3 Things You Need To Know About Hotel And Restaurant Insurance Costs

​We insure many hospitality companies, including bars, taverns, sports bars, nightclubs, entertainment venues, full service and quick service restaurants, pizzerias, delis, caterers, food trucks, and more when we talk about our restaurant insurance.

Insurance can help you safeguard and grow the restaurant business you've worked so hard to establish. Problems will always occur no matter how hard you try to make everything perfect. If they do, we're here to assist them.

Basic Restaurant Insurance Coverage Needs
There are four major property and casualty coverages a restaurant owner needs to consider when getting an insurance plan, and these are:

Property Insurance
Property insurance protects your company's assets, including the building, restaurant equipment, and frozen food. It may also cover business interruption if your company is unable to operate due to a fire. The relevant property insurance will cover a property loss caused by a fire, storm, or theft.

Commercial Auto Insurance
Automobiles that a firm owns, leases, rents, or borrows are covered by commercial auto insurance. If your workers use their personal vehicles to deliver pizzas for pizza parties, for example, you need commercial auto insurance. This is also something to consider if you have a valet service.

Liability Insurance
Liability insurance protects your business from third-party disputes like lawsuits. Liquor liability, assault, battery liability, and employer practices liability are examples of excess liability programs. Workers' claims that their rights as employees have been violated are addressed here as well, and cyber liability policies are instances of liability insurance (to address data breaches). These risks can be covered under a single policy, while others require different policies.

Workers Compensation Insurance
Worker's compensation insurance, which the government frequently regulates, compensates employees for lost wages and medical expenses resulting from workplace injuries.

Main Factors That Affect The Cost Of Restaurant Insurance Cost
Individually underwritten insurance for the hospitality business is based on the details of your establishment. Insurance applications include dozens of questions, and underwriters at insurance firms conduct their research and survey on your business before quoting you a price for the insurance.

Here are some factors that most insurance companies consider when pricing up your insurance coverage:

• Location
• Type of property
• Volume (sales, payroll, square feet)
• The proportion of alcohol sales
• Activities (entertainment, ID checkers, mechanical bulls, delivery, off-premises catering)
• Loss history
• Years in business

Conclusion
Restaurants usually obtain multiple policies from multiple insurance firms to cover the four basic insurance coverages outlined above. Although you may prefer the convenience of single insurance and bill, this is frequently unavailable, more expensive, or provides inadequate coverage.

At Desmond Insurance, we do our best to make sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (859) 491-5100 or Click Here to request a free quote. Any coverage discussed is not guaranteed. Please contact us today to go over your policy to ensure your needs are met! We are here and happy to help.