Operating a restaurant can be lucrative and fulfilling, but it can also come with a host of risks and responsibilities. You can shield your business from losses and liabilities by investing in restaurant insurance. Tabak Insurance is here to help offset legal costs and settlement amounts if your business gets sued. Here are a few reasons you should get insurance for restaurants and food businesses.
Protect Your Employees
Employees are your business’s most valuable assets, so you must protect them at all costs. Some of the risks you need to protect your employees from include workplace injuries and claims of impropriety from customers.
Tabak Insurance offers worker’s compensation coverage to protect staff members who might get hurt, sued, or wrongly accused while on duty. For example, your employees may be exposed to dangerous equipment and tools on every shift. Accidents can happen between carrying heavy loads from kitchens to serving tables or using cooking equipment that can cause burns or cuts.
Your business is responsible for any injuries that result in the workplace, but our coverage can help you handle the related costs. We help settle employee medical bills and compensation needs for time lost.
Customers might also sue your employees, citing poor service or accidents that result in bodily injury. For example, a waiter having an off day can accidentally spill hot coffee on a customer, resulting in burns. Tabak Insurance has a general liability policy that can handle all costs related to such a claim.
Our policy protects your employees from liabilities and even altercations that may happen at work. This allows them to work confidently and focus on improving their career.
It’s a Legal Requirement
You need to secure insurance for your restaurant or food business to satisfy legal requirements under US law. Most states will mandate business insurance coverage to protect the public and other businesses in the neighborhood.
For example, since your restaurant is open to the public and cooking operations could involve open flames, you need insurance to cover associated risks.
Tabak Insurance offers some of the required coverages for restaurants under Texas laws, including:
• Worker’s Compensation: For your business’s employees.
• Property: To cover for damage from incidents like a fire on business premises
• Professional Liability: For specific professional services like massages
• Liquor Liability: For selling or producing any type of alcohol on the premises
• Commercial Auto: For any vehicles you use for business operations, like catering or deliveries
What Our Insurance Coverage Allows Your Business to Undertake
Aside from satisfying basic legal requirements, our insurance coverage can allow your firm to:
• Sign Leases: The landlord at your preferred business location may require all tenants to have commercial property and general liability insurance to protect their property.
• Apply for Licenses: The licensing bodies in most states require prospective restaurant owners to have adequate and active coverage before getting licensed.
• Attract Client and Investor Contracts: Clients and investor contracts can make your restaurant huge profits, but they might need you to have professional liability insurance.
• Purchase Commercial Equipment and Real Estate Property: Buying commercial equipment and real estate requires a sufficient capital outlay which most restaurants may not have. In order to seek financing for such commodities, most financial institutions request proof of adequate coverage.
At Tabak Insurance, we protect your restaurant or food business from specific risks and help you meet the operational laws of Texas. Speak to our licensed experts to find suitable insurance options for your business.
Keep Your Business Running After a Disaster
Kitchen disasters are common in restaurants and can cause the business to shut down. For example, gas leaks can cause dangerous explosions when exposed to the open flame you use in your kitchen. Although you may be careful to avoid property loss, having insurance coverage is a necessary investment.
Your business can also suffer damage from natural disasters, like storms and floods that you have no control over. Tabak Insurance protects your business against property damage with a business interruption cover. This policy caters to repair and renovation costs if your business premise is damaged. We replace or rehabilitate damaged equipment due to theft, vandalism, or fire.
Your insurance policy should also cover your bills when a disaster forces you to temporarily suspend business operations. We can find an alternative location to allow you to continue operations as your primary location is under renovation.
Protects Your Business Against Lawsuits
Besides property damage, we protect your business against lawsuits. Court cases can be expensive for your business since the costs involved can cripple operations. At Tabak Insurance, we cater to legal expenses, including court fees, settlement amounts, and payments for your defense.
Some of the possible lawsuits your restaurant is exposed to include:
• Workplace injuries (slips and falls)
• Food poisoning
• Employment malpractice
• Data protection breach
• Alcohol-related cases
We help you fight any cases that could affect your business operations. Most of these cases come at a high price which could bankrupt your restaurant if you do not have adequate insurance.
Determinants for Getting Insurance Coverage for Your Restaurant
Not all insurance policy options suit your food business, so consider your specific needs first. Here are some determinants we use at Tabak Insurance to determine what covers to recommend for your business.
• Your location’s square footage
• Security and fire system type
• Age and type of the building in operation
• Amount of equipment in your restaurant
• Number of employees and specific areas where they work around the restaurant
• The expected number of customers at your restaurant
• Projected sales
• Inventory value
• Frequency of risk incidence within your area
Our experts at Tabak Insurance will calculate the amount of coverage you need to match the industry average. We then determine the premiums you have to pay based on the coverage amount. Having sufficient coverage will allow you to handle operations confidently and offset risks that can cripple your business.
Find the Best Insurance for Restaurants
Investing in insurance for restaurants is worth it to deal with the numerous risks you experience while running a restaurant. These risks have costly consequences that could run you out of business.
Tabak Insurance is a premier insurance company offering coverage for restaurants, bars, and nightclubs. We cover all potential risks and help you meet legal requirements, allowing you to operate without stress. Get in touch today for a fast online insurance quote.