Why do Food and Beverage Services need insurance?
Take a minute to look at our menu of insurance options for your business. Restaurants, bars, cafes, coffee shops, ice-cream parlours, caterers, canteens, and similar businesses are at risk of a wide range of events souring their operations. Bi-me can provide you multiple competitive quotes from some of South Africa’s leading insurers within minutes.
What should I consider before purchasing insurance for my Food and Beverage Service business?
Insurance protects your business from unexpected events and challenges, providing cover when you need it most for things such as business interruption, public liability claims, and theft.
Fundamental insurance for Food and Beverage Services
Regularly selected insurance for Food and Beverage Services
Insurance for Food and Beverage Services
Money
Food and beverage service businesses are at risk of cash being stolen by thieves. Money insurance covers any loss of, or damage to, money that your business might experience.
Electronic Equipment
Many food and beverage service businesses depend upon a full range of equipment which includes computer-based cash registers integrated with point-of-sale (POS) management systems, multiple refrigeration systems, air conditioning, hot water heaters, heating boilers, jacket kettles, steamers, electrical systems, and commercial grade sound systems.
These high-value items need to be specifically included in your business insurance policy to protect you in case of accidental damage due to flood, fire, snow, hail, wind, impact, explosion, subsidence, as well as malicious damage or theft and damage caused by power surges or power dips.
Public Liability Insurance
Many types of accidents are possible in a food and beverage services environment. Public Liability insurance is designed to provide protection for you and your business if a customer, supplier or a member of the public is injured or sustains property damage as a result of your negligence.
Personal injury claims could arise, for example, from a waiter dropping hot food on a customer, a customer slipping on water on the floor, or a supplier tripping on a plastic mat in the prep area.
Theft
One of the most common claims food and beverage services owners submit is for theft. Your business might be the victim of theft or fraud from outside, or one of your employees might steal from you (for which you’ll need Employee Dishonesty cover). The right business insurance will cover you against both.
Accidental Damage
Accidental damage covers loss from unexpected and unforeseen physical loss of or damage to business property at your premises; can also include damage caused by discharge or leakage of chemicals, oils, liquids, fluids, gases or fumes which can cause severe damage to your business.
Contents
Contents insurance is designed to provide cover for your office contents (tables, chairs, cabinets), as well as machinery and stock when an insured event occurs – such as fire, storm or theft (only limited theft cover, for comprehensive theft cover see the Theft section).
If you own the building where your business activities take place, you should consider Buildings insurance.
Glass
Many food and beverage service businesses have large glass panes. This glass looks great, but its prominence means that there’s a high chance that it can break. Many businesses get this cover to protect themselves for when that glass comes crashing down.
Goods in Transit
Transporting goods is an essential part of most businesses that serve food and beverages. Getting cover for your stock while it is in transit will protect your business from the risk of theft and collision on South Africa’s dangerous roads.
Business Interruption
Continuity is important for food and beverage service businesses. What happens if there are floods, fires, storms or other similar events? This type of insurance covers your business for financial loss as a result of an interruption to your business caused by an insured event.
Getting the Right insurance for Food and Beverage Services
Your food and beverage services business is unique, having its own risks and insurance needs. Bi-me gives you access to multiple quotes to compare with some of South Africa’s top insurers, so you can choose the right cover to suit your business.
Our friendly team is only a phone call or a few clicks away to assist with getting your business covered in minutes.
Did you know?
If you are renting your business’s premises, part of your commercial lease may require you to take out glass cover.
Could this happen to your business?
- Something fishy
A busy restaurant in the city had an off day and served some fish that wasn’t quite right. It resulted in five of their loyal customers being poisoned and becoming violently ill! They were each compensated for their medical treatment and damages.
- Power cut
A fire from the restaurant next door spread to a pizzeria – severely damaging the building, contents and ingredients. The restaurant was not able to do business for three months.
Frequently asked questions
The obvious factors are your selected sections and amount of cover – more protection means higher premiums. Other major factors include occupation, address and claims history. If other businesses in your occupation or area have had lots of losses in the past, premiums will generally be higher.
If your business has had lots of losses in the past, your premiums will usually be higher. It is very important to be honest when disclosing all of your information – if an insurer finds that you were dishonest, you may not be covered when you have a claim.
If you consider all the items, equipment, goods, etc., that are owned and used by the business and imagine if there was a loss and majority of it was lost or damaged, would you be able to carry the risk yourself to replace and repair the goods? If not, then it is probably best to pass that risk off onto the Insurer and feel secure that you will have cover to assist.
Yes, you can cancel your policy with immediate effect 24/7 on your Bi-me portal. We will then process your pro-rata refund (if applicable) – the money should be back in your account within 7 working days.