Two Types Of Business Insurance You Need To Take Out For Your New Restaurant
Making money out of your love for cooking by opening a restaurant is a thrilling endeavour. Not only do you get to work for yourself but you also get to do what you love. However, when you consider the potential work-place risks, you will quickly realise that the restaurant industry happens to be one of the riskiest industries that you can delve into. When you take stock of all the risks posed in an active kitchen from hot stoves to wet and slippery floors, one mistake could be incredibly costly to your business. Fortunately, with the array of business insurance policies available, you can take measures to keep your young restaurant and yourself as protected as possible. This article reviews just a couple of types of business insurance that you can take out for your new restaurant.
Property insurance for your new restaurant
Property insurance is crucial for any physical premises since it is primarily for the protection of your restaurant. For starters, your policy will ensure that you are compensated in the event of any damage caused by vandalism, fire flooding and so on. In addition to this, property insurance will also keep your restaurant's items protected too. For instance, if your cooking equipment, carpeting, furniture or even your inventory is to acquire some damage, then the insurance company will compensate you for your loss. It is important to keep in mind that overlooking property insurance could put you at risk of losing your entire business if a kitchen fire or another catastrophe is to occur.
General liability insurance for your new restaurant
The second type of business insurance that is crucial for your new restaurant is general liability insurance. This policy ensures that you are protected from any financial responsibility if a patron is to be injured on your premises. As mentioned above, a restaurant does pose a host of hazards both to your staff and your clients. If a waiter spills a beverage on the floor and a customer slips on the floor accidentally and gets hurt, you would have to pay for their medical and rehabilitation expenses depending on the severity of the injury. The same goes for their property. If you or one of your employees were to damage a patron's smartphone or any other kind of belonging, you would be liable to compensate them. With general liability insurance, you receive blanket protection from paying for any injuries or damaged items.
For more information on business insurance, contact a company in your area like Austwide Insurance Brokers.
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