{"id":61110,"date":"2019-10-30T12:17:41","date_gmt":"2019-10-30T16:17:41","guid":{"rendered":"https:\/\/www.insureyourcompany.com\/?p=61110"},"modified":"2019-10-30T12:17:41","modified_gmt":"2019-10-30T16:17:41","slug":"you-finally-own-your-dream-restaurant-what-kinds-of-insurance-do-you-need-to-protect-that-dream","status":"publish","type":"post","link":"https:\/\/insureyourcompany.com\/blog\/you-finally-own-your-dream-restaurant-what-kinds-of-insurance-do-you-need-to-protect-that-dream\/","title":{"rendered":"You Finally Own Your Dream Restaurant: What Kinds of Insurance Do You Need to Protect That Dream?"},"content":{"rendered":"

When you’re starting up a new restaurant, you tend to think about things like menu options, marketing, and design\u2014one of the last things restaurant owners think about is insurance.\u00a0 That can be a costly mistake<\/em>.<\/p>\n

40% OF RESTAURANTS MAKE A PROPERTY OR LIABILITY CLAIM<\/strong><\/h2>\n

That’s right\u2014about 2 of every 5 restaurants<\/a> experience a liability or property loss every 10 years.\u00a0 That doesn’t include claims they need to file for other kinds of losses, everything from theft to water and wind damage, fires, customer accidents, damage to their reputations and vehicular accidents.\u00a0 If you don’t have the right kind of insurance, those losses can be expensive.\u00a0 For example, the average vehicular accident could cost you $45,000, and fire runs on average about $35,000.<\/p>\n

HOW CAN YOU PROTECT YOUR RESTAURANT?<\/strong><\/h2>\n

That’s admittedly a lot to think about, but it’s important to carefully weigh your options when it comes to insurance for your restaurant business\u2014choosing the wrong insurance, or the wrong amount of coverage, could hurt you substantially down the road.<\/p>\n

As Small Business<\/a> makes clear:<\/p>\n

“It might not be the most exciting thing to think about when you’re planning to\u00a0open a new restaurant<\/a>, but it’s vitally important\u2014you’ll need insurance. It’s one area in the restaurant business where you do not want to skimp.”<\/em><\/p><\/blockquote>\n

What that means more than anything else is that you should consult a competent insurance agent<\/a> before making any final decisions.\u00a0 That said, there are some kinds of insurance your restaurant can’t be without.\u00a0 At a minimum, you should have the following 3 kinds of insurance:<\/p>\n

1.\u00a0 PROPERTY INSURANCE<\/strong><\/h3>\n

You need property insurance to protect your restaurant if you have a fire, or if someone vandalizes the interior or exterior of your building.\u00a0 It’s important to note that property insurance won’t necessarily cover you if there’s a flood\u2014be sure to check with your insurance company to be sure what is and isn’t covered by your property insurance policy.<\/p>\n

2.\u00a0 GENERAL LIABILITY INSURANCE<\/strong><\/h3>\n

There are several kinds of liability for which you need insurance protection.\u00a0 For example, if someone is injured or becomes ill from the food you serve, they could sue you to cover their medical costs.\u00a0 In addition, it might be prudent if you serve liquor to make sure you’re covered in the event a patron is injured or has an accident after drinking in your restaurant (some states make this a requirement).\u00a0 Finally, if your restaurant uses vehicles to deliver food, you’ll need to consider liability insurance that covers those vehicles.<\/p>\n

3.\u00a0 WORKERS COMPENSATION AND UNEMPLOYMENT INSURANCE<\/strong><\/h3>\n

When you hire someone to work in your restaurant, you assume certain responsibilities and obligations.\u00a0 For example, if they have an accident while working for you, you might be required to pay for worker’s compensation (again, you need to check the laws in your state, and with your insurance carrier for specifics).<\/p>\n

In addition, you’ll be responsible to pay for unemployment<\/a> for any worker who lost his job through no fault of his own.\u00a0 Each state has its own rules for how many former employees can collect, so be sure to check the laws for your state to understand the unemployment rules that apply to your restaurant business.<\/p>\n

CONCLUSION<\/strong><\/h2>\n

This list reflects the minimum insurance coverage for your restaurant.\u00a0 There are other kinds of insurance you might want or need depending on your individual circumstances.\u00a0 For example, you should discuss with your insurance company whether it makes sense for you to take out a life insurance policy, to take care of your family in the event you’re not able to.\u00a0 In addition, if you’re in a flood zone, you should consider flood insurance.<\/p>\n

The specific insurance you need to protect your restaurant is something that’s not necessarily pleasant to think about, but getting the right insurance is critically important for the future of your business.\u00a0 Fortunately, there are experienced, competent insurance companies that can give you the advice and guidance you need.<\/p>\n

To learn more about the ways our small business insurance services in New Jersey can ensure the protection\u2014and profitability\u2014of your restaurant, now and in the future, contact us<\/a> today.<\/p>\n","protected":false},"excerpt":{"rendered":"

When you’re starting up a new restaurant, you tend to think about things like menu options, marketing, and design\u2014one of the last things restaurant owners think about is insurance.\u00a0 That can be a costly mistake. 40% OF RESTAURANTS MAKE A PROPERTY OR LIABILITY CLAIM That’s right\u2014about 2 of every 5 restaurants experience a liability or […]<\/p>\n","protected":false},"author":5,"featured_media":61115,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"inline_featured_image":false,"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[1],"tags":[334,335],"class_list":["post-61110","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-insurance-for-restaurants","tag-restaurant-insurance"],"acf":[],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t