Restaurant insurance policies protect your business’s property, employees, and operations from unexpected incidents. At Tabak Insurance, we craft custom policies for restaurant and bar owners. Here are three tips for choosing a restaurant policy:
1. Ask for a Business Evaluation
Before purchasing restaurant insurance, ask the insurance company to perform a business and risk evaluation. During this process, the insurance professionals will assess your business’s size, operations, budget, and potential risks. They will evaluate environmental, operational, and financial risks and the likelihood of them occurring. This thorough assessment helps insurance agents craft an affordable policy that is tailored to your restaurant’s needs. Our team offers online and over-the-phone consultations to help you understand the coverage you may need and how it aligns with your budget.
2. Explore Standard Policies
Explore your insurance provider’s standard coverage for restaurants to make sure it is sufficient. Some core elements of a standard restaurant policy may include general liability and property insurance. A general liability policy protects your restaurant from claims made by vendors, customers, and employees. This coverage may also include compensation for medical bills and legal fees for the restaurant and third-party claimants.
Property insurance protects your restaurant against physical damage. The damage covered by the policy can be customized to include weather events, vandalism, theft, equipment breakdowns, and other risks. At Tabak Insurance, we craft named perils and open perils packages for restaurant property insurance. A named perils package requires you to specify which types of damage your business is most susceptible to, and the policy won’t cover events outside of the named damages. The open perils option includes coverage for all property damages unless they are specifically excluded from the policy.
3. Select Additional Coverage
Customizing your standard restaurant policy with specialized coverage types protects your business from risks associated with intoxicated customers, employee injuries, and professional errors. Adding liquor liability coverage to your policy keeps your business compliant with liquor laws. Some states require restaurants and bars to carry liquor liability insurance before they can receive a liquor license. This coverage also reduces the financial and reputational impacts of claims filed by intoxicated customers.
Worker’s compensation insurance is a good option for restaurant owners who want to protect their employees’ well-being. This insurance covers an employee’s medical bills and lost wages after sustaining an injury or illness at work. Adding worker’s compensation to your policy also keeps your business compliant with state requirements and reduces the risk of negligence lawsuits. An errors and omissions policy protects restaurants from claims regarding employee or owner negligence or accidents. If a customer’s order is incorrect or causes them harm, this policy reduces the financial losses your business may face if the customer files a claim for the error. Tabak Insurance offers customizable liquor liability, worker’s compensation, and errors and omissions policies.
Purchase a Restaurant Insurance Policy
Tabak Insurance offers restaurants and bars customizable policies to protect their business operations and employees. Our team will help you craft a policy that addresses your top concerns and helps you save on unneeded coverage. We provide coverage for traditional restaurants and other food industry businesses, like coffee shops, diners, taverns, cafes, and food trucks. Contact our team today to get a risk evaluation and insurance quote for your restaurant.
