From the kitchen to the dining table, the challenges of running a Restaurant are unique. And so are the risks. In the commotion of a busy kitchen and restaurant environment, the potential for something to go wrong is great; from kitchen fires, to food poisoning and everything in between.
When life serves up the unexpected, you need insurance that will address your specialised needs and protect your business, staff and customers. Businesses operating within the Restaurant industry should be appropriately covered for things like Public and Product Liability as well as fire and storm damage, theft and personal injury.
What is Restaurant Insurance?
Restaurant Insurance is specialist business insurance curated to address the risk exposure of businesses operating within this sector.
Restaurant Insurance can help your company survive the unexpected, with minimum losses.
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Our systems do the hard work, quickly matching the insurance that best suits your business.
We do all the hard work analysing insurance policies and their covers to match them against your business risks and needs.
Our expertise insuring thousands of businesses means we know the questions to ask you.
We find the right insurance for your needs and because we operate online we have lower costs to pass more savings on to you.
You can access and update your information at any time of the day and night, when it suits you most.
What Risks are Restaurants Exposed to?
Restaurant owners face a significant amount of risk during their day-to-day operations. These risks are often unpredictable and unavoidable, but can have serious consequences for the business when they do occur. While every restaurant is different, there are several common risks that business owners in this sector should be aware of, for example:
- A severe storm causes damage to the exterior of a fine dining restaurant. Business Insurance may cover the costs of repair.
- A waiter at a busy restaurant spills a drink and forgets to clean it up. As a result, a customer slips on the wet floor and suffers a serious injury. Public Liability insurance may cover the subsequent costs incurred by the restaurant .
- Several customers contract severe food poisoning from raw fish served at a city restaurant, with those affected taking legal action against the company. With appropriate business insurance in place, the restaurant may be covered for legal costs and any resulting compensation payment.
- An electrical device in a restaurant’s kitchen starts a fire, which causes damage to kitchen equipment and other parts of the property. The restaurant has to repair the damages and replace certain pieces of equipment. These costs may be covered by the restaurant’s insurance.
As a small business owner, the continuing success of your business rests upon your ability to manage, mitigate and transfer risks. It is possible to reduce the risk that you are exposed to by evaluating and taking steps to minimise them, however risk cannot be totally eliminated.
It is therefore imperative to back up your prevention strategies with a comprehensive insurance policy that can fully protect your business.
What Are the Key Things That May Be Covered By a Restaurant Insurance Policy?
You need a Restaurant Insurance policy that addresses the specifics of your organisation so that you are adequately protected against physical damage to your equipment as well as being covered against any accidents that may occur when dealing with members of the public.
PSC Direct find the most appropriate cover to suit your needs, in addition to protecting you for all standard insurance covers associated with the running of any business, such as:
- Business Building Insurance: Providing your company with financial protection in the event that your building is damaged or requires structural improvements as a result of flood, fire, earthquake, theft, burglary or storm damage.
- Business Interruption Insurance: Covering you for loss of profits while your business is out of action Business Interruption Insurance is designed to protect your business for loss of income or expenditures sustained as a result of direct loss, damage, or destruction to your insured property.
- Directors and Officers Insurance: Offering liability cover for company managers, protecting them from claims that may arise from the decisions and actions that they take within the scope of their regular duties.
- Machinery Insurance: Machinery Insurance is designed specifically to cover machinery and equipment.
- Public Liability Insurance: Protecting you and your business against the financial risk of being found liable to a third party for death or injury, loss or damage of property or economic loss resulting from your negligence.
Who Needs Restaurant Insurance?
Australian restaurants offer a rich variety of foods and drinks, adopted and adapted as part of our multi-cultural society. What was once new and foreign has been transformed with new ingredients and styles into distinctly Australian food. Whatever your restaurant specialises in, from European cuisine to Asian fusion and everything in between; ensure it is protected with a comprehensive insurance policy.
Insurance is important for SMEs across Australia, particularly those in the restaurant sector, which are exposed to certain risks unique to the industry. PSC Direct specialises in sourcing the right cover for your establishment, whatever your set up.
How PSC Direct Works for You
As specialist small business insurance brokers, PSC Direct uses our considerable experience to provide multiple quotes for you. Combining our expertise insuring thousands of other similar businesses with our detailed database of insurers and insurance products; we’re best placed to advise you on the right insurance for your business.
We have strong relationships with the leading underwriting agencies and insurance companies. We can source the most appropriate business insurance policy for you, covering you for what you really need, at the right price.
We can help sole practitioners, small, medium and large businesses protect the businesses you are growing and ensure your assets are covered in the event that disaster strikes.
With our strong relationships to a broad range of highly-rated insurers we are able to advise you on Business Insurance, Professional Indemnity Insurance, and Public Liability Insurance specifically tailored to meet the risk exposure of your business.
We can also provide advice on a range of additional insurance policies and cover that can affect your business and make sure you have the right insurance at the right price.
- 72% of Australian businesses fail after experiencing a major loss.
The right business insurance will ensure you are not one of them.
While good insurance covers you for most things – Professional Indemnity, Professional Liability and Property, great insurance covers you for the specific risks that your business faces. We understand that every business is unique and you need a policy that addresses the specifics. We make sure that when you have a claim that’s out of the ordinary and complicated, you’re covered.