There are several common types of business or commercial insurance that every restaurant and fine dining venue owner may need to consider before officially opening for business. The types of coverages often depend on the nature of your establishment. For example, you’re going to have to buy property insurance to protect your building and equipment assets in the event of a fire or other incidents that cause severe damage.
General liability insurance protects restaurants in the event that a patron or employee gets hurt on the premises. This kind of coverage is particularly important in establishments that serve alcohol. The potential liabilities are numerous, and there is significant potential for property damage to be costly.
Liquor law liability covers proprietors from being sued when an intoxicated patron hurts him or herself, or others. The percentage of your overall sales that are liquor, as well as the number of patrons you typically serve, will likely affect the cost of your policy. You may also want purchase Fine Dining Insurance for theft or crime coverage to protect you from criminal acts by patrons or employees.
Workers Comp (WC) and other important coverages to consider
WC safeguards proprietors in the event that an employee is injured on the job. State laws vary greatly, so your local Fine Dining Insurance representative is best equipped to help ensure that you have the appropriate coverage in place.
Employment practices liability insurance (EPLI) is another policy that most businesses should consider as a priority. Issues of this nature have become increasingly common and the policy protects business owners against many employee claims, such as discrimination, sexual harassment and wrongful termination. This type of insurance is recommended for businesses where employees have access to alcohol.
Auto liability insures any business vehicles used by the establishment. This insurance is required if your company owns and uses vehicles during the course of daily activities associated with the job. You may also need umbrella insurance if your potential losses are far and above what your initial policy will cover.
Contact a local agent so you can rest assured that youre properly protecting your business with all of the necessary Fine Dining Insurance related to your operations. With all of the factors affecting your policies, you’d be wise to engage an expert to help you determine what types and amounts of coverage are right for your business.