7 Types of Insurance for Malaysian Restaurants
With ever-changing trends in the market, restaurants are now in a more competitive industry than ever. Therefore, Malaysian restaurant insurance becomes all the more important as it can protect you and your business from a wide range of problems including equipment damage as well as liability lawsuits.
However, for most if not all restaurant owners, the only worry with restaurant insurance is of course, its cost. And so, businesses should be more selective with the kind of insurance they purchase.
1. Commercial Fire Insurance
- Aircraft Damage
- Earthquake and Volcanic Eruption
- Bursting or Overflowing of Water Tanks Apparatus
2. Public Liability Insurance
If your business is exposed to third-party visitors, it is vital
for you to consider a Public Liability Insurance. This is especially applicable
for restaurant businesses.
3. Employee Benefits Insurance
To ensure that the employees’ healthcare are taken care off, one
would need to purchase Healthcare Insurance as part of their employee’s medical
benefit. Some business owners might not realise this, but health care is
considerably part of an added incentive for employees to stay in your company.
4. Business Package Policy
A business package policy enables a restaurant to cover for
various scenarios in event of a claim. For example ???
5. Fidelity Guarantee
This covers your business cash flow in the event of theft that
may also happen internally. For example, in case cash payments go missing along
with an employee.
6. All Risk Insurance
This covers the business in the event of damages done to
equipments and machineries that is purchased by the restaurant to run its
business, as per listed and agreed upon during the policy sign-up. For a
further write up, please click on this link.
7. Plate Glass Insurance
Plate Glass Insurance covers
your business in the event of damage done to the exterior linkage, such as
How to get the best restaurant insurance cost
The restaurant business in today’s market is extremely
challenging. Regardless of your restaurant type, you would want to spend the
minimum on insurance purchase while getting a comprehensive coverage. We can
help you there.
Our Business Calculator software allows business owners to
calculate the average premium needed for their Business
Insurance in relevance to each industry and/or Small Medium Enterprises.