Insurance For Restaurants
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Whether you’re serving up a steaming bowl of Bolognese or a 10-course fine dining feast, being in the restaurant game is fast paced, varied and sometimes full of surprises.
You’re experienced and know where to source the best produce, and how your regulars like their meals. You’ve built a reputation and brand for yourself over the years, one which is invaluable and worth protecting.
One thing which every restaurant owner needs to consider when running a restaurant is having the right insurances in place, starting with Public Liability insurance.
Public Liability insurance* is designed to protect your restaurant business from the financial impacts if you face allegations of negligence for injuring a third party or damaging their property. Legal costs in defending a covered claim will also be included. It is a wise type of insurance for any restaurant to consider.
Product Liability insurance * usually forms part of a Public Liability policy and is important for restaurant businesses to also think about including in their insurance plan.
Product liability cover provides protection in relation to claims by third parties due to personal injury or property damage caused by products sold or supplied by your business. Reasonable costs incurred in defending a covered claim will also be met. For example, if your customers were to experience food poisoning from the food you provided, not only could you be faced with one claim for damages, but multiple claims from impacted customers.
The associated legal costs of defending a claim, even if you are not liable of negligence, could put both your business and personal finances at risk, potentially causing your business to close and hang up the knives for good.
Public Liability insurance provides peace of mind and financial protection, because it can cover your legal and defence costs, court attendance costs and compensation awarded to the claimant.
There are many other types of insurance policies for businesses out there. Here are some of the more common ones:
A lot goes into operating your restaurant and your business assets help make it happen. From your tables and chairs to your kitchen equipment, they keep your business functioning, and without them it could spell disaster for your business. Business Insurance is an insurance package designed to provide cover for your business contents, stock, tools and commercial premises when an insured event occurs (such as fire, storm, theft or even accidental damage). You can pick and choose what insurance products will suit your business best. Some of the options are:
cover for the loss of income and increased costs of operating your business caused by a specified insured event (such as property damage or fire). It is also designed to assist your business to recover from an insured event by paying ongoing expenses (such as wages or rent).
In additional to insuring your restaurant against risks from third parties and to your business assets, you may want to consider also protecting the operational side of your business, especially if you employ staff. Management liability insurance* protects directors and officers and the insured company itself from the many exposures relating to the management of a company. Owners and those responsible for the management of a company have specific responsibilities which can result in personal liability for alleged or actual wrongdoing. Management Liability insurance can provide protection for:
Employment Practices Liability claims such as bullying, harassment, discrimination, unfair dismissal
EPA fines for the incorrect disposal of waste and garbage
Theft by employees, including theft of money and property
Having the appropriate insurances in place brings peace of mind if something were to go wrong and should be one of the first things you consider when creating your business plan.
You’ve worked long and hard to get your business established and the last thing you want is for it to all come crashing down due to an unexpected event that you weren’t insured for. Business Insurance is there to provide protection when you need it most and can provide cover for real life risks such as lawsuits, employment disputes, damage to your equipment and building and equally important, your reputation.
Every restaurant is unique, bringing its own flair, menu and appetite for risk, meaning no two businesses’ insurance policies are the same. Public Liability Australia gives you the flexibility to compare multiple quotes from some of Australia’s top insurers, so you can choose the coverage that suits your restaurant business.
In just a few clicks or a phone call you can have your business insured in minutes.
*As with any insurance, cover is subject to the terms, conditions and exclusions contained in your policy document. The information contained on this webpage is general only and should not be relied upon as advice
Public Liability Insurance is a business name of BizCover Pty Ltd (ABN 68 127 707 975; AFSL 501769)
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