Posts Tagged ‘Restaurant insurance’

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.

Click here to submit your information to get a Restaurant Insurance Quote from us.

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.

Michigan Restaurant Insurance, Michigan Restaurant Insurance quote

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Being a business owner has a lot of responsibilities. One of those responsibilities is getting business insurance quotes. Now this may seem like a simple task, but with the wrong type of insurance coverage you could leave your business exposed to a financial loss. The best way to get the appropriate insurance coverage is talking to an independent insurance agent. An independent insurance agent has the ability to access multiple insurance companies to make sure you have the very best price for the appropriate coverage. Also make sure you are talking to an insurance agency that specializes in business insurance. There are many insurance agencies out there that can do your home and auto insurance but not many that only specialize in offering a business insurance quote.

In evaluating your business insurance needs there are a few things to consider. First you will need property and liability insurance. Liability will cover you in case someone gets hurt at your business by slipping and falling or an accident you cause in the course of your business. Property coverage is for everything the business owns. If you own a building you will need building insurance. For all of the businesses contents you will need business personal property insurance. The last part of this coverage is business income insurance coverage. This will cover you in case of something happening such as a fire that prevents you from operation a business. The lost business income from not being open would be covered under the business income coverage. This is especially important for restaurants. If a restaurant burns down, there will be a lot of time where the business is not operating before the restaurant is rebuilt and therefore a large loss for business income. So if are getting a restaurant insurance quote, make sure you have plenty of business income coverage.

The next thing you will need to consider if you have employees is workers compensation insurance. This will cover the medical bills in case an employee gets hurt on the job. The other part that workers compensation insurance covers is if there is a serious injury that an employee suffers, they may sue the employer and you would have coverage for this under your workers compensation insurance policy. When you get your workers compensation quote make sure you are reporting the payroll as accurate as possible to your insurance agent. At the end of the year you will get an audit to make sure that the workers compensation quote you were given matches up with the actual payroll at the end of the year. You may end up having to pay more or actual get a refund.

The last thing that has been on everyone’s mind is health insurance. When getting health insurance quotes make sure you first evaluate how you will be using the health insurance. Will you or a spouse be having kids? Are you currently on any prescription drugs? Do you have any serious health concerns? With Health Care reform around the corner, access to health care should improve but you will still need to evaluate your options with an informed health insurance agent to discuss your options.

Bryan Cranson, owner of Cranson Insurance Agency in Oakland County and Wayne County, Michigan,  provides business insurance quotes in Michigan, California,  Illinois, Indiana, Ohio, Oklahoma and Missouri.

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