Restaurant Fixtures & Supplies Store
Owning a restaurant fixtures and supplies store means that you primarily deal with other business customers. Your orders are probably quite large, and your dealings are often quick and professional. Some restaurant supplies stores have increased their bottom lines by opening the doors to regular consumer customers as well. Whether your stores sticks to professionals only or caters to consumers too, it’s important that you make sure you’re carrying the right levels of business insurance protection.
General liability insurance is designed to protect your restaurant fixtures and supplies store from accidents, unexpected events and everyday hazards. This insurance provides a broad level of coverage so that you generally don’t have to worry about specific itemization on your policy. It also grows with your company to protect new store locations as you add them, and new products as well.
General Liability Insurance Includes:
- Premises Liability – Owning a store means that people go in and out each day. Regardless of how much customer traffic your store has, there is the potential for someone hurting themselves while they’re there. Premises liability is a section of your general liability business insurance that helps protect you from those accidents. If the customer sustains injuries while at your business, your insurance will pay for their medical and follow-up care expenses.
- Products Liability – Products liability protects you from potential problems that might arise with products you sell. If you sell a restaurant fixture that is later found to be hazardous for use, it can cause physical harm or property damages to your customers. Products liability can pay for the damages and suffering, as well as provide you with legal defense fees when needed.
- Completed Operations – Completed operations coverage protects your company from problems that arise in the future, after you have provided the services requested by your customers. If, for example, a customer asks you to place a special order of restaurant supplies and it is later discovered that those supplies were the wrong ones, the customer may sue your company for damages and losses.
Business Owners Policy
Along with general liability insurance, most small businesses add another type of coverage known as a business owners insurance policy, or BOP. This coverage actually includes general liability while providing you with additional protection for your physical business assets. It can provide protection for your business buildings and merchandise for example. Other parts of a BOP provide protection for intangible assets, such as your accounts receivable. You can select the types of asset protection you need. Options include:
- Buildings and Contents
- Business Income and Extra Expense
- Electronic Data
- Newly Acquired or Constructed Buildings
- Employee Dishonesty Coverage
A business auto insurance policy is imperative for a restaurant fixtures and supplies store that makes deliveries to its customers. This insurance pays for damages and injuries when you or an employee is involved in an auto accident. Additional coverage levels can protect the cargo you’re carrying when an accident happens, or protect you from other events such as theft and fire.
The law in most states mandates that you carry workers comp insurance for the employees of your restaurant supplies store. This insurance pays the employee’s medical bills if they are ever injured on the job.
Umbrella coverage provides you with additional protection above and beyond the limits of your other business insurance policies.