Best Restaurant Insurance of June 2023

Through Next, you can get a host of essential restaurant coverages, including commercial property, general liability, liquor liability, and workers compensation insurance. The online application process can be completed in less than 10 minutes, and you can get same-day coverage after submitting your credit card payment. Based on your application, Next presents you with three custom policy packages from which to choose. However, you can also talk to a Next agent in your area for more customized service if you prefer. 

While NEXT’s financial strength rating with AM Best rating is lower than many competitors, sitting at an A- (Excellent), it’s still considered to have an excellent ability to pay claims. The company offers competitive premiums, plus you can save up to 25% via various discounts, including a 10% discount when you bundle multiple policies. Overall, it’s a great option if you’re looking to get comprehensive restaurant insurance as soon as possible. A Next BOP for restaurant insurance starts at $459 per year.

Chubb offers a comprehensive catalog of restaurant insurance coverages for food businesses with annual receipts up to $30 million. This makes it appropriate for restaurateurs who anticipate increasing the size of their restaurant business, and would like an insurer that can grow with them. 

The company offers common food insurance necessities such as a robust BOP, equipment breakdown coverage, and liquor liability, plus a host of other options. Chubb also ranked second in the J.D. Power Small Commercial Insurance Study, only one point behind the leader (State Farm).

You must work with an agent directly to purchase a policy. This is often prudent, especially if you have extensive coverage needs, but is less convenient than same-day coverage companies that let you purchase via their website.

Of the 19 insurers we reviewed, FLIP has the lowest annual premium for its food liability insurance policy, at $299. It was also one of the few companies to offer discounts. However, it doesn’t provide as many coverage options as most of the other insurers. 

For the $299, you get general liability insurance coverage and product liability up to $2 million, inland marine up to $10,000, and rented property insurance up to $300,000. Add-on options include professional liability, cyber liability, and a trailer endorsement. On the downside, there’s no business income coverage, no workers compensation insurance, and no standard commercial property coverage. That said, if the coverage suits your needs, FLIP can be a bargain.

When it comes to AM Best’s financial strength ratings, BiBerk earned the highest possible mark—an A++ (Superior). In other words, AM Best believes that BiBerk has a superior ability to meet its payment obligations. 

As for BiBerk’s coverage, it offers a generous business owner’s policy (BOP), which includes commercial property insurance, general liability insurance, and business income (aka business interruption) coverage. Additionally, you can customize your policy with one of several available endorsements, including liquor liability insurance, food spoilage insurance, and equipment breakdown insurance. Further, workers’ comp, commercial auto, professional liability, and umbrella insurance are available. On the downside, BiBerk isn’t available nationwide, so you’ll need to check the availability in your state. 

Thimble specializes in helping small food business owners get small business insurance policies (underwritten by Markel or Chubb). Like others on this list, the company streamlines the whole process. You can get a quick quote online, purchase the policy, and print out a certificate of insurance within a few minutes. But what makes the company stand out is its on-demand coverage options and occurrence-based coverage. 

If you only need coverage for a limited period of time—you have a popup restaurant, for example—you can elect Thimble’s on-demand general liability policy, which starts at $5 per hour. 

What’s more, coverage is occurrence-based, which means that you’re covered for events that happen while your policy is active—no matter when someone brings forward a claim. This is especially useful if you purchase on-demand coverage, since someone could file a suit against you long after your event ended. But even for ongoing coverage, Thimble’s occurrence-based policies are flexible and can grant you peace of mind, even if you cancel or switch providers in the future. 

Huckleberry is an online insurance broker that makes it easy for restaurant owners to get business insurance. You can visit the company’s website to request a quote, apply, and get coverage—all within a few minutes. However, if you sign up, Huckleberry won’t be your insurance carrier. Instead, you’ll be connected with a reputable carrier like Chubb Limited, Markel Corporation, or AmTrust Financial Services. (The carrier you get will depend on where you live and the type of coverage you choose.) 

When it comes to coverage, Huckleberry offers a comprehensive business insurance lineup. Huckleberry’s BOP includes property insurance and general liability, along with business income coverage. Plus, you can get workers’ compensation insurance, commercial auto, and a laundry list of essential restaurant coverages, which is where Huckleberry really shines. It offers a restaurant-specific endorsement that packages spoilage coverage and food contamination coverage, among others. You can also purchase equipment breakdown coverage and liquor liability insurance.