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Why do you need restaurant insurance?
If you run any type of restaurant business, it is vital to have the right kind of restaurant insurance. From fine dining restaurants to fast food cafes, having comprehensive restaurant insurance will mean you are covered for any eventuality.
While running a successful restaurant business can be a very time consuming and demanding job, it is important to make sure your restaurant is covered by the right type of insurance policy. Running a cafe or dining business means dealing with a wide range of people, from the general public who eat in your restaurant through to suppliers, serving staff, chefs, and landlords. A specialist restaurant insurance policy will be tailor-made to cover the unique needs of your business, including all the reasons you may need to claim.
Your restaurant insurance policy should cover the basics, such as your premises, in the event you need to make repairs or carry out maintenance. You should also look for a policy which covers your stock (refrigerated or otherwise), major equipment, external fixtures and fittings like your restaurant signage or outdoor areas. In the catering trade, it is also important to ensure you are covered for public liability too, in case a customer brings a claim against your business.
Features of an ideal policy
There are a wide range of restaurant insurance policies available. Which policy you choose will depend on your budget and the specific needs of your business. Multi-site operators may need to consider different cover to that of a single unit or mobile catering business, for example.
Before choosing a policy for your restaurant business, you’ll need to consider things like your number of staffs, what equipment you have on-site or will need to maintain, the size of your business, number of employees, any risks associated with your premises, and the type of cuisine you serve.
A good restaurant insurance policy should cover the basics, like
Personal accident insurance
Employer’s liability insurance
Contents & stock insurance
Business interruption insurance
Running a private/commercial restaurant is a little bit complicated, and it can seem impossible to investigate all the various types of restaurant insurance policy on offer, which is why many people choose to use a broker or comparison site to quickly see the key facts about restaurant cover and choose the policy which is right for them.
How to save on restaurant insurance?
Saving money on your restaurant cover needs not be a chore. Be sure to check out multiple restaurant insurance quotes from specialist providers. By comparing a range of different policy options, you can choose the right cover for your café, club, bar, bistro, public house, BBQ/takeaway outlet or even Italian/Indian pizza or kebab restaurant, and make sure you are not wasting money on the cover which might not be right for your business.
Ask your restaurant insurer about no-claims discounts and bonuses. If you are able to show your business hasn’t claimed on a policy for a number of years, you could reduce the cost of your restaurant cover.
Another way to save money when buying the policy is to consider lumping your cover in with other policies in a package. A business owners policy (or BOP) can be great for small to medium sized businesses, who only need a basic level of cover.
A higher deductible is also a great way to lower costs of the premiums. When you increase the deductible, premium costs can go down. If your restaurant business is financially stable, this can be a way of balancing the costs.