The restaurant business is full of fun and interesting information. Whether this is fun or interesting is on you, but it is important, so you’ll want to pay attention: getting insurance. Getting the right kinds of insurance can help protect you and your business from some form of horribleness that might come your way unexpectedly. Different areas and states may have different requirements for what kind of insurance you need, so you should find a trusted professional to help you with the shopping. But here’s a quick, basic list to get you started:
–Property insurance will cover any sort of damage that happens to or around your building, but may not cover natural disasters (like the storms we see so often in Florida).
–General liability is for those hopefully avoidable occasions like a slip-and-fall or someone getting sick from your food.
–Liquor liability protects you and your liquor license for when a customer potentially drinks too much.
–Automobile liability is if you have a company vehicle. Good to have if you’ve got one, but if not, you can probably do without it.
–Workers compensation and unemployment insurance is to protect your employees. The first is in case someone gets hurt, and the second is for when employees become former employees and they’re looking for another job.
–Life insurance is for those horrible accidents you hope never happen. Some lenders may even require this to satisfy them, so double check with your insurance professional.
–Loss of business insurance is good to have in case something outside your control causes you to lose any business.
–Food contamination insurance applies to accidents that might happen, like a loss of power during a storm, per se, that may cause all the food in your walk-in to spoil.
–Specific peril insurance (also the coolest insurance name ever) is for those earthquakes, floods, and other random acts of God that could potentially harm your business in a negative way. Again, good to have some of this around.
I shall repeat, I am not an insurance expert even though I’m pretty smart. Speak to someone who is so they can help you figure out what you need in your area, your state, and for your lenders.
One Fat Frog • 2416 Sand Lake Road • Orlando, FL 32809 • 407-480-3409