What if the fryer accidentally burns the grease and the whole place? What if the foods are contaminated and make people sick? Sounds horrific, right? But, as a restaurant owner, you should prepare yourself for these worst scenarios. Aside from thinking of the best meals to include in the menu, acquiring business insurance should be a priority also.
The restaurant insurance cost is a lifeline as it protects your resto from potential risks. Identifying and understanding the types of compensation you need before tapping small business insurance, California is a must as well. To give you insights into the kinds of business insurance, we enumerate and ponder the five of them.
#1. General liability insurance
When running a restaurant, getting general liability (GL) insurance is your first task, as accidents like slips and falls may happen anytime in your resto premise. You also don’t want to get sued by your landlord for burning the entire property if a fire accident occurs, so secure this type of business insurance.
GL compensation covers product liability too in case of a customer’s claim of food-borne illnesses. This insurance also covers copyright infringement lawsuits, damaged reputations, and property damage.
#2. Commercial property insurance
You don’t need to worry about the expenses associated with loss of, or damage to, a property when a fire broke or other destructive accidents happened through commercial property insurance that shoulders the cost of repair works and replacement.
#3. Worker’s compensation insurance
This insurance, as its name implies, is designated for your employees. When a staff member gets injured, workers’ compensation insurance covers the hospital fees and rehabilitation costs. Loss of salary is also compensated when the worker needs time to recover.
#4. Crime insurance
Restaurants are targets for criminals, so an owner must get crime insurance that protects the business from different kinds of theft, not limited to burglary, forgery of documents, and extortion.
#5. Cyber liability insurance
Maintaining a customer database is equivalent to purchasing cyber liability insurance, as data breaches are becoming more prevalent nowadays, with people preferring digital transactions. Thus, as a restaurant owner, keeping your customer’s confidential information is the top priority.
Call ISU Armac by contacting our main number, (760) 241-7900, fax number, (760) 241-1467, or message us at info@isu-armac.com for more inquiries.