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Fast food business insurance

Fast food insurance NZ

Fast food insurance, as the name suggests, is a specialized type of business insurance tailored specifically for fast food establishments. This insurance covers various risks that fast food businesses might face, from property damage to customer injuries.

Why is fast food insurance important?

Fast food businesses operate in a unique, fast-paced environment where even minor setbacks can lead to significant consequences. Whether it’s property getting damaged due to unforeseen events like fires or natural disasters, customers potentially falling ill from the food, employees encountering accidents, or sudden business interruptions like power outages, the challenges are varied. With fast food insurance, these establishments can safeguard against such risks, ensuring that when unforeseen challenges arise, the business has a safety net to fall back on, avoiding hefty out-of-pocket expenses and legal complications.

In New Zealand, the average cost of fast food insurance typically ranges between $175 – $350 per month. 

It’s crucial to have fast food coverage if your business:

  • Serves food to customers directly
  • Employs multiple staff members
  • Operates in high-traffic locations
  • Uses specialized equipment

What covers are typically included in fast food insurance? 

Public Liability

This policy covers common fast food business risks including bodily injuries, customer property damage, and advertising injuries. It’s required for most commercial leases.

Best For
  • Business Accident Coverage
  • Third-party Damages
  • Legal Cost Protection

Statutory Liability

This cover is a type of protection that helps fast food businesses cover costs if they accidentally break certain laws or regulations.

Best For
  • Unintentional breaches protection
  • Legal costs
  • Fines and penalties

Business Contents/Fitout Insurance

Business contents insurance in NZ is for protecting all the important stuff inside a fast food business. If there’s a problem or accident, the insurance can help with the expenses.

Best For
  • Accidents 
  • Floods
  • Fires

Stock Insurance

Stock insurance in NZ is a type of coverage that helps protect fast food businesses from the loss or damage to the items they sell.

Best For
  • Mishaps 
  • Natural Disasters
  • Fires

Employers Liability

This insurance helps protect fast food businesses from financial losses if an employee suffers injuries or illnesses at work.

Best For
  • Workplace injuries
  • Legal expenses
  • Compensation payments

Employment Disputes

This insurance in NZ covers fast food businesses legal costs and other expenses arising from disagreements between employees and their fast food employers.

Best For
  • Mediation costs
  • Legal expenses
  • Settlement fees

Building Insurance

Building insurance in NZ is a type of coverage that helps pay for repairs or rebuilding if your building or commercial property gets damaged. 

Best For
  • Accidents 
  • Natural disasters
  • Fires

Business Interruption Insurance

Helps protect fast food restaurants when they face unexpected events, like natural disasters or fires, which lead to temporary shutdowns or disruptions in their operations. It covers loss of income and additional expenses incurred during the interruption period.

Best For
  • Income loss 
  • Extra expenses
  • Temporary shutdown 

How much does fast food insurance cost?

Fast food insurance premiums are calculated on several different factors including:

  • Types of cover
  • Turnover
  • Location 
  • Claims History 

Fast food insurance in NZ typically costs between $175 to $350 per month

Who needs fast food insurance?

Anyone operating within the fast food industry in NZ should consider getting fast food insurance. This includes:

  • Independent fast food joints
  • Franchise outlets
  • Food trucks offering quick-service foods
  • Small snack bars or takeaway counters
  • Fast-casual restaurants

While general business insurance offers coverage for standard business risks like property damage or general liability, fast food insurance is tailored to meet the unique challenges of the fast food industry. This includes specific coverage options like  specialized equipment breakdown coverage.

Absolutely! Every fast food business is unique, and your insurance should reflect that. Gerrards, for example, offers customizable insurance plans that let you select the coverage options that best fit your business needs.

How do I get proof of fast food insurance

You can usually get proof of fast food insurance same day when you purchase insurance through Gerrards.

Acquiring a fast food insurance certificate from traditional insurance brokers may require a few weeks, a delay that could create problems for policyholders who need instant insurance proof for an imminent contract or lease.

To obtain insurance coverage promptly, contact one of our fast food business insurance brokers. We may require you to provide some fundamental details about your business, such as:

  • The name of your business
  • The total number of employees
  • Predicted annual income
  • Years of experience in the industry

What does fast food insurance not cover?

Intentional Damages

Any damage caused intentionally by the business owner or employees is not covered.

Standard Wear and Tear

The natural aging of equipment or property isn’t covered. This includes things like fading paint or worn-out fryers.

Unlicensed Activities

If the business partakes in activities outside of their licensing agreement, insurance won’t cover related incidents.

Other common questions about fast food business insurance

Not necessarily. Multi-location businesses can often be covered under a single policy, but it’s crucial to ensure each location’s risks are addressed.

Yes, many policies offer an option for employee dishonesty/fidelity coverage which would cover theft or fraud by employees.

Yes, under the general liability section of your policy, damage to a customer’s property can be covered.

If your business offers delivery, it’s essential to mention it when getting insurance. You might need additional coverage, especially for delivery vehicles or potential liability issues during delivery.

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