Restaurant Insurance in Bountiful, UT
The daily operations of a restaurant may include many risks and exposures in what may be a fast-paced work environment. With that in mind, even the most diligent and experienced restaurateurs must implement thorough risk management and loss control practices, including maintaining a sufficient insurance portfolio.
What Does Restaurant Insurance Cover?
Many types of restaurants, and even those that appear outwardly similar, may have unique circumstances and risks. Still, the following coverages can form the core elements of most restaurants’ insurance portfolios:
- General liability—If you are responsible for bodily injury, property damage or personal and advertising injury affecting a third party, such as a customer or guest, this coverage can help pay for resulting damages.
- Commercial property—This type of insurance can help cover costs related to repairing or replacing property used to operate your restaurant, such as structures, equipment, tools, inventory and furniture.
- Business interruption—If you are forced to close or alter your restaurant’s normal operations temporarily, this coverage can help pay for resulting losses and expenses, such as rent, lost income and payroll.
- Workers’ compensation—This coverage insulates you and your employees from losses related to workplace injuries or illnesses, and can provide financial aid to pay for medical bills, lost wages, benefits and legal costs.
- Employment practices liability—If a prospective, current or former employee sues your restaurant for illegal workplace practices, such as wrongful termination, sexual harassment or discrimination, this coverage can help pay for resulting costs.
Your business should discuss its specific insurance needs with a qualified insurance agent to ensure there are no gaps in your coverage. For example, restaurants that utilize motor vehicles or serve alcohol should acquire commercial auto and liquor liability insurance, respectively.
How Much Does Restaurant Insurance Cost?
The cost of adequate insurance for a restaurant can vary significantly based on several criteria. Before being able to provide you with an accurate quote for sufficient coverage, most insurance companies will consider the following:
- Types of food/beverages sold
- Cooking and preparation methods used
- Condition of your building
- Projected sales
- Number of employees
- Safety features (e.g., fire suppression systems, security systems)
Get the Right Coverage
With sharp objects, hot surfaces, wet floors and significant foot traffic all potentially present, the restaurant industry has a wealth of risks and exposures to account for daily. Regardless of the specific operations of your business or how safe you may believe your premises to be, a robust and diverse insurance package is necessary. Without adequate coverage, even a single error or lapse in attention could have irreparable ramifications for your finances and future.
At Axcess Insurance, an integral part of our mission is helping restaurants in the Bountiful, Utah, area assess and address their coverage needs with optimal policies. Contact us today to get started.