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Business Insurance for Restaurants

When considering your restaurant, it is important to get appropriate insurance in place to cover your restaurant from the risks that are associated in the day-to-day operations. Great restaurants draw in a diverse range of customers who are looking to enjoy and experience the food and drinks on offer. 
As you are operating your restaurant, you need to be aware of the risks that your business, employees and customers may face. 
Some insurance that  Restaurant businesses may want to consider include: 
  • Public and products liability for any claims against your restaurant is negligent and it results in personal injury or property damage. 
  • Property and contents for your business for any loss or damage. 
  • Glass insurance - to cover damage to the glass windows that showcase your restaurant frontage. 
  • Theft of stock, business assets and restaurant inventory.
  • Money to provide coverage of your takings if they are stolen from your restaurant..
  • Stock and valuable inventory stored within your restaurant against the deterioration of the goods.
  • Breakdown of machinery and equipment that you use within your restaurant
  • Business Interruption; depending on the interruption and whether your restaurant insurance covers these specific interruptions.
Outside of these forms of insurance cover, if you are a restaurant owner, you may want to consider and explore other insurance options that are more specific and aligned to your individual needs and requirements. For example, some restaurants owners may consider key man insurance or personal insurances such as life insurance, income protection insurance and total and permanent disability insurance.
What may influence your Restaurant Insurance Premium:
  • The size of your restaurant and number of seats and patrons you may be able to host.
  • The location of your restaurant and the trading hours that you facilitate.
  • Any security systems or security personal you might have in place.
  • The size, scale and capabilities of your kitchen, specifically, if you are involved in deep frying of food.
  • The liquor licenses that your restaurant may hold, be it as a licensed premise or BYO.
  • The level of turnover at your restaurant.
Every restaurant is unique and individual. 
Given the differences between each restaurant, insurance brokers are well placed to help you understand your specific insurance needs given the type of restaurant you have and the risks that your business may face. 
General Advice Warning: This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is appropriate for you and your personal circumstances. Before you make any decision about whether to acquire a certain product, you should obtain and read the relevant product disclosure statement.

All information above has been provided by the author.

Anush Kumar, Insurisk Solutions Pty Ltd, ABN 84 616 172 877, AFSL 233750

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