Calgary Restaurant Insurance
Whether you own a fast-dining restaurant chain with dozens of locations or just one friendly little neighbourhood pub, it's critically important to have the right Calgary restaurant insurance coverage to protect you and your business from devastating financial setbacks caused by unexpected expenses. The hospitality business is an indispensable part of our modern lives, but providing hospitality, such as food and drink services, exposes restaurant owners and employees to some serious liability and damage risks. Don't let those risks threaten the success of your business when you can get the Calgary restaurant insurance you need from the reliable brokers at Krywolt Insurance.
Why is Calgary Restaurant Insurance Necessary?
Food and alcohol can affect people in surprising ways, which is why there are so many regulations in place to avoid problems, such as food poisoning—but regardless of how carefully you follow each and every rule, food can be unpredictable, and the potential for it to cause injury still exists. Because food is perishable—and expensive—and restaurants must purchase it in large quantities, there's also the potential to lose a considerable amount of money if just one week's order is damaged or contaminated and can't be used.
These are just a few isolated examples of the types of risk exposures business owners have to worry about. But there's no need to worry if you have the necessary comprehensive Calgary restaurant insurance in place to prevent you from suffering financial losses. Restaurant insurance is a type of commercial insurance that can offer insurance compensation to cover the costs of dealing with anything from a fire at your restaurant to a lawsuit against you for causing bodily injury and beyond. Call the expert brokers at Krywolt Insurance to find out more about Calgary restaurant insurance and get started on a quote so you can rest assured you have the financial protection your business needs to thrive.
Who Needs to Have Restaurant Insurance?
Anyone working in the food service industry needs the right Calgary restaurant insurance policy that is designed to address the particular risks and perils they are most likely to encounter based on factors like the business type, where it is and much more. That includes businesses and professionals such as:
- Restaurants
- Cafés
- Diners
- Fast food chains
- Fine dining establishments
- Takeout establishments
- Cafeterias
- Delis
- Pubs and bars
- Clubs
- Bakeries
- Coffee shops
- Caterers
- Personal chefs
- Food trucks
What is Covered by Calgary Restaurant Insurance?
Each restaurant insurance policy is unique because they need to be able to address the specific insurance needs of the individual policyholder. There are some types of standard coverage, such as commercial general liability and business property insurance, that apply to pretty much every commercial insurance package, but there are also a number of business insurance coverages that are highly recommended as additions to a comprehensive Calgary restaurant insurance policy. From food poisoning to equipment breakdown, here are some of the types of coverage that are well worth considering when it comes to insurance for restaurants.
Commercial General Liability (CGL)
Every type of business needs a commercial general liability insurance policy, and of course, restaurants are no exception. This key component of Calgary restaurant insurance packages offers financial assistance to deal with the cost of litigation should you or one of your employees be accused of causing third-party bodily injury or third-party property damage. That includes mediation costs, legal defence fees, medical expenses, the replacement for damaged property, settlement costs and more, up to your CGL policy limit.
For example, one of your servers trips while carrying a tray of drinks, and they spill all over a customer's expensive designer outfit. She sues the restaurant to recover the cost of replacing the outfit, which runs into tens of thousands of dollars. Or, a customer walks in and trips over a vacuum cleaner that was left sitting in the entranceway, seriously injuring his knee and ankle. He brings you to court for not only the cost of his medical bills but also additional compensation for loss of income while he's recovering and can't work. Because you have a $2 million coverage limit for your commercial general liability insurance, you don't have to pay out of pocket for the resulting expenses.
Commercial Property Insurance
As a restaurant owner, you don't have the luxury of working from home or heading to a coffee shop with your laptop—you need a physical location to work out of, and that means you also need business property insurance. We all know there's plenty that can happen to a building that is outside our control, from fires and natural disasters to theft and vandalism. If the building is seriously damaged, you and your staff can't work until it has been restored to a safe, clean condition, but you likely don't have the extra funds just lying around to deal with major issues like fire restoration without putting a severe strain on your budget, especially considering that you have to remain closed while the restoration is underway. Commercial property insurance compensation gives you the financial space to deal with damage caused by an insured peril so you can get the problem taken care of as quickly as possible and get back to business as usual.
Equipment Breakdown Insurance
If a fire sweeps through your kitchen and destroys all your kitchen equipment, the cost of replacement would be covered by your commercial property insurance. But suppose your sous chef leaves the door to your walk-in freezer open all day, and the chiller motor burns out, or your brand-new grill top just stops working for no obvious reason right before the dinner rush. In that case, you need equipment breakdown coverage on your Calgary restaurant insurance policy to get the necessary financial assistance for a replacement. Equipment breakdown insurance applies to the cost of repairing or replacing equipment that has been damaged by a power surge, mechanical failure or electronic failure, and in some cases, it applies to situations caused by operator error or faulty installation. It's not just for kitchen equipment, either—after all, if your air conditioner grinds to a halt on the hottest day of summer, you won't be able to run the restaurant until it's fixed.
Food Spoilage Endorsement
Speaking of mechanical problems, if your refrigeration system isn't working, that means everything inside is quickly going to heat up and become contaminated. That could mean throwing away thousands and thousands of dollars worth of spoiled food, which is a financial setback in itself that can cause serious harm to a restaurant's bottom line. Avoid the pain of paying out of pocket to replace food that is spoiled by a power outage or for other reasons and can no longer be safely used by including a food spoilage endorsement on your Calgary restaurant insurance policy.
Host Liquor Liability Insurance
If your restaurant serves alcohol, host liquor liability coverage is strongly recommended. Essentially, it provides coverage for litigation-related expenses when there's an injurious or damaging incident that stems from the overuse of alcohol. For example, if your bartender accidentally over-serves a customer and they end up getting into an altercation with another restaurant patron who suffers an injury as a result, the injured customer could choose to sue your restaurant for over-serving the person who assaulted them. In a scenario like that, host liquor liability insurance will cover legal fees, settlement costs and other related expenses up to the limit on your Calgary restaurant insurance policy.
Additional Calgary Restaurant Insurance Coverage
- Product Liability Insurance
- Commercial Auto Coverage
- Business Interruption Insurance
- Crime Insurance
- Cyber Liability Insurance
- Mobile Property Insurance
Is It a Legal Requirement to Have Insurance for Restaurants?
It's not legally mandatory to have business insurance in Canada, except for commercial auto insurance, so you are not required to have Calgary restaurant insurance—but that doesn't mean you don't need it. No matter how careful you are to follow every best practice and check every box, there's always the potential for mistakes, mishaps, accidents and incidents that are completely out of your control. You've worked hard to start a restaurant and build on your business success; why squander it? With Calgary restaurant insurance from Krywolt Insurance, you can rest easy at night knowing you are protected against financial hardship related to an insured peril.
Who Can I Call for a Calgary Restaurant Insurance Quote?
If you're ready to get started on a quote for Calgary restaurant insurance or you have a few questions about your insurance coverage needs, speak to the reliable insurance experts at Krywolt Insurance today by calling 403-879-8660. We look forward to the opportunity to help you get the comprehensive coverage you need, so you can have the peace of mind that comes with knowing you're protected against financial loss.
