Running a business comes with a lot of potential risks. As a business owner, you’ll want to protect your employees and patrons as well as any material assets you may have. Especially if you run a restaurant, there are several factors to consider when choosing which types of insurance you’ll want to invest in. Here are three of the most important types of insurance you as a restaurant owner (or any business owner) need to have.
- Property Insurance
In the event of a fire, flood or natural disaster, you?ll want to be sure you?re covered with property insurance. Although a commercial fire can happen at any time for a variety of reasons, the risk of fire exponentially increases in a place like a restaurant because you?re often cooking using open flame. Property insurance is considered a basic necessity when creating a restaurant insurance package.
When looking into what type of restaurant insurance you?ll need, property insurance should not be overlooked. Actions can be taken to reduce the risk of fire with proper safety measures, but things like natural disasters or floods cannot be so easily controlled. A restaurant insurance property package will cover the material objects in the restaurant that are of great value and may not be easily replaced. You?ll be compensated for any damages to the structure of your building, the contents inside and all equipment used to keep the restaurant functioning properly.
- Workers Compensation Insurance
This type of injury insurance covers employees if they are hurt on the job and as a result are unable to work. Most forms of workers compensation cover the medical bills and provide the employee with some type of income on which they can live. An injury can happen in almost any profession, so you?ll want to make sure your employees are covered no matter what type of business you run.
To illustrate the importance of workers compensation, take a look at a job where you may not think this type of insurance is needed. Even a job like babysitting or dog walking has risks. Say the dog takes off running and you slip, fall and injure yourself trying to retrieve him. Having a type of dog walker insurance would ensure that you?re covered if that injury resulted in a hospital visit or caused you to miss work and lose out on precious income.
- General Liability
After reviewing how an injury can happen in nearly any profession, you?ll want to be covered for general liability. Injuries or accidents are risks for not only employees, but the patrons of your business as well. In a restaurant, there are a million things that could go wrong. A customer could slip on ice outside of the building, a customer could get food poisoning from the meal you served them or there could have been a fatal accident where liquor was involved. It may seem dramatic, but having restaurant liability insurance will cover you in any accident you could think of.