It’s not the most exciting thing to consider when you’re planning to open a new restaurant, but it’s vitally important you’ll need restaurant insurance in Salem OH. And it’s one area in the restaurant business that you do not want to skimp on.
Insurance can protect you and your business against countless difficulties from broken equipment to liability lawsuits. Depending on where you live, you might be required to carry certain types of insurance for your restaurant. You’ll also have to carry certain types of insurance to satisfy your bank loans and mortgage terms.
Following are some of the types of coverage included in your restaurant insurance in Salem OH:
General Liability: General Liability is the policy that protects you if someone slips and falls in your restaurant or gets sick after eating there, regardless of who is at fault. This is a must-have in today’s sue-happy world. In fact, most states require that any business holding a liquor license carries liquor liability insurance as well. This helps protect you if a customer has too much to drink at your establishment then tries to drive and hurts himself or others.
If you have a company vehicle, you’ll need automobile liability, too, especially if you provide food delivery. Check with your insurance agent.
Property Insurance: This protects your properties in the event of fire and vandalism, but it may not cover natural disasters such as floods or earthquakes – you’ll need supplementary coverage for that. If you carry any kind of mortgage on your business or on your equipment, you should have a property insurance policy and your lender might even require it.
Employee Coverage: Workers compensation insurance protects you if an employee is hurt at work and it is required in most states.
Other Types of Restaurant Insurance in Salem OH
Depending on your mortgage and funding, you might want to carry a substantial key person life insurance policy to satisfy your creditor. It’s also a good idea to have life insurance so your family isn’t left with a restaurant they don’t know how to run and bills they can’t pay if something happens to you.
Insurance coverage is available for just about any object, action, or person you can think of, so you’re not limited to those mentioned above. You can purchase other types of insurance if you have particular concerns, but keep in mind that these extras will often cost you as much if not more than what you’re insuring.
For instance, loss of business insurance can help recover income if you lose sales due to a specific cause.
If you lose power and the entire contents of your walk-in and freezer spoil, food contamination insurance will pay to replace the contents.
Specific peril insurance covers many natural disasters that general liability insurance doesn’t, such as earthquakes, floods, or wind is covered under this type of policy.
Use a trusted insurance agency when you’re buying restaurant insurance. A good agent will be familiar with the local and state laws regarding how much insurance you’re required to carry and help you decide how much more you might want to carry over and above the minimum.
Buying restaurant insurance in Salem OH might seem like a lot of money for little or no return but it’s always best to be prepared in case the worst happens.
Call our office today at 330-336-9557 and speak with one of our helpful agents to make sure that you and your business are sufficiently protected.