How Much Is Restaurant Insurance in Florida and What Does It Cover?

If you own a restaurant, diner, bistro, pizza parlor, food truck, cafe, steakhouse, ice cream parlor, fast-food establishment, cafeteria, or pub, you need a good restaurant insurance policy. Restaurant insurance can be bundled with several insurance policies that include different types of coverages. Some of these coverages can include general liability, property insurance, workers’ compensation, and business interruption insurance. You can also add various types of coverage to your plan, like commercial crime insurance, food contamination or spoilage insurance, equipment breakdown insurance, and ordinance and law. Let’s take a look at what restaurant insurance includes, what you can add, and how much it costs.

Most Common Restaurant Insurance Coverages

Most restaurant insurance policies include four different types of coverage, business interruption insurance, commercial liability, property insurance, and workers’ compensation.

  • Business Interruption Insurance – This helps pay for lost income if your business has to shut down for a covered reason.
  • Commercial Liability Insurance – This insurance helps financially protect your business if your products injure someone or someone gets injured on your property. This insurance also typically covers claims of food poisoning.
  • Property Insurance – Property insurance helps pay for the repair or replacement of your building if it happens to get damaged via a covered event.
  • Workers Compensation Insurance – Workers’ compensation pays for any injuries that your employees experience while working or as a result of performing their jobs. This coverage helps pay for medical expenses and a portion of the employee’s wages if they cannot come to work due to the injury.

Coverages You Can Add to Your Restaurant Insurance Policy

In addition to the main insurance coverages, you may want to add other policies to your restaurant insurance.

  • Commercial Crime Insurance – Commercial crime insurance helps pay for damages from theft, fraud, and dishonesty. These policies typically cover robbery, theft from employees, forgery, fraud, and computer crimes.
  • Food Spoilage Insurance – This type of restaurant insurance helps pay to replace spoiled food if that spoiled food happened through no fault of yourself or your employees, like a severe storm that caused an extended power outage.
  • Equipment Insurance – This insurance helps repair or replace equipment that is broken.
  • Ordinance and Law – If your restaurant is shut down by the board of health because of a food-borne illness, this insurance helps pay for some of the expenses related to cleanup, lost wages, and food replacement.

Other Insurance Coverages You May Want to Add to Your Policy

  • Art Floater Insurance – If your restaurant puts artistic works on display, you’ll want this coverage in order to pay for any repairs or replacements if that artwork gets damaged.
  • Commercial Vehicle – If your business provides delivery vehicles or you operate a food truck, you’ll need commercial auto insurance.
  • Flood Insurance – All businesses in Florida should have a valid and active flood insurance policy due to the proximity of water to all structures and the risk of severe storms.
  • Liquor Liability – If your restaurant sells alcoholic beverages, you’ll want to have liquor liability insurance.
  • Signage Insurance – If you have lots of permanent signage around your restaurant, you may want to consider purchasing signage insurance. This policy helps repair or replace signage that has been damaged by weather or vandalism.

The Cost of Restaurant Insurance

The cost of restaurant insurance depends on the types of coverage, the size of the restaurant, and the number of employees. In general, owners can expect to pay between $150 and $200 a month. Although, some basic policies may only cost as little as $25 to $80 per month.

  • Business Interruption Insurance – Between $50 and $165 per month
  • Commercial Liability Insurance – Between $50 and $70 per month
  • Property Insurance – Between $40 and $90 per month
  • Workers Compensation Insurance – Between $60 and $150 per month
  • Commercial Crime Insurance – Between $55 and $530 per month or between $625 and $6,500 per year
  • Food Spoilage Insurance – Between $75 and $130 per month
  • Equipment Insurance – Typically starts at $30 per month
  • Ordinance and Law – Typically starts at $84 per year or $7.50 per month
  • Art Floater Insurance – Between $45 and $240 per month, but it depends on the value of the pieces.
  • Commercial Vehicle – Between $65 and $250 a month
  • Flood Insurance – Between $750 and $1135 per year or $65 to $95 a month
  • Liquor Liability – Between $47 and $70 per month
  • Signage Insurance – About $55 a month

Getting a Restaurant Insurance Policy with Help from Fearnow in Florida

If you need restaurant insurance in Florida for your fast-food establishment, fine dining restaurant, food truck, pub, grill, bistro, deli, coffee shop, diner, pop-up restaurant, greasy spoon, hot dog stand or drive-through, the agents at Fearnow Insurance can help you get the types of coverage you need. We do this by browsing through thousands of policies from hundreds of different carriers in order to find you the best coverages at the most affordable prices.

To learn more and to get a quote, call us at 813-689-8878.