Fast Food Insurance
As more and more local fast food establishments begin to grow, the segment has begun to take on a life of its own outside of the major players like McDonalds, Burger King, Wendy’s, etc. The Bureau of Labor predicts that this industry will experience higher than average growth in the food industry over the next few years, which means this trend is showing no signs of slowing. If your restaurant falls under the fast food umbrella, there are certain necessary coverages that will protect your business against losses and claims.
General risk coverage will include assets like your physical location, fixtures and equipment, and all other contents of the restaurant, such as tables, decorations, televisions, and other equipment. The coverage may also include exterior assets, such as any signage that may be displayed on or near the business, as well as landscaping surrounding the location. Owners tend to have two options on this type of coverage, either insure to the replacement value of the property, or insure to the fair market value. If ownership elects to go with fair market value, the costs may be less but deductibles can be through the roof.
Liability insurance will protect the business from claims brought on by others. The coverage itself is broken down into two categories, product liability insurance and premises liability insurance. The product liability insurance would cover claims related to the products you sell. For example, if a patron burns themselves on hot coffee. Premises liability insurance coverage will involve occurrences that take place on the restaurant’s property, whether it is a slip and fall, or a drive-thru accident. Fast food establishments that have hundreds of patrons come through their doors every day should not skimp on liability insurances, as the rate of restaurant-related incidents is highest among fast food restaurants.
If your business needs to close temporarily, whether it is caused by a fire, natural disaster, or other extenuating circumstances, business interruption insurance can help keep your business afloat. This type of insurance includes lost income insurance and food spoilage insurance as well. Since most expenses will continue to accrue whether the restaurant is open or closed, business interruption insurance will be able to provide funds to the restaurant to satisfy debtors.
Contact RPA today to learn how we can help you save money and protect your fast food establishment. Call us at 844-358-2296 to speak with an RPA representative, or fill out a contact form here.