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How does insurance help restaurant owners?

According to Restaurants Canada, the restaurant industry generates $80-billion in revenue each year, which is four per cent of the country’s economic activity. Restaurant owners are part of this billion-dollar industry. To help them continue to step up to the plate, the right insurance coverage can cover costs resulting from unexpected events. With the guidance of a BrokerLink commercial insurance expert, restaurant owners can find the right insurance for their business – here are some they can consider.

Cooking up success: insurance coverage for food and drink businesses

Commercial general liability insurance

Commercial general liability insurance could help restaurant owners if an event occurred – on their business premises – which result in physical injury or property damage. For example, if a restaurant customer fell in the restaurant, they could sue. If this occurred, commercial general liability insurance could cover the restaurant owner’s legal fees. Additionally, if a customer received food poisoning and sued the restaurant, commercial general liability could also cover legal fees.

Liquor liability insurance

Liquor liability insurance can help if there are claims which arise from a restaurant where alcohol is served for profit. For example, if a restaurant served a customer alcohol when they were visibly intoxicated and the customer got injured, the restaurant could be sued for damages. Liquor liability insurance could help cover legal costs if an event like this occurred. BrokerLink commercial insurance brokers can advise restaurant owners about the amount of liquor liability insurance they need and potential risks to their business.

Spoilage of stock insurance

If there is a power outage, flood or fire, a restaurant owner’s stock of food and drink could be spoiled or lost.  Spoilage of stock and insurance can help in covering costs to restore food stocks.

Equipment breakdown insurance

If equipment in a restaurant suddenly broke down due to an unexpected event, equipment breakdown insurance could cover resulting costs. For example, if a refrigerator stopped working due to a power outage, equipment breakdown insurance could cover the cost to replace the refrigerator.

An insurance appetizer: take BrokerLink’s online assessment

For restaurant owners to get a taste of which insurance coverage may work for their business, they can take BrokerLink’s online business assessment. In five steps, restaurant owners can learn which coverages may work for their business. If a restaurant owner is ready to get the quote process cooking, they can fill out an online form or contact a BrokerLink commercial insurance broker.