So, your friends and loved ones have been raving about your cooking for years.
Or perhaps you have just graduated from cooking school with years of experience in the restaurant industry under your belt.
Maybe you’re just following your dream, after years of saving and planning.
At last, you have your own restaurant to share your favourite delicacies with the rest of the community.
Well, that is great, but as with any other business, there is another very important aspect to keep in mind before you open your restaurant: insurance.
But why do you need restaurant insurance?
The restaurant industry is an industry that faces a lot of hazards.
From slippery floors and fast-paced services, to live stovetops and hot liquids, all while trying to ensure that your food is safe and ready to serve.
All these incidents are things that you will worry about and actively do your best to prevent them, but accidents do happen.
As such, you need a way to protect yourself, your customers, employees and the business as a whole. This is where insurance for business comes into the picture.
So, what type of business insurance do you need for your business?
Whether you are opening a small eatery or a new franchise location, there are standard coverage policies that you need to consider.
General Liability Insurance
This is common in almost every business and should be among the first policies to consider.
General liability covers you if there is an accident that causes injury or property damage to the guests.
It is the part of your policy that will cover medical bills and settlements should a client sue you for injuries sustained on the property.
This policy can ideally help you cover slander and libel claims, also referred to as personal injury.
Depending on your policy, it can also cover other legal costs like court costs and lawyer fees.
Business Property Insurance
This type of business insurance can help you repair any damage done to your restaurant’s physical structure.
The policy can cover any damages done by fire, hail, storms, lighting and even vandalism.
For restaurants, most insurance providers ideally include endorsements such as food spoilage coverage.
As such, it is imperative to speak to your agent regarding what coverage is offered on your property insurance for a restaurant-specific package.
Workers Compensation Coverage
Your waiters, cashiers and chefs stand, walk and run around hotplates, slippery surfaces and other people throughout to ensure that the customers are happy.
Even if they are trying their best to stay safe, accidents do happen.
However, they not only need to trust you to report any injury that they may sustain when working, but you ideally need to be able to help them recover.
This is where workers compensation comes in handy. It covers your staff’s medical expenses and lost wages.
It is also worth noting that this coverage is mandatory if you have 5 employees or more, which is probably the case when running a restaurant.
These are not the only types of insurance you may need when running a restaurant, but they are the most important.
Do you need a business insurance quote for your restaurant or cafe? At CBD Insurance, we are here for your needs.
For an obligation-free, competitive quote, professional insurance advice or more information on how we can help you, please contact one of our expert consultants today on (08) 8357 1422 or send a message through our website https://cbdinsuranceservices.com.au/contact/
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