Catering and restaurant insurance protects companies and freelance wedding and event caterers, corporate and concession caterers, and banquet staff. It is one of the most popular industries covered in the insurance sector, as caterers need security and protection for catering operations liability, catering business property, and their employees. There are various risks and liabilities that catering insurance can cover in the food and beverage industry. Here is a list of perks and benefits from availing catering policy for your business.
Catering operations coverage
In this line of business, there is constant contact with fire, hot surfaces, heavy lifting, and stacks of wares. General liability insurance covers expenses brought about by fire, claims for bodily injury, and reputational harm. In addition, catering operations involve dynamic movement and transactions between guests, servers, and cooks. Although it is most definitely high-risk, general liability insurance will come in handy to cover liability claims.
Customer intoxication is a common scenario in catering events. A solid liquor liability insurance can protect a catering business from possible legal fees when customers attain injuries from alcohol intoxication.
Catering business property coverage
A big chunk of capital expenditures goes to kitchen equipment and catering equipment in setting up a catering firm. Mobile food and beverage service require state-of-the-art and expensive wares and tools, from specialized induction heaters to freezer vans. As a result, investment costs to run a catering operation are the highest in the food service industry. Commercial property insurance protects these capital expenses from breakdown and wear and tear.
Commercial automobile insurance covers catering vehicles from accidents. The auto insurance protects the company from bodily injury, and property damage expenses brought about by the collision. Catering vehicles include delivery trucks, food trucks, and service vehicles.
Commercial property coverage
Commercial property insurance protects owned or rented buildings from fires and acts of God like flooding, hurricanes, and earthquakes. Apart from the building, some policies extend to building contents such as furniture, fixtures, and equipment. Aside from natural disasters and accidents, commercial property insurance also covers theft and other losses.
Catering team coverage
An essential part of every company is human resources. Food service employees face higher risks of bodily injury and illnesses in their line of work. Employee compensation insurance gives business owners the confidence that medical bills, lost wages, and further recovery costs for injuries are provided for on the job. In addition, catering team coverage pays for medical care.
Employee practices liability insurance protects the company from claims of wrongful termination, discrimination, and retaliation.
Running a catering business is a headache on its own, and operating it without catering insurance can be a bigger headache given the significant risks the business face daily. This type of insurance will be the safety net for the business owner and its catering brand. It is not a legal requirement, but it can be a worthwhile investment in the long run. It can maximize the business’ profits by saving the company a lot of time, stress, energy, and money on possible lawsuits, property damage, and operational mishaps.