When it comes to owning a small business in Florida, restaurant ownership tends to come with some unusual liabilities and risks. From food poisoning to fires, Florida restaurant businesses can expect anything to go wrong and should be prepared for when they do with the right restaurant insurance coverage.
Here are the top 5 things to consider when purchasing Florida restaurant insurance coverage:
1. Food Poisoning and Spoilage
The risk of food spoilage and contamination is a frequent risk for Florida restaurant businesses. And one mishap such as a power outage can spoil food and lead to food poisoning cases. In fact, the Centers for Disease Control (CDC) receives the most reports related directly to food poisoning. Food contamination/spoilage coverage ensures that your foods will be replaced. Always consult with your Florida insurance agent to make sure you have this coverage as part of your policy and that the limits are applicable to your restaurant’s revenue.
2. On-the-Job Injuries
On-the-job injuries and illnesses can occur even among the best-trained staff. Workers’ compensation insurance is not only a must but is required for Florida employers.
3. Equipment Malfunctions
Restaurant businesses literally have moving parts to running on-time and efficiently each day. Refrigerators, freezers, gas stoves, POS computer systems (point of service) and even air conditioning play an integral role in a successful operation. Equipment breakdown insurance covers the cost of replacing or repairing your equipment which can prove costly. This type of coverage also covers the loss of spoiled foods that might need to be replaced.
4. Signage Coverage
If you’ve ever watched the show Bar Rescue you have no doubt noticed that signage plays an integral role in drawing customers to your restaurant. These signs are not only expensive but can get pretty damaged by weather and even vandalism. Typically, property policies will cover signage but it may not be enough. This is a good time to review your policy limit with your Florida insurance agent to see if your policy coverage is enough.
5. Liquor Increases Liability
Anytime you through liquor into the mix of a business you are going to have increased liabilities. There are many hoops that Florida restaurants owners have to jump through just to obtain or maintain a liquor license. The minute you decide to sell or serve alcohol you are subject to the additional risks that come with overserving which can lead to damages to property not to mention ongoing legal issues as well. Liquor liability insurance policies protect restaurant owners against these very real and additional risks.
These are just 6 examples of restaurant insurance coverage that your business would need should the unthinkable happen and in the restaurant industry you can count on Murphy’s Law: “Anything that can go wrong will go wrong”.
Got questions? Feel free to reach out to Mitchell Insurance for answers.