Restaurant ownership can be quite rewarding. Most owners gain tremendous satisfaction from serving and pleasing their customers with great food. However, things happen. And any successful restaurant still needs to be properly insured. Without the right insurance coverage, you risk losing all that you worked so hard to build.
Here’s an example of what happened to one restaurant:
The Royal Thai Restaurant located on Capitol Hill in Washington D.C. is a good example of how ‘things happen.’ In the spring, storms knocked out power to a large section of the city. Old trees fell and broke power lines. Despite all efforts, the power outage lasted ten days. The owner was unable to save frozen and fresh food supplies on hand. The entire staff reported for work as scheduled. They were sent home for the most part. Managers asked a few to stay and clean up.
Heavy rains fell while no one was there, and the basement flooded. With no power, automatic pumps did not start; the flooding covered the entire basement in four feet of water and mud. Wiring, alarms, and computers in the basement were ruined along with stored food and kitchen equipment.
The Royal Thai was in a tough situation. It lost business and income. It still had to pay staff. Food supplies had to be thrown or given away. The flooded basement had to be drained, restored and repaired. The electronic equipment had to be replaced by experts. The sad news is, the Royal Thai had only a small insurance policy; it never recovered its losses and went out of business.
All of this could have been taken care of had they been properly insured.
Business and Government Agree
The insurance industry recommends insurance policies specifically designed for restaurants. The US Small Business Administration offers in-depth information on types of business insurance for restaurants.
What Are the Risks of Restaurant Ownership?
The are countless events that put a restaurant owner at risk for liability. Restaurants serve food that could make someone sick if not safe. People can get hurt from defects in the walkways, or furniture. Restaurants serve alcohol and people could drive while drunk. The list goes on.
Kitchens Have Dangerous Things
Restaurant employees work with and around several hazards that can cause bodily injury and puts you at risk for liability. These include:
- hot pots and pans
- boiling liquids
Additionally, there can be damages to your building, equipment, or other assets. Restaurant insurance provides coverage for loss, damage, and theft.
How to Get Help in Colorado Springs, CO
We at the Mikeal Taylor Insurance Agency offer the range of business owner insurance. We make sure your restaurant is covered for:
- general liability
- property and interruption
- worker compensation
- premises liability
- loss of Income
- health and disability
Focus on You and Your Restaurant
Our team studies your restaurant business carefully. We look carefully at fire hazards, flooding, possible employee mistakes or bad conduct. We look at credit information systems and Internet security. We offer solutions for improvements. Best of all, we offer a free quote for you to learn about your coverage details. Give us a call today.