Running a restaurant can be highly rewarding, but it comes with some inherent risks. Profit margins in the restaurant industry tend to be slim, so even small financial setbacks can mean big trouble for your business. Fortunately, restaurant insurance exists to help mitigate these risks and help you recover from unexpected expenses.
In this article, our team at LaVaughn Rodgers Insurance will go over some of the key types of restaurant insurance we recommend.
- Property Insurance – One type of restaurant insurance we recommend is property insurance. You can’t prepare food or serve guests if the facilities you use are damaged, so it’s important to invest in insurance protection for your building. In the event something happens to damage your restaurant building, this part of your coverage will pay to cover some or all the costs of repair.
- Liability Insurance – Another essential type of restaurant insurance is liability coverage. If someone gets injured on your premises or becomes ill from your food, your liability coverage will kick in to pay for their medical care and legal damages (up to your coverage limit). Legal costs can quickly eat up your profits, so we encourage you to invest in liability coverage as a safeguard.
- Spoilage Insurance – A third type of restaurant insurance we recommend covers food spoilage. For example, if your restaurant loses power overnight and the meat in your freezers thaws out as a result, this type of coverage will reimburse those costs.
To learn more about the different types of restaurant insurance or schedule a consultation with our team, please reach out to our dedicated firm today.