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Proudly serving Miami since 1977
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Opening a Restaurant? Protect Your Investment With the Right Insurance

A restaurant
When opening a new restaurant, you may be tempted to focus on the more exciting details, like your decor scheme and the dishes you plan to serve. However, you still need to tend to the logistical tasks associated with opening a restaurant, such as purchasing the appropriate insurance policies.

Some insurance companies bundle multiple insurance products for specific needs. For example, if you're a business owner, your insurance provider may have a package that includes multiple policies purchased by most business owners.

You may receive a discounted rate for purchasing numerous policies from the same company. Learn about some of the most common insurance policies you should consider purchasing to protect your new restaurant. 

General Liability Insurance

General liability insurance helps protect your business against detrimental events that occur at the site of your restaurant. Some of the most prevalent events that general liability insurance covers include personal injury, bodily injury, and damage to customer property.

For example, this type of insurance covers the damage caused by a customer getting sick after eating one of your meals or falling after stepping on a wet spot on your floor.

Make sure that the coverage levels for your liability policy are high enough to cover the unexpected; your insurance agent can make recommendations regarding what coverage levels are appropriate. You should also check if your policy is a claims-made policy or an occurrence policy.

A claims-made policy covers any claim made while the policy is active, even if the event related to the claim takes place before you buy the policy. An occurrence policy only covers claims related to events that occur when the policy is active. Make sure that you understand which type of liability insurance you have; you may need supplemental policies to ensure that you are adequately protected. 

Property Insurance

Property insurance is necessary to protect your establishment from damage that occurs due to a fire or vandalism. This type of policy will also cover damages associated with specific natural disasters. You might need an insurance rider to protect against certain weather-related events, like flooding. Your property insurance will cover both your building and the contents, including your inventory and equipment.

Optional Policies

The following types of coverage are necessary for some restaurants. Whether or not you need them depends on your specific business operations and the limits of your other insurance policies. 

Auto Insurance

If you plan to have a vehicle used solely for business purposes, you must make sure that it has auto insurance specifically for commercial purposes. It may seem odd for a restaurant to have a business vehicle, but you may decide to offer catering or sell your dishes at local events. 

Liability Insurance Enhancements

You may feel like your liability policy's limits are too low or that the policy restrictions won't cover events that might pertain to your business. If so, you can purchase additional liability insurance known as umbrella insurance.

Umbrella insurance provides coverage for many events excluded by your general liability policy. It will also cover damages that exceed the coverage limits of your liability insurance. 

You can also purchase liquor insurance. This type of insurance is actually required in some areas for businesses that serve liquor. Should a customer who drinks too much alcohol cause harm to another person, the liquor insurance will protect your restaurant if you get sued. 

Garagekeepers Liability Insurance

Garagekeepers liability insurance is an essential product if you plan to store your customers' vehicles, even for a short period of time. For example, if you plan to offer valet parking at your restaurant, you need this specific type of liability insurance.

This policy will pay for accidents that occur while your employees are transporting the vehicles. Should a criminal vandalize or steal a car that belongs to a customer using valet parking, your insurance will pay for the damage or loss. 

Need to examine insurance policies for your restaurant? Contact Koski & Co today to speak with one of our insurance specialists.