You deal with a lot of exposures. You need good insurance.
Hot surfaces. Sharp knives. Food-related illnesses. Cleanliness issues. The list goes on…
Restaurant owners in NJ face risks most other business owners don’t. And that’s in addition to the common risks most businesses deal with, such as damage to your workplace or loss of vital records.
But knowing what type of insurance you need depends on the situation.
Do you have employees?
Does your business own, lease, rent or borrow vehicles?
If you answered yes to any of these you have specific concerns that need to be addressed, besides the standard coverage.
What insurance do other restaurants buy?
At the bare minimum, most restaurants have a Business Owner’s Policy (known as BOP). Why? Because this policy helps protect your business establishment in about the same manner as a homeowner’s policy protects your home and personal possessions.
By linking some of the most important coverages small business owners need, including Business Liability, Business Property and Business Income, a BOP can save you money as it protects what you’ve toiled to build up. It also presents an easy way to buy optional, additional coverage customized to your business.
- Business Property Coverage protects the place where you do business.
No matter if you own or lease, this place is essential to your day-to-day operations. And, regardless of how cautious you may be, the unexpected – such as fire or vandalism – can and does happen. Having property coverage could make the difference between complete catastrophe and a minor breakdown. You should consider property insurance that not only covers damage to your building and furniture, but also your computers and anything else you need to keep your business going.
- Business Liability Coverage is in the event you are sued.
In this day and age, even the most careful business owners may have to deal with a lawsuit. And, even if the outcome is in your favor, the legal costs can be overwhelming. Business Liability coverage helps protect your business from the cost of claims for damages caused by your workers, products and some services. In addition, it helps cover your defense. So, how much coverage do you require? That depends on the size of your restaurant, how many customers you serve – and other factors. An experienced independent insurance agency can help answer your concerns.
What other coverage do other businesses like yours buy?
Other establishments similar to yours frequently opt for:
- Business Income for Off-Premises Utility Services Coverage (OPUS)
- Computers and Media Coverage
- Data Breach Coverage
- Food Contamination
- Non-Owned Auto / Hired Car Coverage
- Liquor Liability Coverage
- Tenant’s Legal Liability Coverage
- Business Income from Dependent Properties Coverage
If buying so many different restaurant insurance programs sounds expensive, think about the economics of bundling!
You really don’t have to spend a lot to get valuable extra coverage for your restaurant. The Hartford, for instance, offers plans that stretch your premium dollar:
- Restaurant Stretch
- Super Stretch for Restaurants
- Super Stretch for Business Services
These industry-emphasized endorsements bundle crucial coverages for restaurant-like businesses, providing a cost-effective answer that helps remove the guesswork out of the coverage selection needed to help protect your business.
Prime Insurance is a 3-generation family-run independent agency that has won the admiration of the industry. We’ve been presented with numerous awards and been appointed to conduct direct business with more than 40 of the leading companies. With over 10,000 satisfied customers, we benefit policyholders by reviewing current coverage, as well as by shopping our wide network to locate tailored coverage at competitively lowest quotes.
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