When you're insuring a new restaurant, know that there are a variety of insurance types that can help to protect your business. Here are some of the most important types of insurance to consider.
General Liability Insurance
General liability insurance is a great starting place for businesses of all kinds. This type of insurance is designed to pay out a reasonable amount for a broad range of potential restaurant business disasters. If someone gets hurt on your property, or you are sued for copyright, or someone gets sick at your restaurant, these are claims that you can take out with your general liability insurer. However, these types of commercial insurance don't offer comprehensive insurance on any of these topics, so you'll want to look deeper and choose complimentary insurance policies in the areas that you perceive as having the most risk.
Liquor Liability Insurance
Liquor liability is one type of insurance that's particularly useful to restaurant business owners. In some areas, it may be required as part of your liquor license application. This type of commercial insurance will have you covered in case your bartenders overserve an individual who goes on to become violent or disorderly.
Inland Marine Insurance
Another type of insurance that's specific to restaurants is inland marine insurance. Since restaurant owners may need to ship a lot of property and equipment to and from their restaurants, inland marine insurance is useful to protect the business' assets while they are in transit.
Business Interruption Insurance
Insurance for business interruption can be a big necessity for budding restaurants. There are so many factors in opening a new restaurant that could potentially cause you to shut down for a few months at a time. If you have new staff, then you might experience mishaps with food safety and get a poor health grade. Or, you might have issues getting your liquor license or following zoning codes. While you work out these issues, business interruption insurance can cover the costs of the business you lost so that you don't have to shut your business down prematurely.
As you can see, there is a variety of insurance types that are valuable to new restaurants. If you're not sure which types to make your first priority, talking with a commercial insurance agent is valuable; they can help you to create a plan for starting out with reasonable coverage and then increasing your insurance as you go.
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