Running your restaurant includes lots of work. Restaurant business needs large initial investment and constant supervision. If you are running a restaurant in the US, you might have devoted lots of time and money to your business.
You must consider taking food and beverage insurance policy to ensure that your business would withstand catastrophes and would help you to earn a profit. Restaurant insurance in Houston agency can help you choose the right coverage based on the number of employees and size of business.
All about Restaurant Insurance
Restaurant insurance policy will protect your business from a group of potential damages such as burglary, theft, fire, broken equipment and liability lawsuit. Even a small issue is enough to bring your business down.
It is very important to understand different Restaurant insurance austin policies before you choose one. You must have a clear idea what features must be included in your policy.
Types of Insurance Policies for Restaurants
Restaurants need customized insurance package. The type of coverage mainly depends on specifics. Some policies you may need for your restaurant includes:
- General liability insurance
- Property insurance
- Food contamination liability insurance
- Loss of business insurance
How to Budget Your Business Insurance Policy?
One of the cost saving methods is to invest in low insurance premium for your business. There are insurance policies available to protect things you probably not have thought about.
- Must have coverage –You must take a policy with coverage for your property, workers compensation, liability insurance and business interruption. You may take a business owner policy which will cover all of these together in a cost effective way.
- General liability insurance – Many restaurant owners in the US purchase this insurance policy to cover legal hassles that come when you are being sued with the threat of a lawsuit. The policy will provide coverage for property damage, medical expense, the cost of fighting against the lawsuit, settlement bonds during an appeal procedure.
- Commercial automobile insurance –This policy will benefit restaurant owners who have a fleet of vehicles for outdoor catering and home delivery service. If the employee’s vehicle is occasionally used, then commercial automobile coverage will be sufficient. Personal vehicle policies will not provide coverage if you are driving your vehicle for your business.
- Workers compensation insurance – This insurance policy is mandatory in every state, as it will pay off the medical expense and missed wages of employees if injured while working. So if anything happens to your employee, it is your right to protect them. You must include this coverage in your restaurant insurance policy.
If you are looking for a budget policy, several factors will be considered. It will depend on your liability insurance company you have chosen, and the premium will be calculated based on your estimated payroll.
The worker’s compensation premium will be based on your payroll and property;theinterruption will be based on the size of your property and where it is located. One thing you should remember is for small restaurant insurance premium;the tax will be deductible.