Get information on fast food restaurant insurance including quotes, cost and coverage. Your franchisor will require you to have general liability plus coverages that include your physical location, fixtures & equipment, and other contents like tables and inventory.
Fast Food Restaurant Insurance
Whether you have started your own fast food restaurant or you have bought a franchise from a chain, your goal is to make sure that you attain as much success as possible. While you can provide the highest quality products and extremely reliable service, there are still legal issues that can arise.
You've invested a lot time and money into your restaurant. That's why it's important to protect yourself from the unexpected events that can occur and the legal consequence that you could potentially face.
Fast food restaurant insurance will protect you from any claims and lawsuits that could arise.
Commercial Insurance Types That Lessors Typically Require
As the owner or operator of a food service operation, there are certain types of fast food restaurant insurance coverage that you are going to need in order to protect your business from any possible claims and losses. The following types of insurance coverage are an absolute must for a fast food restaurant:
General Risk Coverage: This type of fast food restaurant insurance policy will cover any assets associated with your fast food restaurant. This includes the physical location of your establishment, the fixtures within the restaurant, and the equipment used in the establishment.
Examples of items that are protected under general risk coverage include cooking equipment (fryers, grills, etc.), tables, chairs, decor, televisions, and so on. This type of coverage may also protect exterior assets; any signs that are displayed on the exterior of the building, as well as the landscaping that surrounds the establishment. Generally, you will have the option of one of two types of coverage:
- Insure for the amount it would cost to replace the property.
- Insure for the fair market value of the property
Should you opt for fair market value, you may pay less, but should you have to file a claim, the deductibles will likely be hefty.
Liability Insurance: Liability insurance will protect you from any claims that are filed against the restaurant by others. Fast food restaurant insurance coverage is broken down into two separate and distinct categories:
- Product liability - Should someone file a claim against your restaurant that is related to the products that you sell, this type of coverage will protect you. For instance, if a customer burns himself on a cup of hot coffee, product liability insurance would protect you from any claims filed as a result of injuries the patron sustained.
- Premises liability - If someone is involved in an incident that damages personal property or causes a personal injury while on the property of the restaurant, premises liability insurance would provide coverage. For example, if someone slips and falls on a wet floor and breaks a limb, or if a patron's car is damaged as a result of faulty equipment at the drive-thru, a premises liability policy would protect you from the monetary losses associated with such incidents.
Are There Other Types Of Commercial Insurance Fast Food Restaurant Owners Should Have?
While the two above-mentioned policies are an absolute must for fast food establishments, depending on your specific restaurant, there are additional types of insurance coverage that you should consider having. For example, if you deliver food to customers, you might want to consider taking out a business auto insurance policy. If you serve alcohol at your establishment, you should strongly consider having liquor liability insurance.
Additionally, it is likely that you rely on several employees to operate your restaurant and serve your customers, you should also consider purchasing a workers compensation for restaurants policy. Depending on the state your fast food restaurant is located in, this type of insurance may be a requirement. However, if it isn't required, you should certainly consider this type of policy, as it will protect you and your employees in the event that a worker becomes injured on the job. Average restaurant insurance cost, restaurant insurance quote, what kind of insurance does a restaurant need, best restaurant insurance, insurance for restaurants and bars, restaurant insurance programs, geico restaurant insurance & food service insurance cost.
Fast Food Restaurant Insurance - The Bottom Line
We hope this article on fast food restaurant insurance was informative. Insurance is important in any business, including owning and operating a fast food restaurant. Without the proper protections in place, you could end up enduring serious financial turmoil should you be held legally liable for an accident or injury that occurs on your property, or should your property be damaged or stolen. Your fast food restaurant is your livelihood; protect this asset with the right coverage.