Being the owner of a successful restaurant is an accomplishment. Providing the right ambiance, food, and customer service are key to ensuring that your customers keep coming back. However, there is a key element you can’t overlook: commercial insurance.
Commercial insurance must be taken seriously by small business owners – and restaurants are no exception.
For more information about Commercial Insurance Plans, call us today at (870) 523-6771.
Restaurants Need Insurance Too
Owning a restaurant represents a major responsibility and it can not only affect your employees but your customers too. There are different requirements that make restaurant owners struggle when trying to make their business work, such as taxes, regulations (which vary from state to state), and insurance.
Insurance plays a crucial part in any business no matter the industry. Restaurants are one of the businesses that need it the most, considering they provide services and goods in one place. The smallest issue can cause significant damages.
Types of Insurance Restaurants Need
- General Liability Insurance
General liability insurance will help your business against any legal issues you may have with injuries or property damages. Having this type of protection will prevent restaurants from having a significant financial loss that can affect their finances in the long term.
- Commercial General Liability
Commercial general liability is a business insurance that covers the cost of any damage done by one of your employees. This type of restaurant business insurance coverage can include bodily injury, property damage, medical expenses if someone gets hurt, or anything else related to the restaurant’s activity.
If a customer sues your restaurant, for example, general commercial liability can protect you.
- Workers Compensation Insurance
Employees are a key part of any restaurant; the bartenders, waiters, hosts, or anyone else working at your business are what keeps it going. It is important to take care of them and ensure that you provide them with the best environment possible. This is where workers’ compensation insurance comes in.
Workers compensation insurance is commercial business insurance made to protect your employees. It can cover medical expenses related to accidents or injuries they got at work, making sure you don’t have any expenses in the long run.
- Cyber Liability Insurance
While general commercial liability and commercial workers’ compensation insurance might seem like they are there to protect your restaurant in the long term, commercial cyber liability is commercial business insurance that makes sure you don’t experience issues from getting clients’ cards duplicated or stealing your database.
With commercial cyber liability, you can make sure all commercial transactions are safe for both you and the clients making purchases.
What’s The Price Range For Restaurant Insurance?
While there isn’t a precise cost regarding how much restaurant insurance costs, they vary from $80 to $200 a month. Most policies for restaurants cost between $1000 and $2500 each year. These costs are based on many factors and coverage needed since no business nor situation is the exact same. Contacting the right insurance agency can help you get the best insurance for your needs and budget.
We Help You Get The Best Insurance Plan For Your Restaurant
Restaurants can be stressful considering all the paperwork and other aspects that need to be in order. However, accidents can happen, and being prepared is crucial to ensuring your business is not financially affected. At M&P Insurance, we help you find the right assistance and plan suited for your restaurant.
We offer affordable quotes in Newport, AR to all small restaurant insurance. We only work with the best carriers in the state to make sure you don’t have any issues and that you receive the proper assistance your business needs to succeed.
If you’re looking for the right commercial insurance in Arkansas, contact M&P Insurance.
For more information about Auto Insurance Plans, call us today at (870) 523-6771.