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What is Restaurant Insurance?
It is important for restaurant owners to carry an insurance policy in Florida. The landlord’s policy typically covers the structural elements of the building, not the tenant improvements that you have made to the interior space of your restaurant, in order to make it an attractive dining. If major damages were to occur inside of your restaurant, you are responsible for all repairs.
If you own a Fine Dining Restaurant, Family Restaurant, Franchise Restaurant, Banquet Hall, or Party Center, our restaurant insurance package policy protects all these elements inside your premises.
What kind of Insurance does a restaurant needs?
- Improvement & Betterment – This policy covers all the improvements and alterations made to your restaurant. This coverage is important as your total investment can range from $150,000 for a small family restaurant up to a million dollars for a fine dining. Such Tenant improvements such as any materials attached to the wall, flooring, fixtures, and ceiling, include the functional items which it takes to run a restaurant such as freezers, commercial stove, hood, along with the furnishings.
- Business Property – This coverage protects your restaurant property from theft, Hurricane damage, fire, high wind, vandalism and more. In other words, If your restaurant contents are damaged due to a named peril, this policy does guarantee restoration of your business property.
- Food Spoilage – Additionally, the policy covers food spoilage due to a power outage or equipment breakdown.
- Loss of Income – If a major loss occurs and force you to close your restaurant to make repairs, this policy pay for your loss of income normally up to 12 months. For example, the loss of income coverage can help you make the lease payment, utility expenses and pay your employees the weekly wages that you owe them. This type of coverage can make a difference between going out of business or reopening after the repairs are completed.
- Restaurant Liability – Business owners have to worry about unexpected lawsuits. This policy is necessary for restaurants serving food and alcohol. If a customer has a slip and fall accident and get injured on your premises, or become sick after eating your food, they could file a lawsuit and seek damages. The best way to defend your business is simply obtaining a general liability insurance policy. This policy pays for damages awarded by the court and provide a local defense lawyer to represent you in the court.
- Liquor Liability – You may also want to request additional liquor liability insurance coverage. For example, if a customer drinks too much alcohol and ends up hurting themselves or someone else, losses might fall back on your business for serving excessive alcohol to an intoxicated customer.
- Restaurant Workers Compensation – If you have over 4 employees on a payroll, it is mandatory in Florida to obtain a Workers Compensation policy to cover your employees for medical expenses and loss of income in the event they get injured on the Job.
Additional coverage is available such as equipment breakdown, employee theft, outdoor sign, and more.
6 ways to save money on your restaurant insurance policy:
- Have no losses for the past 3 years.
- Install an active theft and fire alarm system.
- keep the restaurant floor clean to prevent slip and fall.
- Train your employees how to handle customer complaints.
- Maintain a continuous insurance policy with no lapse of coverage.
- Ask your servers to take a formal alcohol awareness training program on line course by applying at http://servingalcohol.com/florida-alcohol-server-certification/
How much is liability insurance for restaurant?
For a complimentary restaurant insurance quote in Florida , call G. Zein Insurance Services now at (954) 454-9599 or (866) 454-9555. Our agents have helped restaurant owners like you save on average 10%-15% off their current premium.We are here to help you answer all your questions.