Restaurant Insurance Ontario

Every restaurant insurance policy is customized to cover a business’s liability risks. In general, a typical restaurant insurance policy might include the following coverages:

• Commercial General Liability (CGL) Insurance: CGL, or general liability insurance, covers risks involving bodily injuries or property damage to third parties visiting your establishment, such as your customers. It’s designed to cover your legal expenses if sued or pay for an injured customer’s medical fees if, for example, they slip, fall, and are injured on your premises. General liability insurance may also include product liability insurance to protect against claims alleging third-party property damage or bodily injury caused by a product or food you create, distribute, or sell. If your general liability insurance doesn’t include product liability coverage, you can add it to your policy as an endorsement.

• Commercial Property Insurance: Essential for protecting your restaurant, commercial property insurance covers the costs of damages to the building, contents, and inventory if impacted by fire, water damage, a natural disaster, theft, or vandalism. Commercial property insurance may include business interruption insurance, which covers your business’s overhead expenses if you’re forced to close for repairs following an insurable loss. If not, you can add it to your policy.

• Liquor Liability Insurance: If your establishment sells or serves alcoholic beverages, liquor liability is a legal requirement. Furthermore, if a customer becomes intoxicated at your restaurant and injures someone else or damages their property, and their alcohol consumption is deemed a contributing factor, you can be liable for damages.

• Equipment Breakdown Insurance: Think of the appliances and equipment in your restaurant’s kitchen: fridges, freezers, stoves, and other commercial kitchen equipment. Any sudden malfunctions because of an unforeseen electrical or mechanical issue are costly to repair or replace. Equipment breakdown insurance is designed to cover those costs.

• Cyber Liability Insurance: We might refer to the internet as the World Wide Web, but in the age of cybercrime, call it the world wild web. After all, no small business is immune to the threat of a cyber-attack or data breach that compromises your data and your customers’ privacy and security. Moreover, small businesses, including restaurants, are primary targets for cybercriminals. That’s why it’s vital to have cyber liability insurance as part of your policy. If your restaurant’s website is taken over, confidential data is compromised, or your point-of-sale (POS) system is hacked, and customers’ payment data is stolen, cyber liability insurance can help you recover.

Many factors influence the cost of a restaurant insurance policy. Insurance providers determine the cost of insurance based on the following factors:

Any restaurant or eatery in Ontario needs a comprehensive restaurant insurance policy, including: