Coverage for Restaurants

While Nashville is known first and foremost as Music City, it is quickly gaining the secondary designation as a foodie destination.  According to a recent survey by U.S. News & World Report, Nashville ranked eleventh in the nation for food-themed vacation locales.

Statistics also show that Nashville is a haven not just for those who love to eat food but those who love to cook food.  In 2017, The Tennessean reported that Nashville and its suburbs accounted for around 50% of Tennessee’s restaurants and generate approximately $12 billion in annual sales.  Therefore, the capital of The Volunteer State, along with Nashville’s surrounding areas, is an excellent spot for the novice restaurateur to make a name in the culinary world.

Once a great chef-in-the-making gets the recipes, the building, and the business plan, then what?  Finding the right insurance coverage, of course! The four most common policies needed for anyone running a food business are property, general liability, workmen’s compensation, and commercial automobile:

1. Property-this covers anything your business owns, such as the building, dining room furniture, cash registers, and so on, and will cover your losses if anything is stolen or damaged.
2. General Liability-should your restaurant get sued or held liable for anything that happens to a customer or vendor on the premises, such as food poisoning or an injury, your general liability policy will cover any payouts or claims made against you.
3. Workmen’s Compensation-any work-related illnesses or injuries sustained by your employees would fall under workmen’s compensation, and this coverage is required by the State of Tennessee before you can open for business.
4. Commercial Auto-if you use any vehicles for deliveries or other business-related tasks, you will need commercial auto coverage should your vehicles be involved in an accident.

Some other types of insurance to consider are policies to pay off any business loans you have in the event you become incapacitated or die, or special coverage to replace lost revenue in case you are unable to operate your business for an extended period of time due to things like natural disasters or damage to your building.

The recipe for success in the food industry must include the right insurance.  Scott Johnston, an independent insurance agent and small business owner himself, has a team of fellow agents with decades of combined experience helping those in Brentwood, Franklin, Nashville, Spring Hill, and Middle Tennessee safeguard their investments.  Contact his team today for custom-crafted restaurant insurance coverage that won’t leave a bad taste in your mouth.