You are following the latest food trends and know exactly what it is the market needs right now? You want to be your own boss and express your own personality with your establishment? You have found the perfect location have a sound financing and business plan? Congratulations to your own café, bar or restaurant!
Starting a business is always risky and a little adventure with traps all over. It takes a good amount of courage to take the leap. There are a lot of things to consider and choosing the right insurance for your business is one of the most important things you need to do as an owner. Here are the restaurant insurance contracts that you will need.
No business operations without general liability insurance!
The most important restaurant insurance you should have on your mind is a general liability insurance. A restaurant is a busy place and sooner or later accidents happen to everybody.
Your waiter is ruining a guest’s Sunday dress by spilling some of the home brand barbecue sauce over it and your guest demands payment. Or one of your guests gets an allergic shock because the allergy tags have not been accurate and now the health insurance demands settlement.
Everybody can do mistakes at some point. Liability insurance is stepping in right there to protect you and your crew.
Tip for professionals: An environmental liability insurance is also covering damages that occur on the pavement and parking lot.
One for all – Business content insurance
Alongside your own workforce, your biggest investment will be the inventory of your shop. Not only is the tasteful interior you have chosen with the outmost care to give your establishment the right vibes valuable. The state of the art stainless steel kitchen and brand new espresso machine needs covering as well. Not to mention the invaluable collection of single malts you have brought from your last trip through the highlands.
Water damages through broken pipes can be sudden and devastating to all items in your business. Just as well as a sudden storm with heavy hail that breaks the window. And unfortunately restaurants are a frequent target of burglary.
Just like the household insurance, the business content restaurant insurance is protecting all the thing you hold dear, while you can relax after your work is done.
Legal protection insurance
Lawsuits are never pleasant. But sooner or later you eventually will find yourself on one end or the other of a lawsuit. Especially labor court cases can be very long and very costly, even if you dismiss an employee because of a gross neglect of duty. Just as stressful are conflicts with the landlord if he for example refuses to conduct necessary maintenance or renovations he is obliged to due to the contract. It is not rare to find business owners giving up on their way to justice when their financial reserves are starting to run low and after all you want to put your energy into your business, not the court house.
Legal protection restaurant insurance is absorbing the costs and will guide you on your road to justice.
The sun won’t shine every day – Loss of Earnings Insurance
Unfortunately there will always be situations, which will force you to absorb massive declines in intakes or make you close your business for some time all together. What to do if you need to close due to necessary maintenance? Or a construction site right in front of your doorstep is preventing customers to reach your business? The loss of earnings insurance will take that blow for you and will minimize your losses.
Don’t be afraid of bad weather – Weather insurance from Wetterheld
What do you do if the city center is deserted because heavy rain is keeping the people in their homes? Bad weather can lower your revenue by up to 80% of average. A whole period of nasty weather can make your reserves melt away rather quickly. After all you still have to pay rent staff and suppliers.
Studies even showed, that bad weather will influence the customer’s satisfaction and reviews negatively. You are highly advised to take action against this with special discounts on rainy days or small gifts and extras to the customers, although this will lower your intakes even further.
But fortunately there is a solution. The weather insurance from Wetterheld. You can get insurance on a daily bases or insure your whole season altogether against rainy days or sudden cold snaps. Easy and secure via app and with detailed counseling. Payout is quick and without any debate, as soon as the weather event is registered at the nearest weather station, you will automatically receive compensation for your reduced daily intake. This is how you keep full control of your cash flow.