Restaurant Insurance.
Your restaurant is your biggest investment, protect it from property damage, equipment breakdown, client injuries and liquor liability claims with a tailored policy from Summit.
What is Restaurant Insurance?
As a restaurant owner, you know the joy and fulfillment that comes from bringing people together over a delicious meal. But the restaurant industry is full of risks and challenges – from illness to accidents and liability issues. That's why restaurant insurance is so important. It's a crucial tool in protecting your investments and the livelihoods of those who depend on you. With restaurant insurance, you can have peace of mind knowing that we're covered in the event of a covered loss.
By investing in restaurant insurance, you're investing in the safety and security of our operations and the communities we serve. So don't wait – protect what matters most with restaurant insurance today.
No matter what type of coverage is selected, it is important for restaurants to choose an insurance plan that best fits their needs. A good policy will provide adequate protection without creating financial strain on the business.
Why choose Summit?
We help Canadian Business Owners craft the perfect insurance policy for their business.
Our team takes pride in our relentless responsiveness. When you need us, we're here.
We compare rates and coverages across leading insurance companies to ensure you get the best value on your premium.
We craft the perfect insurance policy for your business so you can rest easy knowing you're covered.
Your dedicated account manager is there for you as your business grows ensuring your insurance policy grows with you
Restaurant Insurance FAQs
Business Insurance can be complicated. We're here to help.
As a restaurant owner, you are responsible for ensuring that your business is protected against a variety of risks. Restaurant insurance is a type of insurance that is specifically designed to meet the needs of restaurants and other food and beverage businesses.
Restaurant insurance is designed to meet the unique needs of restaurants and other food and beverage businesses. Any business that serves food and drinks to customers, whether it's a sit-down restaurant, a fast food chain, a café, or a catering company, may benefit from restaurant insurance.
There are a variety of risks that restaurants face, including property damage, liability risks, and business interruption. Restaurant insurance can help protect against these risks and provide the financial resources to recover from a covered event.
Even if you take steps to maintain a safe and clean environment for your customers, accidents can happen.
Equipment breakdown insurance is an important coverage for restaurant owners to have in place. Restaurant equipment is a major financial investment, and any unexpected repairs or replacements can take a serious toll on the budget. Equipment Breakdown Insurance helps protect against the cost of repairing or replacing covered property due to mechanical or electrical breakdowns.
This type of insurance covers both direct physical loss or damage to covered property and the resulting business interruption losses that can occur. It also provides coverage for related expenses, such as debris removal and repairs to any other property damaged by the breakdown. Having Equipment Breakdown Insurance in place can help restaurant owners avoid a financial burden if their equipment ever fails due to an unexpected mechanical or electrical failure.
Additionally, it can provide peace of mind knowing that their business is protected in the event of an equipment-related disruption.
There are several steps that restaurants can take to mitigate their risks:
Obtain appropriate insurance coverage: This can protect the restaurant against various types of risks, including property damage, liability, and business interruption.
Implement proper food safety measures: This includes properly storing and handling food, ensuring that all employees are trained in food safety practices, and regularly cleaning and maintaining kitchen equipment.
Develop a risk management plan: This plan should identify potential risks and outline the steps the restaurant will take to mitigate or prevent them. Work in conjunction with your insurance broker to develop a tailored risk management plan that is custom to your business.
Train employees on emergency procedures: Employees should be trained on how to handle emergencies, such as fires or power outages, to ensure that they are prepared to respond effectively in the event of an emergency.
Regularly inspect and maintain equipment: Regular inspections and maintenance of kitchen equipment can help prevent accidents and injuries, as well as reduce the risk of equipment failure.
Follow all relevant laws and regulations: Restaurants should ensure that they are complying with all relevant laws and regulations, including those related to food safety, employment, and safety.
Have a contingency plan in place: A contingency plan can help a restaurant quickly respond to unexpected events, such as a natural disaster or a sudden increase in demand.
Monitor and manage cash flow: Proper cash management can help a restaurant weather economic downturns and other challenges.
If you want to work with a commercial insurance brokerage that puts people first and values transparency, sustainability, ownership, and impact, then Summit is the right choice for your business insurance needs.
At Summit, we craft innovative insurance solutions that are custom tailored to your business, giving you the confidence you need to succeed. Our team is dedicated to building trust and creating value through open and honest communication. We are in it for the long haul and strive to make a positive impact in everything we do.
