Running a restaurant in Canada can be very rewarding. It’ll give you the chance to meet with locals and tourists. Plus, you’re going to be able to satisfy them with your delicious creations. The only problem is the fact that many things can go wrong. A customer may slip and fall in your store or they might fall ill after eating your food. It may not be your fault but they may not agree. This could result in a lawsuit and that is why you need to shield your business from the risks involved.
Getting restaurant insurance for your Canadian business can make a huge difference. Within this guide, you’re going to learn more about the average cost of Canadian restaurant insurance.
Average Cost Of Business Owner’s Insurance
First and foremost, you should gain a basic understanding of the potential costs. While it will depend on several factors, you are likely going to be required to pay around $231 a month to protect your restaurant business. You should expect to pay a little more than $2,000 a year. Remember that this is an estimate for a business owner’s policy. This means that you’re going to need several types of restaurant insurance for your restaurant in a convenient package.
For instance, you will obtain general liability and property insurance. Since you’re going to be bundling, you’ll be able to get both at a discount price. Again, you have to understand that the price can vary significantly based on your exact location, the value of your business, and the overall cost of your equipment. It is best to obtain at least $1 million per occurrence as your policy limit. The deductible should be right around $1,000.
Don’t Forget Workers’ Comp
It would be impossible to run a restaurant on your own. You need help. This is why you’re going to hire employees. You wouldn’t be able to get the orders out quick enough without assistance. Once you’ve agreed to hire workers, you’re going to be required to obtain workers’ compensation insurance. This will increase your costs significantly but you have to protect your workers. Therefore, it is essential to obtain a sufficient quantity.
On average, you should expect to pay $165 a month for workers’ compensation insurance for your restaurant business. Again, it should be noted that the price can vary based on where your business is located in Canada. This coverage will provide your workers with protection in the event that they get injured on the job. Remember that your workers have put in a significant amount of effort to help your business over the years. Don’t they deserve to be paid back for their efforts? If the answer is yes, you need to obtain workers’ compensation insurance!
There is a good chance that you’re going to be eager to serve liquor to your customers. After all, a lot of people like drinking alcohol with their meal. Your customers fit into this category so you need to provide them with alcohol. Well, you’re going to be required to obtain liquor liability insurance for your restaurant. Thankfully, this type of insurance is slightly less expensive than the alternatives.
In Canada, you’re going to be paying roughly $60 for liquor liability insurance. On a yearly basis, you’re going to be paying $720 or so. This will provide you with a policy limit of $1 million.
Costs Of General Liability Insurance For Restaurants
Ultimately, you will need to obtain general liability insurance. You’re running a restaurant so customers are going to be coming in and out of your place of business. This is something you have to be careful about. After all, you never know when someone is going to experience an injury inside your store. General liability insurance will help. The costs aren’t too steep either. You will likely find yourself paying $100 or less a month for general liability restaurant insurance.
On a yearly basis, you might pay as little as $1,200. This will provide you with a policy limit of $1 million. That should be sufficient for most problems. Since anything can happen, you should always be cautious and obtain more insurance than you think you really need. This will protect you in case you underestimated your problems from the beginning.
Obtain A Free Quote Right Now
Here at ProfessionalsCoverage, we aim to provide you with the best insurance for your Ontario business. We offer free quotes to ensure that you’re going to know how much you’ll be required to pay upfront. If you’re running a restaurant business in Ontario or a nearby area, you need to get in touch with us.
We’ll help you find the specific insurance you need to cover your risks and protect your workers and customers. You can start by obtaining a free quote from us.