Keeping your restaurant or franchise properly insured can save you a lot of grief and disappointment later if you have to file a claim. Many restaurants are underinsured in one way or another. Here are 4 easy steps you can take to help keep your business properly insured.

1. Know your policy type and what it covers:
Depending on the type of restaurant you have, your policy should reflect its needs. It is important to ask your agent what types of policies are available in order to compare coverages.

2. Keep up to date with changes you have made in the past year:
Your business is dynamic and can change rapidly with the marketplace.  If you do not have good communication with you agent or broker, you could be leaving yourself open to large gaps in coverage. An annual or sometimes semi-annual review of exposure is always recommended.  Remodels and additions are of perticular concern as they add to the value and sometimes can be overlooked during renewal. 3. On a regular basis assess your business personal property:
3. See what additional coverages are available to you:
Coverages like EPLI and Cyber Liability are new to the industry and can close a business if an uncovered claim comes in this area. Additional coverages are not just a way for you to spend more money, they are a way to protect your investment at a very small price. The following below are additional policies clients purchase to protect their restaurants.

  • EPLI

 

  • Buy/Sell and Life

 

  • Liquor Liability

 

  • Umbrella

 

  • Auto

 

  • Disability

 

4. Communicate with your Agent or Broker:
After implementing the 3 steps above, it is always important to review your findings and concerns with your agent or broker. Communication with your agent or broker will help eliminate a lot of problems for you concerning your insurance. Working proactively with your agent or broker can help you the restaurateur have an even more successful business.

Have questions or concerns? Comment, or shoot me an email.

Author Stratton

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