Restaurants are often busy, chaotic places full of things that could go wrong. With all of the money you spent on equipment and inventory to the safety of your patrons, there are a number of potentially expensive accidents or theft that can and do happen. In this post, we are going to break down each section of restaurant insurance coverage offered by one policy from Insurance Canopy and how it applies to the restaurant industry.
General Liability Insurance mitigates the risk of having a claim such as bodily injury come against your restaurant. For example, if a customer were to trip on some spilled water and fall in your restaurant and injure themselves this may cover lawsuit and medical expenses resulting from the accident.An attorney’s website that deals with slip-and-fall accidents wrote about a woman who fell in a restaurant because the floor was wet and the restaurant didn’t put up a “wet floor” sign. The article states, “the victim seeks compensation on multiple counts including medical expenses, physical pain, mental anguish, disfigurement, impairment, lost wages, and court costs.”
Products-Completed Operations Insurance may cover your business for bodily injury and property damage claims that result from the products you use to perform your services. For example, if a customer buys your food, takes it home and falls ill because of your food, this part of restaurant insurance may cover you.A Michigan man who bought food at a restaurant became ill and almost died from the food because it was contaminated with E. Coli. He eventually received a settlement of $695,000 from the restaurant because they were held liable. If they didn’t have insurance then the restaurant would have had to pay for all of his expenses.
Damage to Premises Rented to You is in place to cover damage from fire to a space that you’ve rented. This insurance is perfect for restaurants that rent venues to showcase their food or if you need to fill a large order of cupcakes so you rent a commercial baking kitchen. If anything catches fire, as unsupervised cupcakes tend to do, then your restaurant insurance policy through Insurance Canopy may pay for the replacement of the damaged appliances. Business Personal Property Insurance covers tangible property like supplies, equipment, or inventory. It doesn’t cover structures and items that are permanently attached to the structure though. This is excellent coverage for a variety of reasons. The first one that comes to mind is theft. If someone breaks into your restaurant and steals some of your expensive equipment, you may be covered.Insurance Canopy can also protect your restaurant business with additional coverage options depending upon your specific business needs. We can customize an insurance policy that includes liquor liability, commercial auto, excess liability insurance, and more. For more information or to get an insurance quote, please click here. All policies have conditions, limitations, and exclusions, please read the policy for exact verbiage. Claim scenario circumstances vary in nature and similar claims do not guarantee coverage.