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Restaurant Insurance - How to Protect Your Investment

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June 14, 2022

Grabbing a bite to eat can come in all shapes and sizes – from getting a hot dog from a food truck to having the meal-of-a-lifetime at a Michelin starred restaurant. Eating out is second nature to many Canadians because it is so accessible to do so and we have so many great restaurants.

We know that providing good food and good service is more than just your job; it’s your passion. Given the events of the last year, we also know that you truly understand the impact of the unexpected. Restaurants of all varieties were forced to pivot their operations, catering their menus for takeout only. At Summit Commercial Solutions, we're here to help.  

Many restaurant owners are wondering how much is restaurant insurance per month?

The answer to this question can be difficult to determine as there are a few factors that affect how much you will pay for your restaurant insurance. The first factor is the type of restaurant you own. Are you a fast food restaurant, a sit-down restaurant, or a bar? The second factor is the location of your restaurant. If your restaurant is located in a high-crime area, you will likely pay more for your insurance than a restaurant located in a low-crime area. The third factor is the value of your equipment and inventory. If you have expensive equipment or a lot of inventory, you will pay more for your insurance than a restaurant with less expensive equipment or less inventory.

Now that you know how much is restaurant insurance per month, you may be wondering how to get the best deal on your restaurant insurance. The best way to get a great deal on your restaurant insurance is to shop around and compare quotes from different insurers. When you compare quotes, be sure to compare apples to apples and make sure that the coverage you are getting is the same from each insurer. At Summit Commercial Solutions, we understand how important it is for restaurant owners to protect their businesses. We offer a variety of restaurant insurance options at competitive rates. To learn more about our restaurant insurance options or to get a quote, contact us today.

What insurance coverages are important to restaurants?

There are a few key insurance coverages that are important to restaurants. The first is property insurance. This type of insurance will protect your restaurant in the event that your property is damaged or destroyed. The second is liability insurance. This type of insurance will protect your restaurant in the event that someone is injured on your property or if you are sued for damages. The third is business interruption insurance. This type of insurance will protect your restaurant in the event that your business is forced to close due to a covered event, such as a fire or flood.

When you are shopping for restaurant insurance, be sure to ask about these key coverages.

How can I save money on my restaurant insurance?

There are a few ways you can save money on your restaurant insurance. The first is to bundle your insurance policies. If you have multiple businesses, you may be able to get a discount by bundling your restaurant insurance with your other business insurance policies. The second is to shop around and compare quotes from different insurers. When you compare quotes, be sure to compare apples to apples and make sure that the coverage you are getting is the same from each insurer. The third is to raise your deductibles. By raising your deductibles, you will lower your premium, but you will also be responsible for paying more out of pocket if you have a claim.

When you are looking for restaurant insurance, it is important to find a policy that meets your specific needs. There are a few key coverages that are important to restaurants, and you should make sure that your policy includes these coverages. At Summit Commercial Solutions, we can help you find the right coverage for your restaurant at a competitive rate. Contact us today to learn more.

What are some common claims examples for restaurants?  

There are a few common claims examples for restaurants. The first is property damage. This could include damage to your restaurant from a fire, flood, or other covered event. The second is liability claims. This could include someone slipping and falling in your restaurant or if you are sued for damages. The third is business interruption claims. This could include your restaurant being forced to close due to a covered event, such as a fire or flood.

If you are ever faced with a claim, it is important to contact your insurance broker right away. They will be able to help you through the claims process and make sure that you are able to get your restaurant back up and running as quickly as possible.

There are a few steps restaurant owners can take to mitigate risks. The first is to have the right insurance coverage in place. This will help protect your restaurant in the event of a covered event. The second is to have a solid business continuity plan. This will help you keep your restaurant up and running in the event of an unexpected event. The third is to practice good risk management. This includes things like keeping your restaurant clean and well-maintained, having clear safety protocols in place, and being proactive about potential risks.

By taking these steps, you can help reduce the chances of a claim and make sure that your restaurant is protected in the event of an unexpected event.

At Summit Commercial Solutions, we can help you find the right coverage for your restaurant at a competitive rate. Contact us today to learn more.


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