If you’re a self-motivated person that enjoys being surrounded by people and doesn’t mind working long hours, you might consider opening up your own restaurant. Opening up your own restaurant can be a smart idea and is actually common considering there are over a million restaurant locations in just the United States. Having a restaurant is a great idea for people that would like to be their own boss, have a family-run business, or simply love the presence of food.
If you’re planning on opening up a restaurant, something that’s important to consider is getting insurance to keep your business safe.
This may be something that wouldn’t cross your mind, but there are multiple reasons why insuring your restaurant is a necessary step.
Imagine all of the accidents that could possibly happen within your facility.
Here are some facts you may want to keep in mind:
- Around 3,000 people die each year from choking on food at a restaurant.
- Between 2011 and 2013, there were about 5,600 restaurant fires each year that resulted in 100 injuries and $116 million in property damage. 59% of restaurant fires are caused by cooking.
- Out of all of the food poisoning cases in America, 48% are caused by food from restaurants.
- Every year, more that 67,000 employees are injured while working at food service companies and are required to leave many days of work.
- Food that is not properly maintained results in 46% of food-borne illnesses.
It is vital to think about the different types of insurance that you can get for your restaurant.
- There is property insurance and also fire insurance, which will protect your property if there is a fire.
- General liability will protect you if someone happens to fall at your restaurant or if eating there causes them sickness and they attempt to sue you.
- If an employee is injured at work, Workers Compensation will protect you.
- In case of a storm that can cause you to lose power at your restaurant, Food Compensation insurance will help you replace all of the food that you lost in freezers and refrigerators.
- If you have a company vehicle, then Automobile Liability will protect you in case of a car accident.
- Life Insurance is good to have just in case anything happens to you, this will help your family manage your restaurant business.
- Restaurants that also sell alcohol should look into Liquor Liability, which will protect you in case a customer drinks too much at your restaurant, drives drunk and injures themselves or another person.
- Unemployment insurance is good for former employees until they are able to find a new job.
- Specific Peril Insurance is necessary in the case of a natural disaster such as a flood or an earthquake.
You may not know where to start looking for the perfect insurance company for your restaurant, but some companies that you can look into are StateFarm, Insureon, Hiscox, and Progressive. Be sure to get a quote from multiple companies and research to find out which one works best for you and your business. Good luck!