Many insurance companies claim to be great at insuring restaurants. Likewise, many insurance agencies, claim to be specialized in the restaurant industry. We even have captive and direct home and auto insurance agencies who claim to have the insurance expertise. The entire industry has really created a one size fits all approach to restaurant insurance. However, it seems the insurance industry has slipped; that so called specialized insurance policy doesn’t always fit the needs of the client.
Below is a breakdown of our restaurant insurance program and coverages along with a few other nuggets about the industry.
Our restaurant insurance policy offer coverage for:
- Property Coverage for your building and contents
- Improvements and Betterments – which is big when you have build-outs in a leased store.
- Business Income to protect your business income when a property loss occurs.
- General Liability includes premise liability, medical, products liability, personal and advertising injury, fire legal liability
- Hired and Non-Owned Auto Liability for hired and employee driven vehicles on company time.
- Worker’s Compensation coverage if for injury to your workers, while on the clock.
- Employer Practices Liability Insurance (EPLI) coverage to protect you from an employee.
- Data Breach Insurance will protect you from human error, theft, or hackers.
- Umbrella Limits – extra liability limits.
- Key Man Life Insurance – protecting your business from losing a key person.
- Crime – Employee theft
Below are a few things that can make your restaurant hard to insure:
- No ansul system – UL300 is the standard
- Alcohol sales more than 30%
- Loss frequency, or severity
- Delivery service
- Playground on premise
- Non-Franchised Fast Food Restaurants
- 24 Hour Operations
- Been in business for less than 3 years
- Currently no insurance
Additional coverages to review:
- Spoilage for Equipment that breakdown, or off premise power outage is available upon request.
- Food Contamination for loss of income. Coverage can include media, or Board of Health announcement that affects your bottomline.
- Credit Card Forgery
- Automatic Extinguishing Equipment
- Valet Service
How can we help you? If you have questions comment below or email brandon@johnbaileyco.com
Photo: Markus Spiske