Every type of business has its shared responsibilities such as managing staff, serving their clients/customers, overhead, maintaining their physical plant, inventory, etc. However, the hospitality industry, specifically running a restaurant, carries a unique set of tasks, and specific risks as well. To maintain your status quo, to grow your enterprise, and to minimize risk, you’ll need to purchase restaurant insurance. In New York, restaurant insurance can take many forms. In this posting, we’ll cover the most important. At Grillo & Associates, we strive to provide our clients with the optimal coverages they require at the most budget-friendly prices and encourage restaurateurs to contact our team to learn how your enterprise can be fully protected from the risks your industry is prone to.
Restaurant owners are understandably concerned about the potential for kitchen fires as there can be a build-up of cooking grease, as well as issues stemming from gas-fired stoves. Do not overlook the potential for issues stemming from the front of the house. It is not uncommon for even a four-star restaurant to be the subject of a claim or lawsuit stemming from a slip, fall, or injury from glasses or tableware, or if a diner experiences food poisoning or even a serious allergic reaction to food ingredients. Some other protections that a New York restaurant insurance policy can cover include:
- Financial losses due to claims of bodily injury or damage to personal property.
- Avoid issues with legal authorities.
- Enable restaurateurs to recoup inventory losses and food spoilage due to a power outage.
- Vandalized equipment.
- Prevent your business from being shuttered after a natural disaster.
Which brings us to the answers to the title question- Here are the main types of New York restaurant insurance that every eatery in the region should have:
- General Liability Insurance: You’ll need this coverage for both your staff and patrons in the event that someone is injured while on your premises. This coverage additionally protects your business from financial loss if named in a lawsuit, including legal fees and other expenses stemming from a legal claim. Some policies also protect your reputation from online predators- this coverage is well worth considering in your highly competitive industry!
- Workers’ Compensation Insurance: Did you know? There were almost 95,000 reported injuries among restaurant workers in 2019. This vital coverage protects your employees and helps to pay for their medical expenses that arise from on-the-job accidents that result in injuries. This coverage also includes the cost of rehabilitation and lost wages. Most states require some form of Workers’ Comp, but it has very specific requirements for those in the restaurant industry. Allow Grillo & Associates to help you to navigate your needs to protect yourself and your employees.
- Property Insurance: We mentioned grease fires and these account for many restaurant-related fires. However, the building your enterprise occupies may also sustain damage from:
– Equipment failure.
– Power and utility outages.
– Sewer backups.
– Damages caused by neighboring premises. - Product Liability Insurance: It happens. Despite the highest sanitary measures, a diner becomes ill from eating at your establishment. This type of coverage protects against potential lawsuits and legal fees. Food-borne illnesses are more common than you may realize and be aware that liability applies whether the food is consumed under your roof or is sold as a takeaway and consumed elsewhere.
- Liquor Liability Insurance: If your dining establishment serves alcoholic beverages, you need this coverage. It protects against legal costs that arise from an inebriated customer causing injury to another person or persons whether the accident occurs on or off your premises. If your restaurant is named in a subsequent lawsuit it offers protection in the form of legal costs.
- Commercial Vehicle Insurance: Whether you cater, pick up supplies, offer food delivery or even operate a food truck, you’ll need this coverage. It protects you and your business from accidents that occur while an employee is operating one of your vehicles as well as covers repairs to said vehicle if your staffer is found to be at fault after an accident when they had been driving a business-owned (or leased) vehicle.
Do not remain at risk another day longer. Contact Grillo & Associates for the guidance and advice you’ll need to determine the amount of New York restaurant insurance that your unique enterprise requires. Call today!
