Smart Move Insurance understands that owning and running a restaurant can be a risky business. There are many factors that could compromise your Phoenix based business for which our experts can provide insurance specifically tailored to your and your business’s needs.
Generally, insurances for restaurants are comprised of:
- Property Coverage
- Worker’s Comp Insurance
- Phoenix General Liability Insurance
- Loss of Income Insurance
- Valuable Papers Coverage
- Identity Theft Insurance
However, with so many businesses now leaving their footprints online, and after what happened to Target, Yahoo and others, Cyber Liability Insurance should be on top of your list as well. It does not matter if you are running a cozy cafe, a small deli, or a big chain-style restaurant. Insurance is of the utmost importance for running a restaurant and making sure that you are covered for every eventuality.
Reasons for lawsuits are easily found. Be it that the food was allegedly spoiled, that a patron was served too much alcohol and caused damage afterwards, or the danger of fire and other kitchen related accidents. Fires, no matter if they are kitchen fires stemming from cooking or frying food or maybe even electrical fires due to faulty wiring, are a very big and real risk for the food industry.
Due to the nature of their business, Phoenix restaurants are also very vulnerable to lawsuits in connection to slips and falls. With a high volume business like a restaurant and the increased chance of slippery floors due to beverage or food spills, this is generally covered under the general liability insurance, but also an issue that is easily preventable by checking the floors several times a day for spills or other hazards.
Phoenix restaurant owners should also consider insuring their company vehicles. This policy should cover the business cars you own and also those of your employees who may deliver food for your business.
Reportedly, restaurants spend about 1% of their annual revenue on insurance. Newer businesses may be disadvantaged since rates are much like with new drivers, are initially higher. Regardless of how superfluous a particular aspect of our restaurant business insurance may seem, we guarantee it is still by far cheaper than being confronted with a lawsuit. Opening your own restaurant is a risk worth taking. Skimping on your insurance is not! Call your insurance experts at Smart Move Insurance, Inc. in Phoenix today to see what insurance coverage is right for you and your business.