When you’re setting up a new Florida restaurant business, you’ve got a lot to think about. Perhaps insurance coverage isn’t high on your list, but if you plan to be successful and have lasting stability in your livelihood, you’ll need to understand Florida restaurant insurance coverage options and invest in the right ones for your operation.
Not the Place to Cut Corners
Running a business can be expensive, and it’s only sensible for owners to look for ways to cut costs. There are many ways to decrease expenses when it comes to running your restaurant, but insurance should not be one of them. Because your insurance coverage protects you from much costlier dangers if you should encounter legal issues or other trouble later, it pays to invest in great coverage upfront. You can always adjust your coverage amounts later to trim down your policies, but you can’t add more coverage after a disaster has already struck!
What Does Restaurant Insurance Include?
What will your Florida restaurant insurance policy cover? This will depend largely on what policy or collection of policies you invest in. However, some of the basics you must be sure of include:
- General liability. What would happen if a consumer or bystander was hurt on your property? If you have a good general liability policy, the answer is that their injuries and any associated legal fees would be financially covered by the policy, and very little impact would be felt by your organization. This is important, especially for smaller businesses, since these steep fees can really wipe out your bottom line!
- Property protection. Your restaurant property is the basis of your livelihood. You’ll want to safeguard it against damages of both the natural and the manmade variety with adequate insurance coverage. Keep in mind that most policies have exceptions, so while you may be protected from things like fire or vandalism, you may not be protected from flood damage or tornados. Acquire additional policies if necessary and check with your lender if you have a mortgage on your property. You may be required to carry a specific amount of coverage.
- Employer’s liability and worker’s compensation. In today’s social climate, it is easy for accusations to be made of inappropriate conduct to be made – and difficult for these charges to be defended against. Protecting oneself and one’s business as an employer by investing in employer’s liability insurance is an important part of protecting your livelihood, as is the legal requirement of investing in worker’s compensation. While the latter is a necessity, most restaurant owners agree that they wouldn’t be without the former, either!
Who to Talk to for More Information on Florida Restaurant Insurance
Now that you know what kind of insurance coverage your Florida restaurant needs, where should you get it? Your best bet is to talk to the industry experts at E&L Insurance Services of Miami. We have the experience and expertise to guide you through the process of purchasing the policies you need to cover your company completely. From protecting your employees to your property and everyone that stops by, we’ve got the tools to keep your entire operation safe and secure. Call us today to learn more!