Owning a restaurant can be an exciting opportunity. It allows you to do what you love. However, to operate properly, your restaurant needs to have the proper equipment. That equipment is expensive.
Proper commercial property insurance can help you to protect your equipment. But it comes with questions. When can you file a claim? What are the limits? Here is what you need to know.
A Customized Insurance Policy
When you get a business insurance policy, your goal is to have coverage that properly and completely represents your company's risks and assets. In the case of a restaurant, you need your policy to protect your building. It also needs to protect your equipment and furnishings. You might even need it to help protect the inventory and computer systems you use as well.
Work with your Bruening Insurance agent. Be sure your commercial property insurance matches what you own. This should take into consideration:
- The type of equipment you have
- The value of that equipment
- The risks associated with these assets
- Risks existing on the property
Be sure your policy reflects the replacement value of your equipment when possible. This can help you replace it if there is an instance in which a covered peril results in the need to do so.
When Does It Not Apply?
Your policy may cover many risks to your equipment. Imagine a fire that causes damage. Or you may have a situation where the equipment breaks down and causes the loss of your property. These are cases when your policy may offer coverage.
Limits apply. Your policy does not cover routine maintenance and upkeep for your equipment. It is up to you to have it serviced according to the requirements of the manufacturer. You also lack coverage for risks associated with parts and repairs. Unless you have an equipment repair policy, your typical coverage does not cover it.
Restaurant equipment may include everything from your fryers and grills to your refrigeration and freezers. It includes all the equipment necessary to do the job. Your policy may offer coverage for fires, theft, and vandalism of these items. With the right policy, you know you have protections in place should a fire occur or an accident lead to damage to your equipment.
Investing in commercial property insurance is necessary for most companies. Without a comprehensive policy, you could be at risk. This industry has high risks associated with it. But your business insurance may help mitigate this risk.