your customers or if you handle any kind of distribution among your restaurants. Failing to stop at a red light or even being hit by another motorist is expensive without these types of replacement and liability coverage.
Having the right type of restaurant insurance gives you peace of mind and helps you concentrate on growing your business. Talk to an agent to learn more.
Locally Owned, Casual Approach, Professional Results
Pablo Beach Insurance Group has been proudly serving our local communities since 2005. While we are serious about providing the right insurance coverages to protect what matters most to you, we still embody the Florida lifestyle.