0
Check the following:
1. Yourself or your attorney review your lease or mortgage regarding property and liability insurance requirements. (Property and Liability Risk Exposures)
2. Review any contracts you may have with Franchisors, Property Managers, Lessors of Leased Equipment, Government (normally permits), Utilities, Neighbors, and other contracts such as Independent Contractors or special service vendors.
3. Contact your Department of Industrial Relations, Department of Insurance, Labor Board, or similar government agencies to see what requirements exists for workers compensation (workman's comp).
4. Contact your state agency and local jurisdictions to see if there are financial posting requirements for sales tax.
5. Contact all the utilities you will be dealing with as to their credit requirements so see if they will require a bond.
6. One area that is often overlooked is the Named Insured's (owners, partners) own requirements. A good rule of thumb is to insure the liability limit equal to the owner's collective net worth plus a modest cushion; a minimum liability limit would be $1million in today's market.
Overall, your best resource really is an experienced insurance agent that specializes in insuring restaurants, and your legal counsel. Get together a "team" including accounting, insurance, legal, marketing, human resources that can advise you. Often, experienced restaurant vendors can recommend other service providers.
Once all of your requirements are in place, let your insurance representatives help you by binding coverage to meet their requirements and sending evidence of insurance to satisfy those contractual needs.
Wiki User
∙ 10y ago
Wiki User
∙ 10y agoThe insurance policies needed to open up a commercial restaurant are to have an income tax report provided to the International Revenue Service that is very important in making a new business as it keeps track of the tax and the tax that people pay and therefore help the business go on without any interruptions.
Add your answer:
Earn +20 pts
What are the requirements for receiving government insurance?
what are the requirements for recieving government insurance
Underwriting requirements for public liability insurance?
underwriting requirements of general public insurance covers
What are the basic standard requirements of a restaurant?
Food?
What are the requirements for contents insurance in the UK?
The requirements for contents insurance in the UK with vary. In the case of ownership, the requirements depend on the specific mortgage provider. In rentals, the landlord sets the requirements.
What type of insurance do you need for a restaurant?
BUISNESS
Where can I find out more about requirements for gastric bypass?
you can find requirements for a gastric bypass from your doctor, and if you have insurance after getting a recommendation from your doctor contact your insurance to find the requirements.
What are some requirements to run your own restaurant business?
The requirements to run a restaurant business will vary depending on your location. Common requirements cover hygiene standards, which will be checked by an inspector. You should contact or refer to your local government department to find the requirements that apply to you.
What are the requirements for selling travel insurance in the US?
The requirements for being a licensed seller of travel insurance vary by State. You should check with your State's Insurance Commission for what is needed for your State.
Is my restaurant covered under my landlord's insurance if it burns down?
The structure is covered but the contents of the restaurant are not. For instance, your ovens, sinks, dishes fixtures, tables,etc would not be covered. You must have liability insurance for the CONTENTS of the restaurant. I don't know everything about insurance, but I do know that liability insurance won't replace your furnishings. You will need the commercial equivalent of the comprehensive part of Homeowners Insurance.
How much does restaurant insurance cost?
It will depend on a few different things. The first is what type of restaurant do you operate, the second is where your restaurant is located, and last are the amount of sales. I would also recommend dealing with an agency that specializes in restaurant insurance. There are numerous pitfalls, that many brokers can overlook if they are not dealing with the restaurant and food service industry regularly.
Are there any special laws or requirements to get car insurance in Texas?
As far as I know, there are no special laws or requirements to get car insurance in Texas. I do know that you need to search about this, but to drive a car you must have insurance.
What kind of insurance do you need for a restaurant?
A restaurant Business Owners policy with good liability should do the trick. You'll also need workers comp, and for the owner, life insurance, Disability Insurance and eventually a good retirement plan. Call an agent that works with commercial insurance.
