Hi, my name is Max, and I’m a commercial insurance broker who specializes in coverage for restaurants and bars.
As a restaurant or bar owner in Canada, I’m sure you’re well aware of the risks faced by your business. Allegations of food poisoning, a client that has too many drinks and drives home, even a client that falls and slips on his way to the bathroom. These are just a couple of examples of situations where you could be the target of a lawsuit.
Some common types of food and drink businesses that seek insurance are bars, pubs, takeout restaurants, coffee shops, caterers, and more. Regardless of your restaurant type or how careful you are to avoid an accident, the fact of the matter is that accidents happen, and the costs can be so high that they could actually put you out of business.
So, what types of insurance do restaurants or bars need?
Starting with Commercial General Liability as to the most basic coverage. This is what provides protection for bodily injury and property damage caused to a third party. If you’re looking to enhance your package, you can also look at adding property coverage. This could provide protection for your equipment and inventory in the event of an insured accident. Further, business interruption coverage. This coverage is extremely important and pays you for the loss of income that could be incurred due to an insured disaster, such as a fire or flood. Additional coverage can always be added to your basic policy, and I suggest you chat with your commercial insurance broker for further advice and options.
A common concern for restaurant owners is often the cost of insurance. So, let me tell you about a few of the factors that come into this. Firstly, the number of years of experience in the restaurant, bar, or food services industry, as well as the projected revenue, the location of your restaurant, and of course, the coverage and limits requested.
To get an accurate price for your restaurant or bar insurance, hop on over to www.zensurance.com, press ‘Get A Quote,’ answer a couple of questions, and you’ll be well on your way to securing insurance for your restaurant or bar.