Clarksville, TN is home to more than 130,000 people and has a wide variety of restaurants to suit all styles and tastes. From cheap corner diners frequented by students at Austin Peay State University to fine dining establishments that have witnessed many a marriage proposal, one thing these establishments have in common is that they can all benefit from restaurant insurance.
When you are in the market to buy restaurant insurance, you may find it helpful to have the assistance of a local independent insurance agent. These agents can explain your various coverage options and can give you trustworthy advice so you can be sure that your restaurant is suitably protected against all of its potential hazards. Contact an insurance agent near to you to learn more.
What Is Restaurant Insurance?
Restaurant insurance is a type of business insurance policy package that is customized to meet the specific coverage needs of restaurant owners. You can fully customize your coverage so that you are only buying insurance that is applicable to your restaurant while forgoing policies that are not.
Independent insurance agents can offer advice and guidance as you decide which coverage you do and don't need.
What Kinds of Coverage Can Clarksville Restaurant Insurance Provide?
The following insurance products are available for you to include in your restaurant insurance policy package. An independent insurance agent can explain each in further detail and can identify the coverage that is right for your particular restaurant:
- Premises liability insurance: This covers third-party injuries or property damage that occur on your business property. Example: A customer slips on a wet floor and suffers a serious back injury.
- Product liability insurance: This covers third-party illnesses or injuries caused by the food or beverages you are serving. Exampl: A diner in your restaurant gets hepatitis A that can be traced back to one of your cooks.
- Liquor liability insurance: This is applicable only if your restaurant serves or sells alcoholic beverages. It is designed to cover against your liability risks. Example: A diner in your restaurant drinks too much wine and is in a car accident on the way home. Your restaurant is named in the subsequent liability lawsuit.
- Garagekeepers liablity insurance: This is applicable only if your restaurant offers valet parking services. It covers damage to your customers' cars while they are in your business's custody, care, or control. Example: One of your valet drivers dings a car door while parking.
- Commercial property insurance: This is designed to cover your business property if it is lost or damaged due to a covered event. Example: A fire breaks out in your kitchen and spreads to the dining area. There is significant damage to kitchen equipment, flooring, wall décor, and several tables and chairs.
- Boiler & machinery insurance: This covers business losses caused if equipment used by your restaurant malfunctions. Example: The air conditioner conks out in the middle of the summer and you need to close temporarily while it is repaired.
- Spoilage insurance: This covers the cost to replace food that is spoiled due to factors beyond your control. Example: A severe storm leads to an extended power outage. You have no choice but to throw out all the food in your restaurant’s refrigerators.
- Business interruption insurance: This provides a continuation of income if your business is forced to close down for an extended period while repairs are made following a covered event. Example: A tornado (like the one that struck the area in January 1999, causing $73 million in damage) significantly damages your restaurant and it's several weeks before you can reopen.
- Workers’ compensation insurance: This is required by Tennessee state law if your restaurant employs at least five workers. It can cover the cost of medical treatment and lost wages if your workers are injured on the job.
- Fidelity bonds: Also referred to as employee dishonestly insurance, this can cover losses related to dishonest or illegal acts performed by your workers. Example: An employee is caught adding significantly to the tip amounts left by customers and charging it to their credit cards.
Learn more about these and other insurance products that may be appropriate for your Clarksville restaurant by talking to a local independent insurance agent.
What about Floods in Clarksville, TN?
One thing that restaurant owners in Clarksville need to be aware of is that flood damage is not covered by commercial property insurance. This is a very real risk for many businesses in Clarksville, especially those that are located near the Cumberland River and the Red River.
Of course, when heavy rains fall, flash flooding can happen just about anywhere. That is why it's a good idea to supplement your restaurant insurance with a flood insurance policy through the National Flood Insurance Program (NFIP). Businesses are permitted to purchase up to $500,000 in structural coverage (which is necessary only if you own the building in which your restaurant is housed) and $500,000 in property damage coverage.
A local independent insurance agent can help you secure a commercial flood insurance policy.
How Much Does Restaurant Insurance Cost in Clarksville?
The cost of restaurant insurance can vary from one business to another. Coverage costs can range from $1,000 to more than $10,000. Your costs will be determined based on several factors such as:
- The size of your restaurant
- The number of employees you have
- Your annual receipt totals
- Whether your restaurant includes a bar
- Your company’s claims history
- The amount of insurance coverage you are purchasing
- The coverage options you wish to include in your policy package
The only way to know how much a policy will cost you is to request customized quotes from a few insurance providers. Independent insurance agents can obtain these quotes on your behalf and can review the coverage offered with you. That way, you can be sure you are getting all the coverage you need at a highly competitive price.
Why Work with an Independent Insurance Agent in Clarksville, TN?
When you are ready to purchase a restaurant insurance policy, be sure to contact one of the independent insurance agents in Clarksville. These agents live and work in your community, so they understand the risks you face as a business owner in this city.
Also, these agents work for you, not for a particular insurance company. Because of this, you can be sure you are getting trustworthy advice and guidance as you build your policy package. Find an insurance agent near you to learn more about your options when it comes to restaurant insurance.
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