Restaurant insurance from Beyond Insurance
What you need to know about buying Restaurant Insurance from Beyond Insurance. Referred to as Hospitality insurance within the insurance industry, there are several definitions of what constitutes a restaurant and they are based on the ratio of food to alcohol sales. For some markets, if the alcohol sales are more than 30% of the total sales the risk becomes a pub. Over 85% it becomes a nightclub. Other markets allow up to 50% of liquor receipts before designating the operation as a pub.
Regardless of the classification, there are certain coverages that can assist in keeping your business in business, in the event of a loss.
- Property insurance for your contents (stock, equipment, tenants improvements) and building (if you own it). Property insurance can include coverage for fire, theft, water damage, earthquake and flood.
- Equipment Breakdown insurance includes coverage for refrigeration unit leaks, spoilage of contents and equipment breakdown .
- Crime insurance – The location of your restaurant as well as its hours of operation can have an impact on its level of crime risk. Theft of cash, merchandise and supplies can all be at risk, including from your employees.
- Cyber insurance – Any establishment that processes a high volume of credit and debit card information can be a target for cyber criminals.
- Liability insurance including Liquor Liability if alcohol is served. This coverage is for your legal liability for any bodily injury or property damage arising from your operations. Potential exposures are: food poisoning, chipped tooth from something in the food, slip and fall and potential injury or property damage arising from over serving alcohol to a patron.
In Canada there are very few markets that will offer Liquor Liability insurance to businesses with over 50% liquor receipts.
There are more markets available for family style restaurants and restaurants with low liquor receipts.
It is important that your broker be well versed in the marketplace in order to obtain the best terms.
Beyond Insurance is an expert in assessing and addressing complex insurance needs for any industry. We love complexity and take an in-depth approach to make certain our clients are prepared for anything. Our clients trust us to take a strategic, holistic approach.
Our goal is to create a long term relationship with you.
We step in as part of your gap-free protection team. You need a partner who understands how you work; and we are your partner in insurance and risk management.
What can you expect from Beyond
- Assurance that we have experience with complex insurance needs in your industry
- Assured that we have everything covered. Through our annual audit of your policy, we stay current on your risk exposure and changing needs
- Strategic analysis of your policy to optimize opportunity and cost saving solutions.
As an entrepreneur, you care about your employees, your business, and growing your business.
Beyond Insurance asks the right questions, understands your needs, and doesn’t make mistakes. When it comes to your insurance needs, it’s important that you are able to trust your provider and we offer the assurance that your assets are fully covered. We don’t just send you a bill every year; we are your partner in your insurance and risk management.
As your business grows, its assets and insurance complexities change. We want to grow with you, and keep you covered as your needs change. Let us partner with you to develop gap-free wealth and asset protection.