The restaurant industry is fast-paced and constantly changing. There are trends and dietary needs to keep up with, as well as constantly evolving health codes and fluctuating supplier costs. Add in a high staff turnover rate that is common to the food-service industry, and it is easy to see why restaurant ownership can be a stressful endeavor. The last thing you should have to worry about are the many risks that come with the territory. At Myers Insurance Group, we work hard to identify the areas most vulnerable to loss and develop insurance solutions that can reduce your restaurant’s risk exposure.
As a local, independent agency, we know restaurants in the Savoy area well. From local quick-serves to fine dining and coffee shops, we understand the challenges you face as a business. Our office provides insurance options for many different food and beverage service models, including:
- Sub shops
- Sports bars
- Full-service restaurants
- Quick-service restaurants
- And more
Dangers of the Industry
The food industry can be fickle. At any moment, a restaurant can be thrust into news headlines for causing foodborne illness, or a fire could take out a beloved establishment with no warning at all. Worse, someone could be killed in a drunk driving-related accident after your waitstaff over-serves that at-fault driver. The result could be an enormous lawsuit and millions of dollars in liability expenses. These types of losses can be devastating to a local restaurant without the right insurance.
Coverage for Your Savoy Area Restaurant
You may not be able to stop every bad thing from happening, but you can take steps to protect your business against unexpected loss when it occurs. At Myers Insurance Group, we offer extensive restaurant insurance coverage to help you manage your risks. Examples include:
General Liability Insurance
A lot of people come through your doors each day, and any one of them could slip and fall on an unmarked wet floor or get hurt while sitting on a broken chair. When injuries and third-party property damages occur on your premises, general liability insurance can help cover you financial responsibility for the loss.
Workers Compensation Insurance
Illinois employers must purchase worker’s compensation insurance to protect their employees against injuries on the job. This coverage is no-fault protection, meaning it compensates injured or ill workers for lost wages and necessary medical expenses without proof of an employer’s fault. Not only does this provide financial security for the worker, but it can also help protect your business against employee litigation.
Food Contamination Coverage
Imagine finding out that you have been serving food that is contaminated with a dangerous bacteria. From salmonella to listeria, many dangerous microorganisms can taint your food supply and cause patrons to become ill. Food contamination liability insurance can help protect your restaurant when you become liable for foodborne illness.
Restaurants are constantly receiving shipments of fresh foods, many of which must be stored properly to prevent spoilage. If the power goes out during a storm and eliminates your ability to keep foods stored at proper temperatures, you might have to toss out the food you paid for but never had the chance to sell. Food spoilage insurance can help cover your loss when food spoils due to a covered reason.
If your restaurant serves beer, wine, or spirits, you understand there are strict laws related to the serving of alcohol. Even with the most stringent training and safety protocols, however, a business can find itself amid litigation when a customer is allowed to consume too much alcohol. Over-intoxication can lead to inexcusable behaviors and bad judgment that could lead to third-party injury or property damage loss. Liquor liability insurance can help protect your business against these types of scenarios.
Commercial Umbrella Insurance
When the cost of litigation and judgments exceed the values of your liability protection, commercial umbrella insurance can fill in the gaps up to the limitations of your coverage. Umbrella policies are supplemental and typically provide millions of dollars in additional liability protection. That could mean the difference between keeping your doors open after a major lawsuit or going bankrupt.
It costs a lot to start up a new restaurant. There are tables, chairs, booths, point-of-sale systems, kitchen equipment, décor, plates, cups, and more to purchase, not to mention the cost of the building and signage. Property insurance helps cover your investment in all of these things and provides compensation for their repair or replacement if they are damaged or destroyed due to a covered event.
Equipment Breakdown Coverage
If your refrigerator or grill goes down, your business may be forced to temporarily close. Equipment breakdown coverage is designed to get your business up and running as quickly as possible by covering the cost of repairing or replacing broken equipment after a covered event, such as electrical surge or mechanical failure.
Commercial Vehicle Insurance
If you cater or offer delivery services, chances are your business owns at least one commercial vehicle. At Myers Insurance Group, we can help you analyze the type of commercial vehicle coverage you may need to protect the vehicles your business owns and also safeguard your restaurant against accident-related liabilities.
Request a Savoy Restaurant Insurance Quote Today
If you own a restaurant in the greater Savoy area, you do not have to go far to find the coverage you need. Contact Myers Insurance Group for a personalized business insurance consultation and to request a quote today.