Restaurant and shop businesses can be a hive of activity, but exactly what sort of cover should you think? The right cover can help to keep your business afloat if things go wrong. There are 8 main options for restaurant and shop businesses.
Regardless of the size of your restaurant or takeaway shop, there are many insurance policies that may help look after your money flow if something goes wrong. There may be a compulsory– like public liability, often required by property-owners – but there are also ‘good to have’ types of insurance for those wanting safety as their food or shop business grows.
General liability: This is an important ‘umbrella’ policy that covers you if anyone is harmed or otherwise injured in your restaurant or shop.
Theft: There are 3 most important types of theft insurance.
(A) Theft – covers the loss of your things and stock from theft, attempted theft, armed hold-up or a real or threatened assault.
(B) Money – covers the loss of or damage to your restaurant or shops’ funds from a wide variety of sources, including theft, armed hold-up and fire, either on your premises or in transit.
(C) Employee dishonesty – covers the theft of your property or money by any one of your employees either acting alone or in agreement with others.
Product liability: Insurance to secure against claims made by customers who used your products – one of the most essential policies you can get for your clients.
Workers compensation: This insurance is compulsory throughout Australia and protects you if your staff is injured while at a restaurant or shop.
Property contents: Fire, storms and other disasters are all very regular and can put you out of a restaurant or shop in mere minutes. This policy secures the financial cost of loss of property from such events.
Equipment breakdown: Without functioning tools, your restaurant or takeaway store can’t trade and your restaurant or shop will endure. This type of insurance secures the financial cost of repairing or replacing fixed tools that have broken down, such as a fridge or cool room compressor.
Corrosion of stock: Going together with tools breakdown insurance, this type of insurance secures you against food spoilage that may occur as a result of equipment breakdown.
Business interruption: Incidents beyond your control may shut down your organization. This insurance policy saves operating costs, such as your lease and franchise fees, and may also cover food spoilage.
You may also wish to take insurance into note for other important contingencies, such as liquor liability, goods in transit covers, glass breakage, vehicle insurance (if you operate one for work) or building cover (if you own your premises) has a variety of business insurance covers that can help look after your restaurant or shop and get you back on your feet should things go wrong.
You can contact SelectInsure for any kind of your needs regarding the restaurant and shop insurance. You can get the insurance quotes by the healthy discussion about your needs in terms of a restaurant or shop insurance with experts.