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This would especially apply if you deliver pizza or other fast foods. In this case, a personal auto policy will not provide coverage even if the vehicle is in your name personally.

Commercial Auto Insurance: Many restaurants own a vehicle that’s used for picking up supplies or delivering meals.

These actions can be brought by current employees, former employees, and even applicants that you interviewed but did not hire.

Employment Practices Liability Insurance (EPLI): EPLI protects your business if an action is brought against you for harassment, discrimination, or wrongful termination.

The coverage pays for medical expenses, lost wages, and helps with funeral expenses if the employee dies as a result of a work-related injury or illness. This coverage pays in the event one of your employees is injured or becomes ill because of job-related activities.

Workers’ Compensation: Workers' Comp insurance is typically mandatory in each state.

Commercial Property: Property coverage pays if your property or contents and inventory need to be repaired or replaced due to a covered peril (reason for the damage).

In today's marketplace, it's no longer a matter of "if" but "when." Your Cyber Liability coverage protects your business financially in the event of an attack and helps pay for the losses that will result.

Allowing sensitive information to be stolen and then sold on the black market will lead to regulatory fines and loss of customers. Cyber Liability: Whether you store sensitive information on your hard drive or in the cloud, you will always be vulnerable to hackers who can penetrate your computers and other devices.Product Liability: Your product liability coverage will pay if a customer becomes sick or ill because of a Foodborne illness.This coverage provides financial protection if a third party has an alcohol related incident such as a car accident, after consuming alcoholic beverages on your premises. Liquor Liability: Most general liability or BOPs (business owners policy) do not include this coverage and it must be added on by endorsement.This coverage will also pay if you deliver food or cater for customers and an incident such as dropping a cup of hot coffee on a customer you are catering for. General Liability: Provides coverage if a third party (customer) suffers bodily injury from things like a slip and fall in your restaurant or parking lot.There are many coverages that should be considered for a restaurant owner and fortunately, most of the coverages can be purchased in a packaged policy: The package policy will typically include general liability, property coverage, liquor liability, product liability, business interruption, and employment practice liability. Value of contents, equipment, and inventoryĪccording to several of the leading insurers that provide coverage for restaurants, the average premium for a BOP or Commercial Package policy will cost between $1,150 and $10,000 per year, depending on the size of the restaurant.Fire and security system (monitored or local).Type and age of the building if owned (masonry, frame, metal).Average number of customers served annually.In most cases, the following issues will affect your insurance cost:

The rates for a BOP or Package policy vary depending on your underwriting results and the coverages offered in the policy. How Much Does a Restaurant Insurance Cost?

The best and the only affordable way to mitigate the risks inherent to the industry is to purchase a comprehensive insurance policy that will cover the financial risks that every restaurateur is exposed to. But, things can go wrong, and when they do, it will affect your bottom line. Damage or loss of property and contentsĬertainly, every restaurateur and caterer wants to prepare and sell quality food so that customers will leave fulfilled and choose to come back for more.When we consider the risks in a business that prepares and sells food, there are many to take into consideration: There are risks for the customers and employees that must be considered and then transferred to an insurance company using a comprehensive commercial insurance policy. Included in this industry class are restaurants, bars, nightclubs, cafes, caterers, fast food restaurants, and any other establishment that serves food either publicly or privately. Things like burns from a hot stove, foodborne illnesses, slip and falls, and cuts from sharp knives can create a minefield for customers and employees. If any industry is filled with risks that could result in financial devastation, it’s the hospitality industry.