Restaurant insurance can help you to protect your business from breakdowns, business interruptions, and many other risks. Restaurants are some of the highest risk establishments today in terms of business insurance. There is always a risk of fire and a worry someone will all. With the right type of coverage, you can effectively minimize the risks you face as a restaurant owner no matter where your establishment is, the type of food you prepare, or how large your company is. For those operating in a shopping center, there are a few key things to keep in mind.
What Coverage Do You Need?
Restaurant insurance should be comprehensive for shopping center locations just like standalone buildings. What’s different here is that you may not own the actual structure your business operates in and that means you may need to alter the standard business property cover to match your needs. However, as a leaseholder, you still need to protect your assets. Your coverage should include protection for:
- Your restaurant equipment including cooking equipment, freezers and coolers
- Your restaurant fixtures and furnishings
- Any type of computer system
- Your inventory of product
In addition to this, look beyond just property coverage. You also need to consider the risks you face in operating your establishment. For example, you will need a general liability insurance plan. This may be extended to offer more coverage through an umbrella liability insurance plan as well. You’ll likely need to consider the importance of workers’ compensation coverage as well if you have employees. Many times, restaurants also need a business crime component.
Work closely with the property owner to understand how extensive their property insurance is. In most situations, it will not cover any component of your business that you own. That’s why you need your own comprehensive business insurance plan. Even if you do not own the property, you can still face lawsuits and claims related to your customers who fall or from equipment breakdowns.
Protect your equipment and food items. Call Buschbach Insurance Agency at (708) 423-2350 for more information on Chicago IL restaurant insurance.