Running a successful restaurant is no easy task, and Restaurant Insurance is something that no entrepreneur can be without. Accidents can occur at any given time, and this can be a serious issue when it involves customers. Despite your attempts to run a safe, clean, and efficient establishment, several issues could crop up and lead to a lawsuit, which can place your business in serious jeopardy.
Commercial general liability (CGL) insurance is designed to cover most incidents resulting in bodily injury, as well as cases involving property damage. Policies are written to cover business property, which includes the building, your signage, computers, equipment, and any furnishings, along with other people’s property while under your care, custody or control.
Food contamination a major concern
At some point you may experience someone becoming ill after eating a meal they were served at your place of business. This serves as a prime example of what needs to be covered under your policy. Liability insurance will help cover any medical expenses, attorney fees or damages that you may be found legally responsible for.
The basic risks covered by the CGL policy include many liability exposures associated with the building and the surrounding premises and can even protect you from liability arising from injuries or property damage that happens at other locations, such as off-site events that the business sponsors or caters.
Your policy can also offer protection to you in situations you may not have even considered. There are many different exposures that you face in this line of work. If you serve alcohol, your exposures from this alone could end up with a costly settlement. Any damages resulting from an inebriated patron while on your premises or driving home could find you at fault.
Consider a business owner’s policy
In addition to a CGL, many restaurant owners purchase a package policy called a business owner’s policy or BOP, which combines general liability coverage with property insurance at a single, more affordable rate. Your insurance bundle can be customized and tailored to meet the exact needs of your business and you can even include endorsements.
Some endorsements will broaden coverage although this is not always the case. Speak to your agent, since policies and coverage vary by carrier, as it’s always a good idea to get expert advice on available Restaurant Insurance options.