If you own a restaurant, you need to have the right insurance coverage in place to protect your business, employees, and customers against a variety of common risks. From general liability insurance to workers’ compensation insurance, there are several types of coverage restaurants need to protect against potential damages.
If you’re worried about the potential cost of restaurant insurance, the good news is that it is typically very affordable, and you can save even more by shopping around, comparing quotes, and searching for discounts.
To help you understand more about your coverage options, here’s what you need to know about what restaurant insurance covers and how much it costs.
What Does Restaurant Insurance Cover?
Restaurant insurance includes various types of business insurance that provide coverage for a variety of risks that restaurant owners may face.
Some common types of coverage for restaurants include:
- General Liability Insurance: This may cover bodily injury and property damage when it occurs on the restaurant's property. For example, if a customer slips and is injured in your restaurant, general liability insurance can help cover the cost of their medical bills and any damages they may seek.
- Property Insurance: Property insurance provides coverage for damage to your restaurant's property, such as damage from a fire, theft, or vandalism.
- Workers' Compensation Insurance: If an employee is injured or becomes ill while at work, workers' compensation insurance can help cover their medical bills and lost wages.
- Liquor Liability Insurance: If your restaurant serves alcohol, liquor liability insurance can help protect you from lawsuits related to intoxicated customers.
- Business Interruption Insurance: If your restaurant is unable to operate due to a covered event, business interruption insurance can help cover the lost income and expenses.
These coverages protect restaurants against some of the most common risks they face on a day-to-day basis.
Is Restaurant Insurance Required in Florida?
While restaurant insurance is not legally required in Florida, some types of insurance may be required by law. For example, if you have employees, you are required to carry workers' compensation insurance.
Moreover, if you have a mortgage on your restaurant's property, your lender may require you to carry property insurance.
With that in mind, just because certain coverages aren’t legally required doesn’t mean they aren’t important. Business interruption insurance, for example, may not be required but can significantly reduce your losses if your business is temporarily shut down.
How Much is Restaurant Insurance?
The cost of restaurant insurance can vary widely depending on a variety of factors. Below are some factors that can affect the cost of your restaurant insurance:
- Location: The location of your restaurant can affect the cost of your insurance. For example, if your restaurant is located in an area with high crime rates, your property insurance rates may be higher.
- Size: The size of your restaurant can also affect the cost of your insurance. Generally, larger restaurants will have higher insurance costs than smaller establishments.
- Type of cuisine: The type of cuisine you serve can also affect your insurance rates. For example, if you serve high-risk foods such as sushi, your liability insurance rates may be higher.
- Type of services: The types of services you offer can also affect your insurance rates. For example, if you offer delivery services, you may need additional coverage for your drivers.
- Number of employees: The number of employees you have can also affect your insurance rates. The more employees you have, the higher your workers' compensation insurance rates may be.
- Coverage limits: The amount of coverage you choose can also affect your insurance rates. Generally, higher coverage limits will result in higher insurance premiums.
While coverage rates can vary depending on these factors, restaurant insurance is generally very affordable.
Request a Quote
Restaurant insurance is an important investment for any restaurant owner. It can help protect your business from a variety of risks, including property damage, liability claims, and lost income due to business interruption. While the cost of restaurant insurance can vary widely, it's important to work with a knowledgeable insurance agent to determine the types and amounts of coverage you need to adequately protect your business.
If you're having trouble finding the right insurance policy for your restaurant in Kendall, FL, NSI Insurance is here to help. With our expertise and guidance, you can feel confident that you're getting the coverage you need at a price you can afford.
Contact NSI Insurance today to learn more about restaurant insurance in Florida and get a free quote.