Given that restaurant owners will typically invest at least $200,000 to $300,000 (and oftentimes even more) into starting their restaurant, protecting your premises is crucial.
Here are the basic covers that you'd require:
- Commercial Property Insurance (from $12/month): Covers your premises against physical damage from fire, explosions, water damage, and more. Covers the costs of your renovations, furniture, kitchen equipment, etc.
- Public Liability Insurance, with food poisoning cover (from $9/month): Covers legal liability if you get sued for causing injuries/property damage to others, e.g from food poisoning. Pays for lawyer's fees and damages/settlements.
- Workmen Compensation Insurance (from $5/month): Covers work-related injuries/infectious diseases, including work-related Covid-19. Essential for F&B staff given the high rates of Covid cases. MOM has made this cover legally compulsory for manual workers (e.g. cooks, waiters), and also compulsory for any staff earning $2,600/mth & less.
You can get the above covers individually, or you can take up a Restaurant insurance package (from $24/month), which is an all-in-one cover that includes all the above at favourable rates.
Given that restaurant owners will typically invest at least $200,000 to $300,000 (and oftentimes even more) into starting their restaurant, protecting your premises is crucial.
Here are the basic covers that you'd require:
You can get the above covers individually, or you can take up a Restaurant insurance package (from $24/month), which is an all-in-one cover that includes all the above at favourable rates.