Accounting and Tax Basics for Small Business Owners

Welcome to my blog! My name is Katrina, and a few years ago, I opened my own business. Unfortunately, due to really innocent errors on my part, I ended up with a huge tax bill – it was so unwieldy I had to shutter my business. However, I learned a lot from that experience. I took classes and read as many books as I could find on accounting and finances, and I spent a lot of time reading info from the taxation office's website. As a result of that diligence, I was able to open another business, and I take care of the accounting on my own practically perfectly. If you own a small business or are thinking about opening one, this blog is for you. Please explore and learn.

4 Kinds of Insurance that Restaurant Owners Need

Finance & Money Blog

Each kind of business has unique kinds of business insurance that it needs in order to protect that business from the risks that it is likely to suffer. You may be wondering what kinds of insurance cover you will need if you open a restaurant. This article discusses four main kinds of insurance that your business insurance policy should be able to cover. Use this information to shop around for suitable providers of the best cover for your restaurant business.

Food Contamination Cover

Food is the mainstay of the restaurant or food industry. It is wise for you to get food contamination insurance cover so that in case there is a power outage and food goes bad in the fridge then the insurance company will cover that loss. This insurance policy will also come in handy in case a natural calamity such as a flood ruins all the food you had stockpiled.

Workers' Compensation Insurance Cover

Your workers may be injured while cutting food items in the kitchen or they may slip and fall while serving patrons. Your insurance provider will cater for their treatment and lost income so your restaurant will not have to incur the high cost of meeting those expenses in the event that the risk occurs.

Liquor Liability Cover

You may need to have this insurance policy if you will be serving alcoholic drinks in your restaurant. Some local authorities require this insurance cover as a mandatory requirement but others leave it to the business owners to decide whether to have this insurance policy or not. This liability cover will protect you from lawsuits emanating from drunken patrons getting involved in accidents or hurting other patrons within your premises.

Property Insurance

This policy is very important since a fire may accidentally start in the kitchen and damage or destroy the building in which your restaurant is housed. The policy will also cover risks like floods, theft or earthquakes that damage the building or the property inside the building. It is therefore very important that you get a property insurance policy for your restaurant business.

It may not be possible to get all the kinds of insurance above included in one policy. In case that is so, get different policies so that your business is adequately protected against those risks. You will have insulated your restaurant business against being wiped out by incidents you have no control over.


15 June 2015