Restaurant Insurance in Rolling Meadows, IL
Being a part of the restaurant industry can be a lucrative and rewarding experience; however, your business also includes many inherent risks and perils that may contribute to serious accidents. With that in mind, you should prioritize having adequate restaurant insurance.
How Does Restaurant Insurance Work?
When compiling your restaurant’s insurance portfolio, you should first understand that restaurant insurance may not refer to a single policy. Although some insurers may offer prearranged coverage packages capable of accounting for many restaurant-related risks and exposures, you may need to assemble your own collection of policies to ensure suitable financial protection. Your business should consult with a qualified insurance professional, such as the agents at V Financial Insurance Group, to ensure adequate coverage.
What Kinds of Insurance Do Restaurants Need?
Although most restaurants have unique circumstances, and therefore unique insurance needs, the following coverages are generally advisable:
- General liability insurance—This coverage may help pay for the losses of third parties for which your restaurant is responsible, such as those arising from the following incidents:
- Bodily injury
- Property damage
- Personal and advertising injury (e.g., slander, libel, copyright infringement, false advertising)
- Commercial property insurance—This coverage, also known as business property insurance, may provide financial assistance for losses involving your restaurant’s physical property, such as the following:
- Business interruption insurance—This coverage, also known as business income insurance, may help absorb expenses and financial losses related to a disruption of your normal operations, including the following:
- Lost income
- Rent/mortgage payments
- Employee payroll
- Tax/loan payments
- Workers’ compensation insurance—This coverage may help your restaurant and its employees financially manage work-related injuries and illnesses, such as by providing aid for the following:
- Medical expenses
- Lost or reduced wages
- Employer legal costs
- Employment practices liability insurance—This coverage may insulate your restaurant from legal costs and financial losses if sued for improper workplace practices, including the following allegations:
- Sexual harassment
- Improper hiring practices
- Wrongful termination
While the aforementioned types of insurance may be advisable for most restaurants, your business may also require additional coverage. For example, if your restaurant serves alcohol or owns vehicles, liquor liability coverage and commercial auto insurance may be needed to protect against associated risks.
How Much Does Insurance for a Restaurant Cost?
In many cases, the cost of adequate insurance may vary significantly even among policyholders with similar circumstances. For restaurants, the following criteria may be considered before insurers can quote you a rate for sufficient coverage:
- Products sold
- Preparation methods
- Business assets and equipment
- Number of employees
- Prior claims
- Portfolio details (e.g., coverages needed, policy limits, deductibles)
Get the Right Coverage
At V Financial Insurance Group, our dedicated staff has helped hundreds of businesses, families and individuals secure optimal insurance. We will use our extensive knowledge and experience to analyze your restaurant’s coverage needs and help you craft an ideal insurance portfolio. Contact us today to get started.