It's not necessarily your favorite subject, but if you're opening a restaurant, you'll need to take an interest in it. Between your real estate agency, which will require it to hand over the keys to the premises, and the bank, to finalize the loan, the restaurant insurance contract is an essential step.
The first thing you need to know, and this may be a question you're already asking yourself, is that as a professional, you're not legally obliged to take out a catering insurance policy for your business and its premises. However, for a restaurant, everyone does. But why? Because in the restaurant business, there are a lot of risks, and without insurance, you bear all the consequences.
A distinction is made between :
Ideally, your business should be insured for both. After all, a customer who accidentally slips on a floor that's barely been cleaned, or a waiter who burns himself with a dish that's been in the oven a little too long - all these things engage what's known as your civil liability. You are personally liable for any damage caused to these people. Depending on the situation, compensation can be very high. At the very least, RC Pro is the most essential insurance coverage you'll ever need.
As well as damage to people, there is also damage to property. This can involve a multitude of losses. You can choose to take out separate insurance policies for each of these, but the best practice in the field is to opt for: a multi-risk professional insurance policy for your business. All-in-one insurance for your profession.
Insurers' policies for professionals generally include the following guarantees:
If this isn't your first experience in the field, you may already know: these are the major guarantees that restaurateurs need to cover their premises, employees, customers, vehicles, merchandise, health, cars, employees, mutual insurance, etc...
Before getting to the heart of the matter, a brief reminder is in order. When it comes to insurance policies for restaurant professionals, there's no such thing as a one-size-fits-all rate for every coverage or guarantee you sign up for. There is! Insurers evaluate different criteria to determine a quote that fully corresponds to your restaurant business. In this case, they look at :
On average, [.is--yellow-highlight]restaurateurs pay between €1,000 and €2,000 a year in insurance[.is--yellow-highlight].
Of course, this all depends on your activity, your turnover and other factors. To give you a range of prices and estimates before taking out insurance, Orus catering insurance quotes the following rates for equal coverage:
If you'd like to know the exact cost of insurance for your restaurant business, you can simulate an online quote for your restaurant's insurance in 3 minutes, according to professional standards, by clicking on this link.
The insurance premium is made up of four parts:
Finally, the "risk" part ends up in a fund that your insurer will use to protect you in case of need. As a reminder, insurance exists on the basis of risk pooling. The money from your insurance premium is used to cover another restaurateur, and vice versa. In either case, the operation remains transparent for the insured.
On average, the premium is distributed as follows:
With liability insurance, you're covered all the way in the event of errors, accidents or negligence during service that could affect a person (customer or employee) or his or her health, while on the premises:
Above all, business interruption insurance protects restaurateurs against the financial risks that can arise in their business. For example, if your restaurant has to close because of a fire, or if your supplier no longer delivers, creating a direct loss of income, etc.
Lastly, comprehensive cover includes professional liability, fire and water damage. It generally includes legal protection (reimbursement of legal fees in the event of litigation) and business interruption insurance (loss of earnings in the event of closure of the restaurant following a claim). These rates do not necessarily include mutual insurance or cover for your vehicles or goods.
So, in a nutshell, your company's catering insurance is essential if you want to work with peace of mind. So remember:
