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Restaurant Insurance – Get the most out of your Restaurant Insurance quote

February 1st, 2010 |

For Restaurant Owners, the Business Insurance is usually the last thing on your mind. Running a successful Restaurant takes a lot of hard work and dedication. With all the hard work that goes in to running the restaurant, you want to be sure that you carry the proper coverage for your restaurant so you don’t risk everything that you worked so hard to build. There are insurance coverages that are very important to review when getting your Restaurant Insurance quote.

The first thing that you need to review is the replacement cost of your Restaurant Equipment and Business Personal Property. The first question I usually ask when reviewing a Restaurant Insurance policy is how much would it cost to go out and buy brand new Restaurant Equipment and all of your other Business Property in the Restaurant. In most cases the number I get from the Business Owner is higher than what they are covered for! Also make sure you ask about Food Spoilage coverage since in most cases Food Spoilage has to be added as a separate coverage. Another important coverage is Business Income. This should be at least enough income for your business to survive for 12 months. Also it is important to have Business Income and Extra Expense. This will pay you for lost revenue and additional expenses such as your lease payment or even payroll for your employees. It is common to see this coverage with a set limit over a period of time, such as $100,000 1/6 limitation. This means they have the sooner of $100,000 or 6 months. I do not recommend anything less than 12 months and actual loss sustained (if possible). This means there is not a limitation and will last for 12 months. This is an important coverage for Restaurant Insurance since it can take up to 12 months to re-build a restaurant. The last coverage I want to discussed that is often the most over-looked is Non-Owned Auto coverage. Like most restaurants, food isn’t only served in the restaurant but delivered to individuals or businesses and catered to various events. Non-Owned auto coverage will protect your business if one of the drivers (even if driving their own vehicle) is involved in an at fault accident in the course of a delivery. I cannot stress how important this is for a Restaurant Insurance policy and one that is often not included by the Insurance Agent.

The last important part of getting a Restaurant Insurance Quote is to talk to someone that is an independent agent that can access many different Insurance Companies to find the best fit for your Restaurant Insurance based on overall price and coverage.

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Bryan Cranson is the owner of Cranson Insurance Agency specializing in business insurance quotes, workers compensation insurance quotes, health insurance quotes, disability insurance quotes and life insurance quotes in Oakland County, Washtenaw County, Kent County, Cook County and Wayne County, plus the entire states of Michigan, California, Illinois, Indiana, Ohio, Oklahoma, Missouri and New Jersey.