All restaurant owners must protect their investment. It is the law and it is the smartest way to protect themselves, their employees, and their customers. The key to insuring your restaurant is knowing what you need in coverage. That is when you consult with quality restaurant insurance agents to help with your specific needs. The following will cover the basics about this kind of coverage so you understand the importance of coverage.
General Liability
General liability insurance covers you in case a customer or anyone on your property gets injured or becomes ill after eating with you. Even if the accident or illness is your fault, this coverage is need to protect your assets.
Contents Coverage
Any personal property or contents you own and have in your restaurant needs to be covered against loss or damage. This coverage can be purchased for actual cash value of the items or for actual replacement cost depending on your needs. Contents for your restaurant that can be covered include your fixtures, furniture, appliances, materials, supplies, merchandise and any personal property you have there. Having a good inventory of your contents is a wise way to ensure you get proper reimbursement.
Property Coverage
Property insurance for restaurants works much like homeowners insurance. It covers your property in case of physical damage or loss. This coverage is necessary whether you own the property or are renting it.
Umbrella Liability
Under umbrella coverage you get protection that is designed to go beyond what general liability covers. It protects your restaurant from catastrophes that may threaten its security. This coverage kicks in if a claim is made against your business that exceeds the amount of your basic liability coverage.
Workers’ Compensation
Workers’ Compensation coverage may also be referred to as Employers Liability coverage. This coverage is mandatory and is used to protect your assets and your employees in case they are injured on the job.
Employee Practices Liability
This coverage is a smart choice since it covers you against complaints related to discrimination (age, gender, race), wage and hour issues, and sexual harassment.
The first step in choosing your appropriate coverage is to speak with a qualified agent. They will work with you to discover the best coverage solutions for you and find you rate quotes to meet your budget. RSI Insurance provides restaurant insurance and coverage for all types of businesses in the hospitality industry.
