No matter what your favorite food is, you can find it at one of the many restaurants located in the city of Kingston, TN. The wide variety of eating establishments in this city is one of the features than makes it a great place to live. From franchises for large popular chains to small family-run diners, one thing they all have in common is that they can each benefit from the protection offered by restaurant insurance.
If you're shopping for 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 help you be certain 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're only buying insurance that's applicable to your particular restaurant while forgoing policies that are not.
Independent insurance agents can offer advice and guidance as you decide which coverage options you do and don't need.
What Kinds of Coverage Can Kingsport 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's right for your Kingsport 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 spinal injury.
- Product liability insurance: This covers third-party illnesses or injuries caused by the food or beverage you're serving. Example: A few diners in your restaurant suffer from food poisoning that can be traced back to a food product used by your restaurant.
- Liquor liability insurance: This is applicable only if your restaurant serves or sells alcoholic beverages. It's designed to cover against your liability risks if one of your workers serves alcohol to a visibly intoxicated or underage customer. 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 a 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're in your business's custody, care, or control. Example: One of your customers has their car stolen while your valet attendant isn't paying attention.
- Commercial property insurance: This is designed to cover your business property if it's lost or damaged by a covered event. Example: A fire breaks out in your kitchen and spreads to the dining area. There's 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 temporally while it's repaired.
- Spoiled food insurance: This covers the cost to replace food that's spoiled due to factors beyond your controls. 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 disaster, such as if a kitchen fire gets out of control and your building is significantly damaged by smoke, flames, and firefighting efforts.
- 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 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 harvesting credit card information from customers while ringing up checks.
What about Floods in Kingsport, TN?
One thing that restaurant owners in Kingsport 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 Kingsport, especially those that are located near waterways like the South Fork Holston River, Reedy Creek, and Gravelly Branch.
Of course, when heavy rains fall, drainage systems can become overwhelmed and flash flooding can happen just about anywhere in this city. That's why it's a good idea to supplement your restaurant insurance with a flood insurance policy through the National Flood Insurance Program (NFIP).
When purchasing commercial flood insurance, businesses owners can obtain 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 provide more information and help you secure an affordable flood insurance policy for your business.
How Much Does Restaurant Insurance Cost in Kingsport?
The cost of restaurant insurance can vary from one business to another. Coverage costs can range from $1,000 to more than $10,000 and depend on several factors such as:
- The size of your restaurant
- The number of employees you have
- Your restaurant’s total annual receipts
- Whether your restaurant includes a bar
- The crime rate and weather risks in the ZIP code where your restaurant is located
- Your company’s claims history
- The amount of insurance coverage you are purchasing
- The number and types of 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 competing 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're getting all the coverage you need at a highly competitive price.
Why Work with an Independent Insurance Agent in Kingsport, TN?
When you're in the market to purchase a restaurant insurance policy, be sure to contact one of the independent insurance agents in Kingsport. These agents live and work in your community, so they understand the risks you face as a business owner in this city.
Also, because these agents work for you, not for a particular insurance company, you can be sure you're getting trustworthy advice and guidance from an experienced insurance professional 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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