Rough estimates on insurances for a small restaurant

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Rough estimates on insurances for a small restaurant

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DutchOtties

posts: 2

Jun 04, 2009 5:45 PM ET Quote Report Abuse

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Hi all,

We are in the process of analyzing what it would mean if we were to start a small (60-70 seat) restaurant. Since we would be coming from abroad there are a lot of things that are not really easy to find on the Net.

At the moment we are trying to create a rough first budget to see if our idea is feasible. One of the things that we are having a hard time in finding any estimates is insurance.

Now I have found Workers Compensation and Unemployment insurance costs, and got an estimate on general liability ($1500-$2000 pa).

Now for the most difficult one (I think): Property insurance.

Can anyone give me some idea of what one has to pay per year? Say I were to buy a property for $100,000 and spend $50.000 on remodelling, etc. Then take all other factors more or less average and place the business in Central Florida.

Anyone?

Thanks!

Marco

nevadascul

posts: 651

Jun 04, 2009 11:08 PM ET Quote Report Abuse

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By property insurance I am assuming you mean theft, burglary, fire and inventory shrinkage. Any insurance agent that deals in commercial insurance should be able to help you with these.

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The older we get, the more excuses we make for not chasing after our dreams. But truth is, goals are attainable at any age.

DutchOtties

posts: 2

Jun 05, 2009 1:48 AM ET Quote Report Abuse

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Hi Nevadascul,

Thanks, but as we are not in the US at the moment, I was hoping to get some general idea about the height of the premiums from people here :-).

But we will also be looking at an agent who might be able to give us these very non-specific quotes.

nevadascul

posts: 651

Jun 05, 2009 8:59 PM ET Quote Report Abuse

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Have you tried Lloyd`s of London? This is an international company that writes a lot of property policies in the U.S. Maybe you get hold of on of their reps where you are located?

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The older we get, the more excuses we make for not chasing after our dreams. But truth is, goals are attainable at any age.

mfackrell

posts: 227

Jun 07, 2009 9:53 AM ET Quote Report Abuse

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My exerience is that casualty is quoted at the same time as the general liability policy. If you did not get that you need to speak with the agent that qouted you G/L Ins., you may also ask why you didn`t get this quote.

This is a common thing and should be able to be handled by any good commercial insurance broker. I like Marsh, or Wells Fargo; but that is mainly because they have good agents that I have worked with in the past.

brookerryan

posts: 21

Aug 22, 2012 4:59 AM ET Quote Report Abuse

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With health care costs soaring, small businesses across the country are struggling to provide health insurance coverage for their employees. In 2009, only 46 percent of small businesses with fewer than 10 employees offered health insurance to their workers, which is down from 57 percent in 2000. Add that to the predicament that small businesses typically pay over 18 percent more in health care costs than large corporations, it’s easy to see why small businesses are caught in the middle.

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