How to choose the right restaurant business insurance.

In short, yes! Every business should have insurance, and restaurants face lots of risks. Restaurants are busy places with employees hustling to complete tasks, vendors making deliveries, and customers continually coming and going. All that activity opens the door to accidental property damage, customer injuries, and potential lawsuits.

Employee injuries are another concern. To protect workers from costs associated with getting hurt or sick on the job, states almost always require restaurants to have Workers’ Compensation Insurance.

Restaurant owners need insurance that covers their people, property, and operations. Generally, these are the three main components of any business that need protection. People are first on that list because they’re your most important asset. As noted above, most states require restaurant owners to carry Workers’ Comp to handle costs associated with on-the-job injuries or illnesses, including treatment and lost wages during recovery. A Workers’ Comp policy can also pay a death benefit to surviving family members if an employee dies at work.

Protecting your people and business also means having insurance that addresses lawsuits stemming from allegations of sexual harassment, discrimination, and wrongful termination. These incidents are typically covered by Employment Practices Liability Insurance (EPLI).

Restaurants also need to shield themselves from the high cost of property damage. Remember that the term “property” has multiple meanings in this context. You might immediately think of your building, and it’s true that you need insurance for the physical space that houses your restaurant, but there are other types of property you can and should protect. If you have vehicles, your restaurant insurance policy should pay for damage to them, as well as towing costs.

Perishable food items are another type of property. If food spoils due to a power outage affecting refrigeration or some other cause, your insurance may reimburse you for these costs.

Your operations are the third main source of risk. Issues like liquor liability lawsuits, the theft of sensitive information in cyberattacks, or mistakes by your employees (like the food allergy example above) can be very costly if you don’t have insurance that covers your operations.

Just like how the types of coverage vary by insurance provider, costs vary too. If you want a clear idea of what you can expect to pay for whole-business restaurant insurance,  THREE makes it easy to find by getting an online quote. When determining your rate, we consider your restaurant’s location, size, claims history, and other factors.

Your restaurant insurance policy should be active before you begin operations. Keep in mind that means you’ll probably need insurance weeks or months before you serve your first customer. Coverage is important when you’re training your employees and getting ready to open your restaurant. In fact, it’s fair to say insurance is critical in that period since your team is still “working out the kinks,” and accidents may be more likely until they’ve fine-tuned the various processes for preparing meals and serving guests.

Having active coverage on day one is easy with THREE. We make buying insurance fast and efficient, and your policy can typically be effective as soon as the next day.

It’s vital to get your restaurant insurance from a reliable provider that will be there if you get sued or suffer property damage. Of course, we recommend you purchase your restaurant insurance policy from THREE! Why? There are several reasons. First, THREE by Berkshire Hathaway is a member of the Berkshire Hathaway Insurance Group, one of the most respected and trusted names in insurance. You want to be confident your insurer will stand behind you if you ever have to report a claim.

Second, our policy has all the essential insurance coverage most restaurants need. We understand the restaurant industry and have designed our policy to protect owners from the many business risks they face.

Finally, when you buy insurance from THREE, you get more coverage in a single policy than anywhere else. Busy restaurant owners appreciate anything that makes their lives easier, including having just one policy to manage and a single number to call for support and claims.