3 TIPS FOR FINDING FLORIDA RESTAURANT INSURANCE?
- Start Early. To get the best rates on Florida restaurant insurance you will need to shop around. That’s where we come in. Having an agent that understands your business will make this much easier for you. L and C Insurance providers offers specialized programs for the Florida restaurant insurance industry.
- Estimate your gross sales, your gross inventory (food costs), and the total dollar amount of your furnishings and equipment.
- Insurance costs can be based on total annual sales revenue and/or total square footage of your restaurant, so be sure to have this information available for a quote.
WHAT IS REQUIRED FOR FLORIDA RESTAURANT INSURANCE?
- Restaurant insurance can be diverse, so coverage will vary from one restaurant to another. The basic insurance coverage for a restaurant consists of general liability and property coverage.
- General liability insurance will typically protects the restaurant in the event one or more patrons are injured on the premises. For example, slip and fall.
- Property insurance would cover a building, and/or the contents inside the building, including all of the furniture, equipment, POS systems, computers, cooking equipment, coolers, etc.
- Liquor liability is also recommended for restaurants that serve alcohol. The liquor liability insurance can protect a restaurant in the event a claim occurs that is alcohol related.
- Food spoilage can also be purchase to insure your food inventory in the event of a power outage.
- If you deliver food, you would also want to make sure you have insurance coverage for the vehicles that the restaurant uses for delivery.
WHAT COVERAGES ARE AVAILABLE ON A FLORIDA RESTAURANT INSURANCE POLICY?
- Building Coverage. This covers the building or buildings on the premises. Special Form coverage is the broadest form of coverage. A lot of carriers only offer basic form coverage, which is limited. While you can purchase a “difference in conditions” policy to supplement some of the lacking coverage in a basic policy, the special form is still your best bet if it is available in your area.
- Other Structures. This can cover signs or other structures not attached to your building.
- Boiler and Machinery. Covers your mechanical equipment.
- Liability. This will respond in the event someone is injured on your premises.
- Medical payments. This pays in the event there is a minor injury on your premises.
- Food Spoilage. If you lose electricity you lose your freezers and coolers. This could cost thousands of dollars if your food spoils.
- Business Income. If your business is destroyed by fire or hurricane, business income will pay you for your lost revenues while your business is being rebuilt.
WHAT COVERAGES MIGHT BE EXCLUDED ON A FLORIDA RESTAURANT INSURANCE POLICY?
- Flood. No Florida restaurant insurance policy covers flood. If you are in an area at risk of flood you should purchase a separate policy to cover this.
- Typically property coverage only applies to buildings. Make sure signs and other structures on the premises are also covered.
- Food spoilage is something you must request coverage for. It is typically not covered in a commercial liability policy.
- Business income is optional. Most companies need this coverage to stay afloat in the event of a disaster.
HOW CAN I SAVE MONEY ON FLORIDA RESTAURANT INSURANCE?
- The best way to save money on your Florida restaurant insurance in Florida is to shop around. Our experts have access to the top Florida insurance companies.
- Age of building discount or surcharge. Most companies offer discounts based on the age of the buildings. Newer buildings receive discounts due to more stringent building codes that have been applied in recent years. Older buildings typically receive surcharges based on age. This is due in part to less stringent building codes used in years past.
- Territory. Where the restaurant is located can make a substantial difference in premium. Some Florida counties have higher rates than others. Proximity to the coast will also be a factor.
- Deductible. You may increase your deductible in order to reduce your premium, but you should carefully consider such factors as how much of a discount you will receive for a given deductible, and how much you can afford to pay for each claim.
- Location. If the building is more than 1,000 feet from a fire hydrant and/or more than 5 miles from a fire department you will find yourself paying a much higher insurance rate.
- Type of construction. Masonry buildings are less expensive to insure than frame buildings due to their fire ratings.
- Carrier appetite. Certain companies experience better claims histories with certain buildings, locations, and age groups. Their rates reflect this by offering lower rates to those groups they have found the best experience with.