So, you're in the process of opening your own restaurant in the Sagebrush State, and you're eager to start satisfying customers. Slow it down for a moment though, because no matter if you'll be serving Chateaubriand and paella or have an all-you-can-eat buffet, you should really get your restaurant set up with the proper coverage, first.
And that's our cue. Our independent insurance agents are here to help get you set up with the protection you need, at a price that works for you. Before we get to that, though, let's start by breaking down Nevada restaurant insurance, to seriously diminish the anxiety factor related to potential restaurant ownership risks. So, if you're feeling lucky, grab a napkin and let's dig in.
In short, restaurant insurance is a policy designed to cover all components involved in your restaurant, from your property and supplies to your employees and customers. Obviously, serving food to the public ties directly into concerns over protecting their health, but restaurant operation comes with many different risks that are important to consider before setting up shop.
Before we dive into specific requirements for the Silver State, we'll start with an overview of the coverage that ALL US restaurant owners need. Typically, a standard restaurant insurance policy will include the following:
The basic restaurant insurance package is undoubtedly a great launching pad, but truth be told, you'll probably end up needing more coverage. Your independent insurance agent will hook you up with any additional coverage necessary, but until then, let's check out some of the most common add-ons:
Nevada is one of only eight states that do not have dram shop laws, which means that if a customer is overserved liquor at your restaurant and causes damage after leaving your establishment, your business cannot be held accountable. That being said, anyone could still file a case against you because of a mishap with an intoxicated patron.
The lack of dram shop laws in Nevada could mean that the case is much more likely to be ruled in your favor, however, there are still fees to pay when someone files against you. Court fees and any expenses for a lawyer are your responsibility. Liquor liability coverage is still important to have, to save you from paying out of pocket for any lawsuits.
The Battleborn State gets visits from people all over the world, but it also gets tons of visits from earthquakes. In fact, Nevada saw a whopping 149 of them over the past month, alone (as of February 2019). Getting coverage for your restaurant could potentially save you a lot of grief.
Though your restaurant insurance policy will most likely cover disasters sparked by earthquakes (such as a pipe bursting in the aftermath) it most likely WON'T cover damage to your restaurant's foundation or merchandise. Restaurant owners in an earthquake-prone zone have extra need to consider adding earthquake protection to their policy.
Talk with your agent about possibly adding more coverage. They'll know exactly how much to set you up with, in order to avoid having to pay out of pocket for these natural disasters down the road.
It depends on what kind of restaurant you run and a few other factors, such as if you've got employees, offer a delivery service, operate a drive-thru or serve liquor. However, a typical range for coverage starts on the low end of about $10,000/year for a smaller establishment with fewer employees, and hits the high end of more than $100,000/year for a much larger restaurant, like a chain.
A restaurant insurance policy is typically the cheapest and easiest way to go. This package offers most of the liability and property coverage you'll need, and you can always add on specifics as necessary. Your independent insurance agent will know exactly what to hook you up with.
Obviously, smaller is going to be cheaper. A food truck or corner stand downtown will be by far the cheapest option, since there won't be as many sales as in a larger chain, there aren't any other employees (that would require workers' comp), and you won't be serving alcohol. Coverage costs would most likely be in the low thousands each year.
On the other end of the spectrum, a large dine-in restaurant chain with tons of employees, features like salad bars and buffets, and a liquor bar are by far the priciest/riskiest venture. All the required workers' comp, property and liability insurance drives up costs exponentially.
It ultimately depends on lots of specifics like the number of employees and the value of the property of course, but we're talking BIG numbers, like more than $100,000 per year.
Insurance policies are often filled with lots of technical jargon. Additionally, it's a real process to hunt for the RIGHT policy. Fortunately, sifting through the available options and pinpointing the necessary coverage is a task that can easily be handed off to someone else. That's where independent insurance agents come in to save the day.
Independent insurance agents will not only help you get the best possible deal, but also the type of coverage that's right for you. They shop and compare insurance quotes for you, and even break down all that complex jargon into plain old English, so you understand exactly what you're getting.
Our wise and helpful agents will help you determine which type of Nevada restaurant insurance makes the most sense for YOU. They'll also compare policies and quotes from several different insurance companies to make sure they're setting you up with protection that's among the best around. In other words, they'll make it happen.