Choosing the right insurance policy for your restaurant or bar is essential to help protect your business. There are many coverages, with some common restaurant policies, including general liability and commercial property insurance.
A carrier, insurance company, or agency is a licensed individual or company that sells and services an insurance policy.
Ask for References
Opening a restaurant or bar is exciting, as owners feel a real sense of accomplishment in selecting a location, performing renovations, choosing the decor, and selecting staff. However, other responsibilities are involved with running a business, such as obtaining restaurant insurance.
All restaurants need restaurant and bar Insurance Denver, which protects them if someone gets hurt while on the premises or if the business experiences a loss from a lawsuit such as copyright infringement, libel, or slander. Commercial property insurance is another necessary policy that covers the business’s furniture, fixtures, and equipment. Business interruption insurance is optional but may help cover costs from business interruption due to an unexpected disaster or damage.
Many restaurant owners also need workers’ compensation insurance to ensure employees get important benefits if injured. If the business uses vehicles for transportation, it may also need hired and non-owned auto liability coverage.
Look for Accreditation
It would help to look for an accredited insurance provider with a good track record of paying claims. This will give you peace of mind that you can rely on your insurer when it comes time to pay a claim for your restaurant or bar.
Many restaurants require different business policies, including general commercial liability, liquor liability, and property insurance. Some restaurants also need commercial auto insurance if they use employees’ vehicles for deliveries or other business purposes.
Find out which insurance companies other restaurant owners prefer by asking them. This will give you a decent notion of which businesses to choose and which to stay away from. Look for an insurance agent that specializes in bars and restaurants. This is because they will have a thorough understanding of your industry and the unique needs you might have. They can help you find the right policies to meet your needs while staying within your budget.
Look for Financial Stability
As a restaurant owner, looking for an insurance provider with accreditation and financial stability is important. This will ensure that you have a company that you can rely on, especially in the event of an emergency or high-cost claim.
The main types of insurance that restaurants need are general liability, property, commercial auto, and workers’ compensation. However, there are also specialized policies that can cover specific risks. For example, a liquor liability policy can protect you in case of a lawsuit due to the sale of alcohol to minors or from food contamination.
Another specialized option is business income insurance, which can help you recover from lost revenue if your restaurant is forced to close. This is particularly important for restaurants in areas prone to hurricanes, as standard property insurance typically does not include coverage for this type of damage. To ensure you get the best value, shopping with several different insurance providers and comparing quotes is a good idea.
Look for Experience
Restaurants and bars are unique businesses with specialized insurance needs, like food contamination and liquor liability. Finding a provider that understands these risks and can provide adequate coverage can be difficult. Many restaurants work with independent agents, but not all of them have a stable of insurance companies that focus on the restaurant industry.
A common way to shop for restaurant insurance is to ask for quotes from multiple providers, carefully comparing each policy. It is also important to examine the coverage limits and any other special terms attached to each policy.