Restaurant/Hospitality

A restaurant insurance policy is intended to provide insurance coverage for any business serving food and drinks.  These businesses include:

• Food Trucks

• Bars and Lounges

• Fast Food Restaurants

• Dine-In Restaurants

• Coffee Shops and Cafes

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A restaurant insurance package typically includes coverage for the following:

1. Commercial General Liability Insurance - Coverage for claims made against you for bodily injury or property damage that arise as a result of your operations.  Liability claims could come as a result of the actions of your employees, products, completed operations, or something else that occurs at your location.  This coverage also helps with financial costs such as defense costs and third-party damage if you are found legally liable.

2. Tenants Legal Liability - If you rent a building, coverage is provided for damage caused to the building as a result of your operations.

3. Commercial Property Insurance - for your equipment, contents and building if owned or if required to be insured on your policy as part of your lease.

4. Business Interruption Insurance - If your business is dependent on a location (such as flooring contractors who also have a retail location), and a fire or other insured peril causes loss of income or increased business expenses, coverage is available to compensate for those expenses and lost income. 

5. Equipment Breakdown Insurance (also called Boiler and Machinery insurance) Coverage for the pieces of equipment that could fail unexpectedly and cause lost income and spoiled stock.  There would also be coverage for the cost to repair or replace damaged equipment and necessary expenses that occur during the restoration period.

6. Liquor Liability Insurance - Coverage that helps protect a business that sells, serves or distributes alcohol.  It helps cover claims of bodily injury or property damage that a person could cause after a company serves alcohol.

7. Stock - All of the food that is stored in the back room shelves or in the fridges or freezers should be insured in case they are damaged or destroyed by fire or another insured peril.  Coverage is also usually provided for items if they are stolen or vandalized.  

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Because there are many types of restaurant/hospitality , policies will not all have the same premium.  These are some of the factors that determine the price of rental property insurance:

• Property Type (Industrial, Manufacturing, Residential, Apartment, Retail)

• Occupations present at the property

• Location (different areas are more prone to vandalism or flooding or other types of claims)

• Upgrades and improvements made

• Claims History of the owner

• Credit Score

• Type of building materials used to build the structure of the rental property.

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