So if you want a business insurance partner that shares your values and is committed to helping you succeed, consider working with Summit.
As a restaurant owner, it's important to have comprehensive insurance coverage to protect your business against potential risks and losses. Here are some specific coverage options that may be important for a restaurant to consider:
Commercial Property Insurance: This covers damage to the restaurant's physical property, such as the building, equipment, and inventory. It can also cover losses due to theft or vandalism.
Commercial General Liability Insurance: This covers claims made against the restaurant for accidents or injuries that occur on the restaurant's property or as a result of its operations. This can include medical expenses, legal fees, and other damages incurred as a result of the accident.
Business Interruption Insurance: This covers lost income and extra expenses incurred if the restaurant is forced to close due to an insured event, such as a natural disaster or vandalism.
Liquor Liability Insurance: This covers claims made against the restaurant for injuries or damages caused by a patron who was
Equipment Breakdown Insurance: Equipment Breakdown Insurance covers the costs to repair or replace professional equipment (e.g., a commercial kitchen appliance) that is broken or damaged due to an internal event, such as a mechanical or electrical issue. This coverage doesn’t protect your equipment from damage against external sources such as a fire (Commercial Property Insurance is required to cover damage from insured perils like these).
Product Liability Insurance: Product liability coverage protects against claims alleging third-party property damage or bodily injury caused by a product you manufacture, distribute, or sell – including the food you prepare and serve. Damages covered by product liability are usually the result of a design, manufacturing, or marketing defect, such as an incorrect label or a lack of safety warnings. A food poisoning incidence or an allergic reaction due to your food can be covered by Product Liability Insurance.
Cyber Liability Insurance: While the majority of the restaurant experience is in-person, you likely take reservations online or have the option to input a take-out order on your website. Both of these examples require your customers to provide their data online (e.g., their address and financial information). Cyber Insurance covers costs such as legal fees associated with electronic incidents, such as a cyber hack involving your technology systems and data.
Restuarant Insurance should never be sold solely on price. You are protecting your most important asset. Our mission is to find you the perfect coverage but also find the best priced policy with that coverage.
The exact cost for your insurance policy varies according to factors such as:
Years of experience
Business size and location
Annual and projected gross revenue
Number of employees
Previous insurance claims
Restaurant owners face a variety of risks, including:
Liability risks: Restaurants are at risk of being sued if a customer is injured on the property, if there is a foodborne illness outbreak, or if there are any other incidents that could lead to a liability claim.
Property damage: Restaurants can be damaged by natural disasters, fires, or other events that can result in costly repairs.
Food-borne illness: Restaurants are at risk of outbreaks of food-borne illness if food is not prepared or stored properly.
Equipment breakdown: Restaurant equipment can break down or malfunction, resulting in costly repairs or lost business.
Employee injury: Restaurants can be hazardous workplaces, and employees can be injured on the job.
Business interruption: Restaurants can be forced to close temporarily due to a variety of reasons, such as a natural disaster or a pandemic, resulting in lost income.
Some common claims for restaurants include:
Property damage: This could include damage to the restaurant building or equipment caused by a natural disaster, fire, or other covered event. For example, if a restaurant experiences a fire that destroys the kitchen and dining area, the restaurant owner could file a property damage claim with their insurance company to cover the cost of repairs.
Liability claims: These could include claims made by customers who are injured on the property, or who become ill as a result of consuming contaminated food. For example, if a customer slips and falls on a wet floor and sustains injuries, they may file a liability claim against the restaurant.
Food-borne illness: Restaurants may experience outbreaks of food-borne illness if food is not prepared or stored properly. This could lead to claims related to lost business, legal costs, and compensation for affected customers. For example, if a restaurant serves undercooked chicken that causes customers to become ill, they may file a food-borne illness claim against the restaurant.
Equipment breakdown: Restaurant equipment can break down or malfunction, resulting in lost business and the need for costly repairs. For example, if a restaurant's refrigerator breaks down and spoils a large quantity of food, the restaurant owner may file a claim to cover the cost of the lost food and the repair of the refrigerator.
Business interruption: Restaurants may be forced to close temporarily due to a variety of reasons, such as a natural disaster resulting in lost income. For example, if a restaurant is forced to close due to a fire, the owner may file a business interruption claim to cover the lost income.