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    12 Replies Latest reply on Oct 8, 2009 10:05 PM by TheSoloGuide

    Restaurant Insurance ?

    Larios101 Newbie
      Good Morning, Noon or Evening to all-
      I am in the process of starting a restaurant business soon and Insurance shopping is going to be a task that will need more guidance, what type of Insurance should i be looking for My staff of 4 and how should the business be protected?
        • Re: Restaurant Insurance ?
          HealthLifeAGT Wayfarer

          First let me say best of luck in all your endeavors. Secondly i am a license insurance agent ,what state do you reside in?
            • Re: Restaurant Insurance ?
              Larios101 Newbie
              Thank you, well Business is set for state of Virginia and i want to make sure i cover all ends ofcourse while keeping cost effective in insurance wise. What is the general practice for a small Restaurant with 3-4 employees with insurance? Whats your best scenario you can provide me that will help me understand Insurance and cost effectiveness?

              Thank you,
              M.Larios
                • Re: Restaurant Insurance ?
                  HealthLifeAGT Wayfarer
                  First you must determine what type of plan you would like to offer.Are you interested in just offering insurance? Paying for the entire amount for these employees or just contributing.The least expensive direction might be to get 4 seperate plans. Group insurance might be a good option if one or more of your employees can not qualify for individual coverage.It will depend on age,gender,medical conditions,tobacco use,height and weight ect.There are several lost cost methods i can recommend for you to be able to offer a benefit to your employees and still keep some change in your own personal pocket.If you would like me to help you it will be a free consult.I would ask you to reeply to my personal email to preserve the privacy of your orginazation. Just email me with restaurant insurance as the subject matter.
                  Thanks,
                  Lisa
                  Lisashapiro26@aol.com
                • Re: Restaurant Insurance ?
                  Larios101 Newbie
                  Thank you, well Business is set for state of Virginia and i want to make sure i cover all ends ofcourse while keeping cost effective in insurance wise. What is the general practice for a small Restaurant with 3-4 employees with insurance? Whats your best scenario you can provide me that will help me understand Insurance and cost effectiveness?

                  Thank you,
                  M.Larios
                • Re: Restaurant Insurance ?
                  LUCKIEST Guide
                  Restaurant Insurance ??

                  Best of luck in your new business. Do you have a Business Name??
                  You should register the business with the Federal Govt and get a Federal I D Number.
                  Every business should have an Accountant, a Lawyer and an insurance Agent,
                  Who is doing your payroll??

                  Good luck, LUCKIEST
                  • Re: Restaurant Insurance ?
                    Lighthouse24 Ranger

                    You'd be at least considering these types of policies for a typical restaurant:
                    General Liability
                    Property
                    Loss of Business
                    Food Contamination
                    Business Interuption and/or Specific Perils (like earthquakes, floods, power outages, etc.)
                    Liquor Liability (if you have a liquor license)
                    Commercial Auto Liability (if you cater or deliver)
                    Key Person and/or Disability (for you and other key people)
                    Workers Comp
                    Unemployment
                    Life and Health (for you)
                    Health and other benefits for employees.

                    Good luck with your new enterprise!
                    • Re: Restaurant Insurance ?
                      rlucisano Newbie
                      larios,
                      Start with calling your own agent who handles your car and house. They can handle it for you or refer you to a commerical agent. Also you ptobably need to contact the local government agency to see what licenses you need to get. First put a business plan together with expected in flows and out flows of cash
                      • Re: Restaurant Insurance ? go to www.RestaurantInsurance.com
                        bman123 Newbie
                        Go to http://www.RestaurantInsurance.com or 1-800-427-8006. They will handle it. That's what you pay them for.
                        • Re: Restaurant Insurance ?
                          cutcomp Wayfarer
                          The basic types of insurance you will likely need:
                          Workers Compensation insurance to meet the statutory obligations imposed by the state
                          property insurance on the business personal property you will have (furniture, fixtures, improvements) If you own the premises, you will obviously need to insure that also.
                          General Liability to cover your premises and operations exposures
                          If you serve alcohol, you will need liquor liability coverage.
                          You might want an Unbrella liability policy to provide additional liability limits.

                          You would be well advised to talk with an insurance agent who is familiar with insuring restaurants. Also check with trade associations for any recommendations and advice they provide.
                          • Re: Restaurant Insurance ?
                            Tracker

                            Larois101:

                             


                            I owned and operated a restaurant, plus worked in the industry years prior. You received some excellent input as to the types of insurance that you will need to cover your business and options for finding and comparing rates, so I will quickly just focus on what to do about covering your staff.

                             


                            Many restaurants do not offer health insurance to employees - especially if the employees only work part time. It's unfortunate, but it is a way to keep costs down since many restaurants operate on a very narrow profit margin.

                             


                            Offering insurance with a nominal deductable as part of an employee's overall compensation package can be a great way to keep quality people. If you can afford it, that's great.

                             


                            Some local chambers of commerce offer bulk discount rates to their members.

                             


                            The other option that some restaurants offer is to cover flat-fee doctors in their areas for low cost coverage (but sometimes nominal services like covering common colds, etc..). You will have to check for doctors in your area to see what they actually cover for their fees. Here's an article that talks about it if you are unfamiliar with the practice:

                             


                            http://www.insurancejournal.com/news/national/2009/03/06/98454.htm

                             


                            Hope this helps.

                             


                            All the Best,

                             


                            Doug Dolan

                             

                            The Solopreneur's Guide

                             

                            http://thesologuide.com/