Murfreesboro, TN, is one of the fastest-growing cities in the country. As the population increases, so too does the need for shopping, dining, and entertainment venues. This makes this city a great place to own a restaurant. Of course, no business is without its risks. Restaurant insurance can help your dining establishment remain profitable, even in the face of disasters and mishaps.
When you are looking for the best coverage for your Murfreesboro 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 Murfreesboro Restaurant?
Like all businesses, those operating in the food services industry face a number of risks. What if a kitchen fire destroys part of your building? What if a prep cook suffers a serious injury while cutting up vegetables? What if the power goes out for an extended time and thousands of dollars worth of food is spoiled?
A well-built restaurant insurance policy can protect your business against these and many other potential hazards. A local independent insurance agent can review the operations of your particular business to ensure that you are not left with any unintentional coverage gaps. Talk to an insurance agent near you to get started.
What Kinds of Liability Coverage Can Restaurant Insurance Provide?
Liability insurance is an important part of every business insurance policy. It is designed to cover court costs, legal defense fees, and damages if your business is at fault for injuries or damage suffered by others.
As the owner of a restaurant in Murfreesboro, 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. Some of the liability insurance products your insurance agent may recommend including in your restaurant insurance policy package are:
- Premises liability insurance: This is designed to cover injuries and property damage suffered by customers, visitors, and guests while on your business property.
- Product liability insurance: This is designed to cover injuries or illness caused by a product your company produces. Therefore, if the food you are serving is contaminated with listeria, for example, this insurance will cover medical bills and other financial damages brought upon your restaurant if it is sued.
- Liquor liability insurance: This is necessary only if your restaurant serves or sells alcoholic beverages. It can protect you if an intoxicated patron causes injuries or property damage to another and your restaurant is named in a liability lawsuit.
- Garagekeepers liablity insurance: This is necessary only if your restaurant offers valet parking. It covers damage to your customers’ vehicles while they are in your restaurant’s custody, care, or control.
Talk to a local insurance agent to learn more about these and other liability insurance products that may be right for your Murfreesboro restaurant.
What Kinds of Property Coverage Does Restaurant Insurance Provide?
You have likely invested a lot in the property and inventory owned by your business. It is important to ensure that it is properly covered. Your local insurance agent will likely discuss including the following in your restaurant insurance policy package:
- Commercial property insurance: This is a standard part of every restaurant insurance policy. It can cover property like tables and chairs, cookware, computer systems, outdoor signs, and decorative items.
- Boiler & machinery insurance: This can cover the costs associated with the breakdown of important business equipment such as refrigeration units, stoves, and dishwashers.
- 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 Murfreesboro can help you review your restaurant’s property coverage needs to ensure that you will be able to repair, rebuild, or replace lost property following a covered event.
What Other Coverage Should Restaurant Owners in Murfreesboro Consider?
There are additional insurance products you may want to include in your restaurant insurance policy package. These include, but are not limited to:
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 time due to damage caused by a covered event such as a fire or a tornado.
The risk of tornadoes in Murfreesboro is 74 percent higher than the national average. Take, for example, the F4 twister than touched down 2.1 miles from the Murfreesboro city center in 1997 and caused about $5 million in damages. Businesses with this insurance were able to continue to pay monthly expenses while they prepared to reopen to the public.
Businesses near West Fork Stones River and Sinking Creek are most at risk for flood damage in Murfreesboro, but 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.
Employee dishonesty insurance
Nobody likes to think that their employees are engaging in illegal or dishonest acts, but it can happen sometimes. For example, your wait-staff may collect credits cards from customers. If they use the numbers of the cards to commit illegal acts, your restaurant can be held liable. Employee dishonesty insurance, also referred to as fidelity bonds, can provide restitution to your customers and protect your businesses.
Talk to your insurance agent to learn more about these coverage options.
Do Restaurant Owners in Murfreesboro Need Workers’ Compensation Insurance?
As a business owner in Tennessee, you are required to remain in compliance with state employment laws. In this state, you must carry workers’ compensation insurance if your restaurant employs 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 Murfreesboro, TN?
The cost of insurance can vary from one restaurant to another. A small diner near Middle Tennessee State University is likely to pay less for insurance than a fine dining establishment near the Stones River Country Club. 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 of coverage you opt to purchase
- The amount of coverage you like to purchase
- 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 this for you so you can save both time and money.
Why Work with an Independent Insurance Agent in Murfreesboro, TN
Independent insurance agents live and work in your community, so they understand the risks faced by businesses in Murfreesboro. They can help you review your restaurant’s various exposures and can make sure you are properly covered against each of them. Best of all, these agents can work with several different insurance companies to ensure that you are not overpaying for your coverage.
Set up a one-on-one consultation with an independent insurance agent near you to start building an ideal restaurant insurance policy package.
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