Fine Dining Restaurant Insurance

During the recession, many fine dining establishments got so little business that they had to close. But as the economy recovers, such restaurants are more popular than ever. In fact, fine dining restaurants saw a 5 percent increase in customers in 2013, while casual restaurants dropped in popularity the same year. If you want to stay open long enough to benefit from the growth your business will likely experience, you need to have fine dining restaurant insurance.

General Liability for Fine Dining Restaurants

With the amount of people coming to your restaurant every day, there is a chance one of them will slip on a spilled drink or freshly mopped floor. In fact, there are several other hazards present at the typical restaurant, creating the possibility for lawsuits due to injuries. Try as you might, you cannot always prevent people from getting hurt at your restaurant, which is why you need general liability. This will pay for the medical treatment of any customers who get injured at your fine dining restaurant.

This part of your fine dining restaurant insurance policy can also pay for the damages associated with lawsuits for slander, libel, and copyright infringement. Without general liability, you risk going out of business just because a competitor accuses you of spreading rumors about their restaurant or copying their ad. In this way, liability coverage can protect you and your restaurant.

Business Owners (BOP)

business owner’s policy combines a few types of fine dining restaurant insurance coverage. One of the most important things to know about it is that it can pay for any repairs you need for restaurant equipment. So if your oven, walk-in freezer, or another crucial appliance breaks due to water damage or fire then you won’t have to pay the full cost of repairs. Additionally, if your restaurant is robbed or suffers damages after a flood, fire, or other disaster, the BOP will cover the costs for replacement.

Commercial Auto Coverage For Fine Dining Restaurants

If you offer catering or delivery services, you will need to add auto coverage to your fine dining restaurant insurance policy. This is because the personal car insurance that you have will not pay for any expenses if you cause a collision while driving for business. So if you are in an accident while delivering food, you will be held liable for any damages and injuries that result, unless your fine dining restaurant insurance includes commercial auto coverage.

Workers Comp Insurance For Fine Dining Restaurants

Most restaurants have several employees, which means workers comp is a necessary part of fine dining restaurant insurance. If a server slips and breaks a bone or a cook is cut by a knife while on the job, workers comp will pay for the medical treatment, rehabilitation, and lost wages during the recovery period.

Excess Liability

If one or more people are seriously injured while visiting your restaurant, it’s possible that the legal and medical expenses will exceed your liability limit. If you have excess liability, though, this coverage will pay the additional costs. Considering that this is a very affordable coverage to add to your fine dining restaurant insurance, it makes sense to get it for your peace of mind.