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Restaurant Business Insurance
In California, restaurant insurance is very similar to regular business insurance except there are food industry specific policies. Although a restaurant is a business, don't think that any old commercial insurance agent can help you protect you. If you own or manage a restaurant, don't make the mistake of hiring just anyone for your insurance. Make sure you work with a restaurant business insurance specialist, so you can be confident that your interests are best protected.
Many business owners in the food industry make a common mistake of using their regular insurance broker to cover their California restaurant insurance. However, if that agent has little or no food industry experience, they are bound to leave holes in the coverage that can financially hurt the restaurant owner.
In a recent case, a restaurant owner ended up having to pay well over $100,000 for damages that were not covered by his insurance. The problem occurred because when it was time to renew his policy, the agent dropped a few specific coverages that he did not feel were necessary. However, while these items would not be relevant to most businesses, they are common policies for the food industry. The owner of the restaurant ended up paying for the insurance agent's ignorance!
Here is a primer so you know the basics of restaurant business insurance. However, all restaurants are unique and face individual risks that may not be relevant in other parts of the industry. Make sure to work with an experienced agent who specializes in restaurant business insurance.
Employment Practices Liability Insurance
About 60% of restaurant businesses in California will find themselves in an employee lawsuit in 2012. California has strict and confusing new wage and hour laws and restaurant employees work unpredictable hours due to the nature of the business. In order to protect yourself from employee lawsuits, Employment Practices Liability Insurance (EPLI) is a must for restaurants.
About 60% of restaurant businesses in California will find themselves in an employee lawsuit in 2012. California has strict and confusing new wage and hour laws and restaurant employees work unpredictable hours due to the nature of the business. In order to protect yourself from employee lawsuits, Employment Practices Liability Insurance (EPLI) is a must for restaurants.
Food Specific Insurance Coverage
In the restaurant business, your livelihood is based on food. Because of this, there are special insurance policies to protect you in case if the food is spoiled, contaminated, recalled, or makes people sick on a mass scale. There is also protection if your food rots due to a power outage, or if a franchise similar to yours has bad publicity and your business suffers because of it. An agent who has years of experience working with restaurants and the food industry can help you get the best coverage that is tailored specifically to what your restaurant does..
In the restaurant business, your livelihood is based on food. Because of this, there are special insurance policies to protect you in case if the food is spoiled, contaminated, recalled, or makes people sick on a mass scale. There is also protection if your food rots due to a power outage, or if a franchise similar to yours has bad publicity and your business suffers because of it. An agent who has years of experience working with restaurants and the food industry can help you get the best coverage that is tailored specifically to what your restaurant does..
Insurance for the Restaurant Building and Equipment
Like other business insurance policies, you will need insurance coverage for your building and equipment. There are also other factors to consider. What if the sewer backs up? What if the building burns down, who will pay to remove the debris? What if a business next door is affected by something that happens inside the restaurant?
Like other business insurance policies, you will need insurance coverage for your building and equipment. There are also other factors to consider. What if the sewer backs up? What if the building burns down, who will pay to remove the debris? What if a business next door is affected by something that happens inside the restaurant?
Other Business Insurance Coverages
Business interruption coverage, valet insurance, auto policies, liquor liability insurance, bailee coverage, and customer credit card insurance policies are just a few of the other protections available. Your agent will discuss the options that apply to your business.
Business interruption coverage, valet insurance, auto policies, liquor liability insurance, bailee coverage, and customer credit card insurance policies are just a few of the other protections available. Your agent will discuss the options that apply to your business.
In conclusion, only an experienced agent can help you with your restaurant business insurance. Make sure to hire an agent with a strong history and track record of insuring California restaurants.
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