Industry Specific Policies: Is Your Restaurant Covered?

Industry Specific Policies Is Your Restaurant CoveredEarlier this year, we discussed the General Policies all restaurants should employ to protect against damages resulting from liquor discrepancies, food borne illness and cyber-attacks. However, the restaurant industry, being dynamic and multi-faceted, requires more specific coverages in addition to the basics. Here are three more key coverages to add to your Sidney Restaurant Insurance policy.

  1. Food Spoilage- This insurance component covers a range of issues from loss of money and product to liability risks from consumers who ingest spoiled foods. The issue lies in the fact that pathogenic bacteria such as e. coli and salmonella are undetectable by taste or smell. The United States Department of Agriculture (USDA) states that this generally occurs when food is left between 40 and 140 degrees Fahrenheit for extended periods of time, allowing these pathogens to flourish. Protecting your business against these types of issues before they happen will save you time and money in the long run. Ask your insurance professional to see how you can add it on to your policy and how much coverage you need.
  2. Equipment Breakdown- You may not realize how much you rely on your equipment and how detrimental its breakdown could be to your profits. For example, Pro Host USA cited that one restaurant lost refrigeration when utility power problems damaged motors. All of the expensive foods items in the refrigerator spoiled, totaling $32,867. This coverage should be added to your policy if not already included to avoid this potentially huge exposure.
  3. Valet Insurance- If your restaurant offers car parking services, protecting your customer’s vehicle against damage is essential to your business. An estimated 300,000 accidents occur in parking lots each year according to Trusted Choice-think about what that could mean for your restaurant.

Installing these industry specific coverages will help to ensure the success of your restaurant business. At Myers Insurance Group, we specialize in niche markets and strive to provide comprehensive and quality coverage to suit your needs. To learn more, contact one of our specialists today at (855) 534-5707.

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