Webster’s dictionary defines insurance as coverage by contract in which one party agrees to indemnify or reimburse another for loss that occurs under the terms of the contract. Restaurant insurance does just that; protects your dream. Now that you’ve decided upon the sector or area of the business that interests you, namely fish and chips, there are a few steps to keep in mind when purchasing insurance and where to buy it. Before you’ve even scouted out a location, you need to do your homework and shop around. Let’s begin.
What Should My Fish and Chip Shop Insurance Entail?
Your investment may have emptied your life savings, or turned that 2nd mortgage into your 3rd, either way, you need to make sure your restaurant is fully protected. Here are just a few of the areas to consider: property and liability, employees, auto (company car/van/truck, etc.), crime , garage keeper’s (valet parking), food contamination, liquor, life insurance, specific perils (fire, flood, nature, broken windows, etc.), business interruption (illness/disability/death of owner, failure to thrive) and multiple locations. You also need to know who your clientele will be. Is if family oriented? Will there be children running about? Is it near a ski resort or popular vacation area where clientele will be drinking? And note this, if you took out a loan, banks usually require particular insurance and insurance amounts to satisfy the loan agreement.
Why Do I Need to Buy Restaurant Insurance?
Running a restaurant is not like driving a beater. You may or may not get stopped, and the car really only cost you a few hundred so you don’t feel the need to invest in insurance. You’ll take your chances. Not with owning a restaurant. Here are a few examples of how important insurance can be:
1. A customer calls and complains of food poisoning and threatens to sue.
2. A customer had one too many drinks the night before, crashed his brand new Navigator on the way home, and feels it’s your entire fault.
3. You hear a ruckus in the restaurant and proceed to find an elderly woman having a near stroke because she’s just found a roach in her food.
4. Plagiarism (the unauthorized use of your recipe, restaurant name, special dish names, etc.)
5. Your nephew, whom your sister begged you to hire to park cars, just wrecked one and the owner is suing him.
Get it? Good. Let’s move on.
Where do I Buy Fish and Chips Shop Insurance?
Shop around. The internet has placed the world at our fingertips. A very good suggestion is to first find you an experienced insurance broker. He not only knows the best places to look, but can help you understand insurance jargon, terms, and where to get the most for your money. Remember, cheaper is not always better. You get what you pay for. You can also ask other restaurant owners in your area, or in a similar sector as you. But do your homework so your dream can last a lifetime.
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