Jackson is the second-largest city in West Tennessee, so it’s easy to find a variety of restaurants that can suit every style and taste in this city. From pizza parlors frequented by students at Union University to romantic bistros near Fairgrounds Park, one thing all of these dining establishments have in common is that they each can benefit from being covered by restaurant insurance.
If you're looking for good restaurant insurance at a competitive price, talk to a local independent insurance agent. These agents can explain your various coverage options and can help you find affordable coverage that suitably protects your business against all of its potential hazards. Contact an insurance agent near to you to start comparing customized quotes.
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.
Of course, even within the restaurant industry, there are many different kinds of establishments, so as a restaurant owner, you can further customize your coverage. That way, you'll only be buying insurance products and options that you need while forgoing those that you don't.
Independent insurance agents in Jackson can offer advice and guidance as you decide which coverage is right for your particular restaurant.
What Kinds of Coverage Can Jackson Restaurant Insurance Provide?
There are a number of insurance products available for you to include in your restaurant insurance policy package. A local independent agent can explain each of them in further detail and can help you identify which policies are right for your particular restaurant. Some of the most commonly purchased coverage includes:
- Commercial general liability insurance (CGL): This liability coverage is a standard part of every business insurance policy. It covers:
- Third-party injuries or property damage that occur on your business property (premises liability insurance)
- Third-party illnesses or injuries caused by the food or beverages you are serving (product liability insurance)
- Other potential hazards such as liability lawsuits related to copyright infringement and reputational damage
- Commercial vehicle liability insurance: If your restaurant offers food delivery, this can cover your liability costs if an employee causes an accident in a company-owned car. If your drivers are using their own vehicles, then non-owner car insurance can be purchased instead. This will cover your restaurant if they are in an accident while on the clock.
- Liquor liability insurance: This is only applicable if your restaurant serves alcoholic beverages. Under Tennessee’s dram shop laws, if your business serves alcohol to a person under the age of 21 or to a person who is visibly intoxicated, it can be held liable for any injuries or damage that person causes while still intoxicated. Liquor liability insurance can provide coverage.
- Garagekeepers liability insurance: This is applicable only if your restaurant offers valet parking services. It covers damage to your customers' vehicles due to negligence on the part of your valet attendants.
- Commercial property insurance: This covers your business property if it is lost or damaged by a covered event like a fire or a windstorm.
- Boiler & machinery insurance: This covers business losses and repair costs if equipment or machinery used by your restaurant malfunctions.
- Spoilage insurance: This covers the cost to replace food that is spoiled due to factors beyond your control, such as an extended power outage following a windstorm.
- 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 like a fire, or like the F4 tornado that touched down 3.9 miles from the Jackson city center in 2008, causing about $100 million in damage.
- 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 while doing their jobs.
Get more information about these and any other insurance products that may be beneficial to your Jackson restaurant by talking with a local independent insurance agent.
A Word about Floods in Jackson
Many business owners in Jackson, TN are in danger of experiencing flood damage. Those with establishments near waterways like the Forked Deer River, Dyer Creek and Sandy Creek are most at risk. However, when heavy rains fall, drainage systems can be overwhelmed and flash flooding can happen just about anywhere.
Unfortunately, commercial property insurance does not cover damage caused by floods. In order to be protected against this hazard, you'll need to supplement your restaurant insurance coverage with a flood insurance policy through the National Flood Insurance Program (NFIP). An independent insurance agent can help you secure this important coverage.
When purchasing commercial flood insurance, business owners are permitted to purchase up to $500,000 of structural coverage (which is necessary only if you own the building in which your restaurant is housed) and up to $500,000 of property damage coverage.
Talk to your insurance agent to learn more.
How Much Does Restaurant Insurance Cost in Jackson?
The cost of restaurant insurance can vary from one business to another. Coverage costs can range from $1,000 for a small diner to more than $10,000 for a large fancy restaurant. Your costs will be determined based on several factors such as:
- The weather risks and crime rate in the ZIP code where your restaurant is located
- The size of your restaurant and its annual revenues
- The number of workers you employ
- How long you have been in business and your restaurant’s claims history
- Whether your restaurant includes a bar
- 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 variety of insurance providers. Independent insurance agents can obtain these quotes on your behalf and can review the coverage offered by each insurer with you. That way, you can be sure you're purchasing a great policy at a competitive price.
Why Work with an Independent Insurance Agent in Jackson, TN?
When you're looking to purchase a restaurant insurance policy, be sure to contact one of the experienced independent insurance agents in Jackson. These agents live and work in your community, so they understand the risks you face as a business owner in this city.
Independent agents work for you, not for a particular insurance company. Because of this, you can be sure you're getting honest advice and trustworthy guidance as you build your restaurant insurance policy package. Set up a one-on-one consultation with an insurance agent near you to get started.
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