Johnson City, TN is a great place to own a restaurant. From small diners to romantic restaurants, there are nearly 250 eating establishments located in this small city. Restaurant insurance can help these businesses remain profitable, even in the face of disasters and mishaps.
If you're looking for the best coverage for your Johnson City restaurant, look no further than a local independent insurance agent. These agents can work with several different insurance providers to help you build a suitable policy package at a competitive price. Contact an insurance agent near you to learn more.
Why Do You Need Insurance for Your Johnson City Restaurant?
Like any business, those that operate in the food service industry face a number of potential risks. What if a severe storm led to an extended power outage and the food in your freezers and refrigerators was spoiled? What if a customer slipped on a wet floor and suffered a head injury? What if a worker was severely burned in kitchen fire? What if that fire spread to the rest of your business?
A well-built restaurant insurance policy can protect your business against these and many other possible hazards. Let a local independent insurance agent review the operations of your particular business to ensure that you're not left with any unintentional coverage gaps. Contact an agent near you to get started.
What Kinds of Liability Coverage Can Restaurant Insurance Provide?
As the owner of a restaurant in Johnson City, you face a number of liability risks. Having the right coverage in place can save you a great deal of money if you find your business on the wrong end of a liability lawsuit.
Business liability insurance is designed to cover court costs, legal defense fees, and damages if your business can be blamed for injuries or damage suffered by others. Some of the liability insurance products your insurance agent may recommend including in your restaurant insurance policy package include:
- Premises liability insurance: This is designed to cover injuries and property damage suffered by customers, visitors, and guests due to accidents on your business property for which your restaurant can be held accountable.
- Product liability insurance: This is designed to cover injuries or illness caused by a product your company produces. If several visitors to your restaurant suffer from food poisoning, this insurance will cover medical bills and other financial damages brought upon your restaurant if it's sued.
- Liquor liability insurance: This is necessary only if your restaurant serves or sells alcoholic beverages. It can protect your business if one of your employees provides alcoholic beverages to a patron under the age of 21 or to someone who is already visibly intoxicated in the event that person later causes injuries or property damage to others.
- Garagekeepers liability insurance: This is necessary only if your restaurant offers valet parking services. It covers damage to your customers’ vehicles that is caused due to negligence on the part of your parking attendants.
Talk to a local insurance agent to learn more about these and other liability insurance products that may be right for your Johnson City restaurant.
What Kinds of Property Coverage Does Restaurant Insurance Provide?
You have probably invested a lot in the property and inventory owned by your Johnson City restaurant. It is important to ensure that it's properly covered. Your local independent insurance agent can talk to you about these and other insurance products that may be beneficial for your business:
- Commercial property insurance: This is a standard part of every restaurant insurance policy. It can cover business-owned property like tables and chairs, cookware, computer systems, outdoor signs, and restaurant décor.
- Boiler & machinery insurance: This can cover the costs associated with the breakdown of important business equipment such as refrigeration units, stoves, dishwashers, and air conditioning systems.
- Spoilage insurance: This covers the cost of replacing food that has spoiled due to extended power outages and other mishaps that can cause refrigeration units to fail.
An independent insurance agent in Johnson City can help you review your restaurant’s property coverage to ensure that it's sufficient to enable you to repair, rebuild, or replace lost property following a covered event.
What Other Coverage Should Restaurant Owners in Johnson City Consider?
Business interruption insurance
Business interruption insurance can provide your restaurant with a continuation of income in the event that your business must close for an extended period due to damage caused by a covered event such as a fire or a tornado. Fortunately, the risk of tornadoes in Johnson City is very low. However, when it comes to the restaurant business, fires pose a significant hazard.
Businesses located in flood zones near the Watauga River, Knob Creek, and Carroll Creek are most at risk for flood damage. But when heavy rains fall in Johnson City, flood damage can happen just about anywhere. However, this damage is not covered by your commercial property insurance.
You may therefore want to consider adding commercial flood insurance to your policy package. As a business owner, you may purchase up to $500,000 in both structural and property coverage. Johnson City is an NFIP participant with a CRS Class 9 rating. This means that area businesses can receive a 5% reduction in their flood insurance rates.
Do Restaurant Owners in Johnson City Need Workers’ Compensation Insurance?
As a business owner in Tennessee, you are required to be in compliance with state employment laws. In this state, you must carry workers’ compensation insurance if your restaurant employees at least five workers. Family members and part-time employees must be included in the count when you are determining how many employees you have.
Workers’ compensation insurance is designed to cover the treatment of injuries sustained on the job and can also cover lost wages while your employees are recuperating. This insurance can be purchased through a commercial provider, or, with approval, your restaurant may opt to self-insure. A local independent insurance agent can help you be certain you are getting your coverage at the best price.
How Much Does Restaurant Insurance Cost in Johnson City, TN?
The cost of insurance can vary greatly from one restaurant to another. A small pizza parlor near East Tennessee State University is likely to pay less for insurance than a fine dining establishment on Roan Street. For the most part, your coverage costs will depend on factors such as:
- The annual revenue generated by your business
- The number of employees you have
- The types and amounts of coverage you are purchasing
- How long your restaurant has been in business
- Your restaurant’s claims history
The only way to know how much a comprehensive policy package will cost you is to start requesting and comparing customized quotes from a few different insurance companies. Independent insurance agents can do the legwork for you so you can save both time and money.
Why Work with an Independent Insurance Agent in Johnson City, TN?
Independent insurance agents live and work in your community, so they understand the risks faced by businesses in Johnson City. They can help by reviewing your restaurant’s various exposures and ensuring that your business is properly covered against each of them. Best of all, these agents can work with several different insurance companies to ensure that you're not overpaying for your coverage.
Find an independent insurance agent near you to start building a comprehensive, yet affordable, restaurant insurance policy package.
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