Business Insurance Austin Texas | MrBusinessInsurance.com
  • Home
  • About Us
    • Contact Us
    • Contact Form
  • Blog
  • Restaurant Insurance
  • Business Insurance
    • Business Insurance Basics >
      • A&E Insurance
    • Business Insurance Costs >
      • Application
  • Certificates
  • FAQ
    • Privacy Policy

Property Insurance for Restaurants

12/30/2019

0 Comments

 
Picture
Every restaurant is unique, and it's not just the food that makes it unique, it's also the atmosphere. Think about some of the most popular restaurants you've frequented. Property is one of the most overlooked coverages when it comes to Restaurant Insurance. This is because sometimes it's the ambiance that can add value to the restaurant experience. Here's a breakdown of Property Insurance for Restaurants:

Tenant Improvements and Betterments also known as your build-out, if you're leasing. If you own the building, this would be Building Insurance. 

Business Person Property: Equipment, furniture, and stock would fall under this coverage. Business Personal Property (Also known as BPP) coverage can provide coverage for fire, theft, smoke, vandalism and other perils. Make sure to review the coverage limits as needed. 

Business Income: Provides income if a restaurant is temporarily out of business due to a covered peril. Maybe it's a fire, smoke, or even vandalism, think about all the costs you have even though you don't have revenues coming in. Rent, loan payments, wages, taxes can all continue to accrue during a closure. There's also Business Income for cloud service interruption now. This coverage helps pay for lost business income if you need to suspend or slow business operations because of an unplanned and unannounced interruption in your cloud service.

Temperature Change and Spoilage: Your refrigeration system suffers a mechanical breakdown which causes all perishable products to spoil. This coverage helps cover the cost to replace the lost stock. Some restaurant policies will have a sub-limit for this type of exposure. If it's listed as a covered peril, make sure you understand the limit and if a deductible applies. For example, I've seen policies that automatically include $5,000. That might not be enough. 

Food Contamination: Provides coverage for lost income if your operations are suspended by a public health authority due to the discovery of food contamination.

Signage: Sign coverage is usually included on a Businessowners Policy (BOP), but is limited to a certain amount. I highly recommend having a discussion with your insurance company or agent about this coverage. 

Fine Art: If you have fine art in your restaurant, you need to make sure it's valued properly on the policy. This could mean providing appraisals. There could be a limit on the policy for this coverage. For example $2,500. This might not be enough. Fine art can get tricky to insure. Make sure you're aware of your limits and deductible. 

This is just a starting point when it comes to Property Insurance for Restaurants. I highly recommend making sure you review the coverage limits for each of these. Also understand what perils are covered and if a deductible applies. If you have questions, please feel free to contact me. I am happy to help. 

Jason Matison
Commercial Insurance Agent
Austin Texas

0 Comments



Leave a Reply.

    Categories

    All
    Bailee Insurance
    Builders Risk Insurance
    Business Insurance
    Business Insurance
    Coinsurance
    Commercial Property
    Cyber Insurance
    Data Breach Insurance
    D&O Insurance
    Employment Practices Liability (EPL)
    First Dollar Defense
    Flood Insurance
    Foreign Insurance Policy
    General Liability
    General Liability Vs Professional Liability
    Hired & Non-Owned Auto Liability
    Inland Marine Insurance
    Inland Marine Insurance
    Insurance For Engineers
    Life Insurance
    Liquor Liability
    Medical Payments
    Product Liability
    Professional Liability
    Professional Liability For Architects
    Restaurant Insurance
    Umbrella Insurance
    Workers Comp

    Archives

    November 2022
    September 2022
    August 2022
    July 2022
    June 2022
    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    November 2021
    August 2021
    June 2021
    December 2020
    June 2020
    March 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    July 2019
    June 2019
    May 2019
    April 2019
    February 2019
    January 2019
    October 2018
    July 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    August 2017
    June 2017
    May 2017
    March 2017
    February 2017
    January 2017
    November 2016
    October 2016
    September 2016
    August 2016
    July 2016
    June 2016
    May 2016
    April 2016
    March 2016
    February 2016
    January 2016
    December 2015
    November 2015
    October 2015
    September 2015
    August 2015
    July 2015
    April 2015
    March 2015
    December 2014
    November 2014
    October 2014
    September 2014
    August 2014
    July 2014
    June 2014
    May 2014
    April 2014
    March 2014
    February 2014
    December 2013
    November 2013
    October 2013
    September 2013
    August 2013
    July 2013
    June 2013
    May 2013
    November 2012
    April 2012

NOTICE: This blog and website are made available by the publisher for informational purposes only. It is not to be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher. ​
Photos used under Creative Commons from ccPixs.com, ctj71081, Joe The Goat Farmer, NordicPixels, Alan Cleaver, Seattle Municipal Archives
  • Home
  • About Us
    • Contact Us
    • Contact Form
  • Blog
  • Restaurant Insurance
  • Business Insurance
    • Business Insurance Basics >
      • A&E Insurance
    • Business Insurance Costs >
      • Application
  • Certificates
  • FAQ
    • Privacy Policy