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Business Insurance in Alberta for restaurant owners

Jason Davis
Business Insurance in Alberta for restaurant owners

In recent years Alberta has seen a lot of influx, not only of talent, but also of capital from different parts of the world, including Canada.

People have come here mostly to explore new business opportunities, since Alberta is abundant in natural resources, has a stable technology and power infrastructure and is focussed on research and tourism. The growth centers have mostly been in and around the cities of Calgary, Edmonton and Fort McMurray.

Growth of the restaurant industry in Alberta
The native and immigrant population has increased since the last decade and to serve this growing population of wealthy residents, many of whom are outgoing types and social folks, some small business owners have set up restaurants and fast food joints in Alberta.

This restaurant industry is now a fast-growing industry in Canada and generates an annual revenue of $80-billion which is about 4% of Canada’s GDP.

Business insurance in Alberta for restaurant owners
To enable restaurant owners carry out their business and get protection from unexpected events and damges, various types of insurance covers are available:

Property coverage:
- Office building and its content: This is the main insurance for your restaurant’s building (whether owned or rented) including equiment and stocks.

- Damage caused by water: This cover provides protection against damage caused by water - for example bya sewer backing up, flooding due to heavy rains , spring thaw, summer storm or an overflowing river.

- Equipment and stocks at new locations: Are also covered for uptp 60 days.

- Losses arising due to off-power premises: Your stored food items in the refrigerator or deep freezers are insured against power outages.

- Recharge of fire suppression system: In case your fire suppression systems get exhausted during the event of a fire breaking out, this cover helps you recover expenses paid on recharging the system.

- Increase in limits: In case you are required to carry extra stocks to cater to increase in demand of your clients, then this clause increases the limits of the cover of your stocks.

Commercial general liability insurance:
Commercial general liability insurance is one of the most important business insurance in Alberta. Why? Becauses it provides you cover in the unfortunate case of any event happening on your business premises (restaurant in this case) that results in physical injury or property damage.

Situations could include a customer falling on the ground, or a customer succumbing to food poisoning. In both situations you as a restaurant owner would be covered against the amount for which you are sued by the customer (bodily injury, damage to property, personal injury, medical expense payments, your legal liability), as well as the legal fees that you might have to pay to your attorney.

Crime coverage:
This insurance policy provides you coverage against losses caused by theft, robbery, employee dishonesty or counterfeiting.

Business interruption cover:
This cover protects you in case you are forced to close your business due to reasons beyond your control. As your operations close and you are unable to earn money, then this insurance protects you in that interim period for your lost income.

Equipment breakdown cover:
If your restaurant uses specialized commercial cooking appliances and equipment, then this insurance cover provides you coverage in case your equipment breaks down.

Liquor liability insurance:
This insurance covers claims that may arise in case your restaurant serves alcohol for profit.

Miscellaneous property form:
This cover provides protection to your restaurant when it is on the move. If you’re required to take your tools constantly from job to job, then this insurance is a big relief as it provides coverage even when you and your tools are away from your kitchen.

Buying the right business insurance in Alberta
As a restaurant owner, you are specialised in your work and know everyting about cooking and what appeals to the taste buds of your clients. To help you grow your business, it is important to protect it and here is where Benefical-Insurance Solutions steps in.

They will help you get a taste of which insurance coverage will work best for your restaurant. They will assess your needs, answer your questions, resolve your queries and get you quotes for your restaurant.

For more information about Business Insurance Alberta and Home Insurance Calgary Alberta Please visit : Beneficial Insurance Solutions.

Jason Davis
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