There are a lot of different things that go into opening a business like a restaurant, but when you are done purchasing equipment for the kitchen and stocking the fridge, another critical purchase you need to make is insurance to protect your new business. To that end, here are some tips to keep in mind to make sure your business is getting all of the insurance and protection it needs before you open your doors to the public.
The first kind of insurance you need is pretty straightforward. You need to protect your building and all of the equipment that is inside of it. Seek out a restaurant insurance company and inquire about property insurance. You need to get enough to make sure it covers everything inside the store, including the full value of replacing your kitchen equipment and dining room furniture. The kitchen is obviously more prone to a fire, so make sure you get any additional insurance that might be needed, as some basic property insurance policies do have exemptions, and you might need to purchase an additional rider for full coverage.
While property insurance will cover your building and everything inside of it, it won't cover your actual employees. A restaurant can be a dangerous place with hot stoves and sharp utensils moving around. If one of your employees is injured on the job, you might be at risk of a workers' compensation claim. Workers' comp insurance will provide you with a payout in the event that an accident and claim do occur. This will help your employee get the assistance he or she needs, and it won't hamstring your restaurant's budget, allowing you to maintain operations as usual into the immediate future.
Don't Forget Your Vehicles
Is your restaurant going to offer delivery service? Do you have employees using a company vehicle or truck when it's time to load up on more groceries or supplies for the kitchen? If so, don't forget to invest in commercial auto insurance for your restaurant. If you have employees using their own vehicles, you should know that their own personal policies might not cover them if they are using the vehicles while on the clock for your company. Contact a restaurant insurance company and inquire about options for vehicle insurance.
Don't open the doors to your new restaurant without first making sure that everything inside of it is properly covered.