Fast food is still a booming business in the United States. But like any industry, fast food restaurants face a number of challenges.
What challenges and risks are facing your fast food business? When was the last time you stopped to think about this question?
In this article, we will answer these questions and explain how an independent agency like Kincaid Insurance can help you protect your business.
Industry Growth Continues Despite Media Coverage
There are more 200,000 fast food restaurant locations in the country, representing billions of dollars in annual busienss. Simply put, Americans love fast food.
At last count, the top ten fast food franchises are:
- Pizza Hut
- Burger King
- Dunkin’ Donuts
- Dairy Queen
- Taco Bell
- Domino’s Pizza
Whether you own one of the big name franchises or you operate a local burger joint, your risks are quite similar. Here are just a few.
Fast Food Faces Issues
You may remember the spilled hot coffee that led to a product liability lawsuit and resulted in the “Caution: Hot” labels on coffee cups at fast food restaurants. The coffee caused 3rd degree burns and the victim was awarded millions in damages.
Fast food restaurants face a number of similar risks when serving the public each and every day, including:
- Customers slipping and falling on the premises
- Fender bender in the drive through
- Food spoilage
- Equipment failure
- Property damage
- …the list goes on
In fact, the number of restaurant-related incidents reported to insurance companies is highest in the fast food industry, meaning it’s very important for fast food restaurants to have rock-solid insurance coverage.
General liability insurance is essential for fast food restaurants. It protects the business from claims others make. Product liability covers the products sold at the restaurant, while premises liability coverage protects your business in the event of accidents that take place on business property. Since hundreds of people come through your doors or drive through each day, your level of risk is high.
You can also purchase coverage for food spoilage, equipment failure, business interruption, and more. These types of coverage can protect your business if you need to close for a period of time or cover the costs associated with food that is spoiled due to a freezer mishap. Your independent Kincaid Insurance agent can help you determine what type of coverage your fast food restaurant needs.
Protect Your People
Working with equipment such as fryers and knives means your employees are constantly at great risk for injury, which is why it’s important to enforce safety regulations and expectations. Employees could easily be burned while working near the fryer or slip and fall on a piece of food that was dropped on the floor. Workers’ compensation protects your employees as well as your business in the event of a work injury.
If employees make deliveries or use company vehicles, a commercial auto insurance policy is necessary for your restaurant. You may also want to consider purchasing coverage for identity theft since your employees regularly work with credit cards.
Speak to an Independent Insurance Agent Today
Your fast food business has unique insurance needs. The trusted independent insurance agents at Kincaid Insurance can help you discover the policy that best fits your needs – and your budget.
Kincaid Insurance is headquartered in Rockport, Indiana. We work with restaurant owners throughout the Indiana, Kentucky, and Illinois Tri-State area, including: Mt. Vernon, Louisville, Newburgh, Owensboro, Evansville, and Jasper.
Call Kincaid Insurance today at 1-877-888-5506. Our independent insurance agents will help you assess your fast food insurance needs and provide you with a free no-obligation quote.Request a Free Quote
*This article contains the names of popular fast food restaurants, which may be trademarks of their respective parent companies. These trademarks are mentioned purely for informational purposes, and no endorsement is intended nor implied by Kincaid Insurance.