Restaurant Insurance for South Florida Businesses
Do you run an eating establishment in Naples, Coral Springs, West Palm Beach, or Fort Meyers? If so, then you know just how much hard work goes into creating and maintaining a successful business. However, you also know how rewarding a bar or restaurant can be. During the course of a day, you may face many different risks in South Florida. This is why it is so important to take out the best possible restaurant insurance. If you buy the cheapest policy, it might not be giving you the kind of protection you need. Here is an example.
Pete grew up in the restaurant business, as his parents ran a local bar and grill for many years. It was one of the most popular places to be in the city and this is what Pete wanted to do for a living. However, he had three brothers and a sister and his older brother was next in line to take over the business after his parents retired. Pete decided to open up his own establishment on the other side of town and when a bar went out of business, Pete was able to buy the place for a bargain.
Pete needed a partner for his business, so his sister Lorna went in on the deal with him. Lorna and Pete always got along well. She had an excellent head for business, and Pete was great with the customers. The two partners got together to discuss the budget (including food service insurance) and Pete wanted to cut costs for the first year, to help recoup their startup investment quicker.
Pete wanted the least expensive insurance policy, but Lorna was dead set against it. She wanted to use the independent agent that her parents used for years. Lorna was relentless and eventually she won out, and this was a fateful decision. They ended up with an exceptional bar insurance policy and it did not place them over budget.
Pete and Lorna's bar and grill was an instant success. Business was very good and the place was packed most nights. However, after six months in business, the place was almost completely destroyed by fire in the wee hours of the morning. The brother and sister were devastated but when Pete talked to their insurance agent, he felt a little better. Because they took out replacement cost coverage, they could completely rebuild. Today their bar and grill is a major attraction in the neighborhood.
What is Restaurant Coverage?
If your business serves food you are in the restaurant business, and you need a restaurant insurance policy that covers all your business risk factors. This is the best way to manage most of your business risks.
Who Should Take Out Restaurant or Bar Insurance?
If you serve beverages or food your insurance needs are different than standard merchant businesses. Here are some of the businesses this includes:
- Dance clubs and night clubs
- Sandwich shops
- Restaurant/gas station combos
- Portable or mobile lunch services
- Catering companies
Typical Food Service Insurance
If you want to properly insure your food service business, you'll want to consider these insurance options:
- General liability insurance
- Commercial property coverage
- Workman compensation
- Product liability - food or beverage items can sometimes cause illness and you will be liable.
- Building contents - this can include furnishings and customer possessions
Options for Restaurant Insurance
Your insurance professional may recommend the following options for your food service policy:
- Liquor liability coverage - do you plan to serve alcoholic beverages to customers? If someone gets into a traffic accident after drinking alcohol at your establishment, you might be sued for damages. Liquor liability covers problems like these.
- Business interruption coverage - Reimburses lost income due to downtime associated with a damage or loss claim.
- Employee health insurance coverage
- Replacement cost insurance - if your business is destroyed by a catastrophe, your insurance may pay you the fair market value of the place. However, this can be a huge problem because it may cost much more than that to rebuild. This is why replacement cost is the best food service insurance option.
- Earthquake insurance
- Fire liability insurance - what will you do if a fire starts in the kitchen and spreads to other buildings? Fire liability protects you from these legal problems.
- Fine art coverage
- Equipment breakdown insurance
- Flood coverage
- Sewer backup insurance
- Food spoilage
- Sign insurance
- Cyber insurance - protects you from problems associated with stolen data.
Getting the Best Restaurant and Bar Insurance in South Florida
If you want to make sure your business is fully protected, come to insurance specialists at Galt Insurance Group. We will sit down with you and go over all your business risk factors. Plus, we'll provide you with an insurance policy that fits your budget.
Galt Insurance is an independent agency and we have many fine insurers for you to choose from. Let us comparison shop insurance so you can better spend your time on your business. It's very easy to receive a free no-obligation quote on your food insurance Just fill out the quote form and we'll contact you. You can also call us toll free at 1-844-BUY-GALT.