Having the right insurance coverage is one of the more important, yet overlooked, aspects of owning a business. As a restaurant owner, New Mexico business insurance may not be your expertise, but it’s good to ensure that your policy includes at least the coverages below.
General Liability Insurance
General liability is broad protection against lawsuits brought on by third parties claiming bodily injury or property damage because of your business. A customer being injured from a slip and fall in your restaurant or his or her car being damaged from a pothole in your parking lot are two examples of where this would come into play.
Professional Liability Insurance
Professional liability covers you in instances where a third party claims they experienced some sort of loss because of an error on your part. An example where this is a customer becoming sick and having to go to the hospital because of an improper mixture in one of your recipes.
Property insurance covers your building, equipment, furniture and other items used for your business. In case of a fire, certain storms, vandalism or theft, your policy will cover the cost to repair or replace your items.
Your employees work in a high-risk environment. With workers’ compensation, your policy will cover their medical costs and lost wages should they suffer a work-related injury or illness.
These coverages are only the beginning of what’s available to cover your restaurant. Work with an experienced New Mexico business insurance agent to create the perfect policy for you.