The restaurant industry is constantly growing and changing, which means that the insurance market evolves with it.
Whether you're in the process of opening your first restaurant or you've owned dozens before, it's important to know all of the ins and outs of your coverage options.
Whether you're in the process of opening your first restaurant or you've owned dozens before, it's important to know all of the ins and outs of your coverage options.
- Commercial General Liability (CGL)
This policy helps pay for lawsuits stemming from third-party claims that your restaurant or catering service's food caused injuries or property damage.
For example, if a customer becomes ill after eating your food and sues you, CGL should pay for any resulting court costs, settlements, and legal fees.
It also covers damages to another person's property due to an accident on your premises. - Workman's Compensation
It's insurance you hope you never need, but it can be a lifesaver if someone is injured on your premises or in connection with your business.
Workman's comp pays medical bills and lost wages for employees hurt on the job, usually regardless of fault. - Property Damage
Property damage refers to physical damages incurred in your restaurant due to fire, storm, theft, vandalism, and other unforeseen circumstances. Commercial property insurance policies typically cover these. - Food Contamination Insurance
Food contamination insurance is an absolute must if you're running a restaurant. One of these days, someone could get sick from your business, and you could face a massive lawsuit.
If that happens, food contamination insurance might be able to help pay for legal fees or even physical damages resulting from such lawsuits. - Liquor Liability Insurance
When you're in charge of a bar or restaurant, it can be easy to forget about liquor liability insurance.
The more attention you pay to it, however, the better prepared you'll be should something unexpected happen—particularly when it comes to alcohol-related accidents and lawsuits involving minors.
Final Thoughts
Having restaurant insurance coverage isn't a requirement for opening a restaurant, but it's something you want to consider when beginning your business. This is especially true if you plan on acquiring any business financing.
At Cornerstone Insurance Agency, we do our best to ensure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (770) 413-0807 or Click Here to request a free quote. Coverage discussed in this article is not guaranteed. Please contact our agents today to ensure that your needs are being met and learn more about your policy. We are happy to help!
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