When it comes to protection for restaurants, there are a few misconceptions about restaurant insurance. These myths tend to leave restaurants unprotected. If you’re a smaller restaurant and suffer a lawsuit without insurance, it can be devastating. Here are a couple of myths to be aware of.
Smaller Restaurants Don’t Have to Worry About Lawsuits
Many businesses buy into this misconception. They think that businesses with deep pockets are the only ones that have to worry about lawsuits. This isn’t true. Anyone can be sued and anyone can be found liable. No matter how much money you have, if you are judged liable, you have to pay the money. You may end up with your wages garnished or your assets seized without insurance.
Errors and Omissions Insurance Is for Other Industries
If you’ve shopped for insurance before, then you probably know that E&O insurance is crucial to doctors, accounts and lawyers. Did you know it could be necessary in the restaurant industry as well? The truth is that any industry can make mistakes! If you offer any type of catering service or if you host parties at your restaurants, then odds are, you could make a costly mistake and have to worry about an unhappy client.
If you own a restaurant, then you need restaurant insurance. Make sure to check over the coverages thoroughly to make sure that you have the best protection possible.