While many insurance providers will offer you an umbrella liability policy, our team will work with you to determine exactly what liabilities your restaurant needs coverage for, providing you with a cost-effective, customized policy. Some of the common programs are:
- General Liability
- Liquor Liability
- Checkroom Theft
- Valet Insurance
- Employment Practices Liability
- Business Automotive
Commercial Property Insurance
The property where your restaurant operates, and all of the pieces of the restaurant that help it operate, are vital to the success of the establishment. Coverage of these assets is vital to any restaurant owner. Our team will assess your current commercial assets and help ensure that you are properly covered. Commercial property coverage often includes:
- Property(Building, Furniture, Equipment, and Supplies)
- Equipment Breakdown
- Business Interruption
- Food Spoilage
Employment Practices Liability
A typical employment dispute can cost a restaurant months of income in an instant. Our team will work with you to make sure your restaurant has all of the necessary local, state, and federal requirements in place to be protected from potential charges that may be filed by current or former employees. Common coverage provided in this program includes:
- Worker’s Compensation
- Wage Claims
- Wrongful Termination
- Employee Dishonesty
Restaurant Insurance Cost is always on restaurant owners mind when thinking about getting coverage, and with Custom-designing an insurance program individually for each restaurant is an important part of what we do. It’s detrimental to shoehorn every restaurant into a standardized “one-size-fits-all” coverage format. After all, one restaurant can be as different from another as night and day.
The process of program design encompasses three steps:
- ASCERTAINING EXPOSURES
- MARKETING TO INSURANCE CARRIERS
- CLIENT PRESENTATION
By ascertaining exposures, we mean quantifying the assets of the restaurant and identifying those conditions which can cause damage and financial loss. For example, if you own your building, that is an asset; it can be damaged or destroyed by fire, windstorm, water, or other physical perils. Another example: the revenue your business generates is an asset—it provides money to pay expenses and generates profits to grow the business and provide cash for the owners. If a fire were to force the business to close, that would create a financial loss separate and apart from the actual damage to the building or contents.
RPA’s account executives are trained to identify exactly what those assets and exposures are. They do this with an in-person visit to the premises and a detailed conversation with owners or knowledgeable managers. Some exposures are easy to spot (a building isn’t very hard to find), but others take time and attention. For example, how does one quantify the potential loss due to an interruption of business, and how is that information properly related to the coverage provided by the insurance policy? If outside power fails, what damage can that cause and to what extent can that potential financial loss be protected?
We have designed a special survey form, just for restaurants, to make sure that we do a thorough job of ascertaining all of the exposures so your business is protected properly.
Marketing to Insurance Carriers
After all of the relevant information (including your past loss record) is gathered and transmitted to our home office, our Client Service department decides which insurance carriers are best positioned to provide the coverage that is needed. Then, they present to those carriers the “story” of who you are and why you are a good risk.
Here is where our relationships and volume of business count. We negotiate with those carriers, seeking the best coverage terms and conditions and the best pricing possible for the program designed to respond to your particular needs.
After the negotiation process is completed, we design and present a proposal that is a plain language summary of the important coverage items. We believe it is important for a client to understand what we have put into place, in order to make any final adjustments, correct any misunderstandings, and establish that trusting relationship.
After all, if we just mailed out policies or spouted jargon at a restaurant owner during a meeting, mistrust would likely follow, or, in a worst case scenario, a serious coverage gap could be discovered at the time of loss. The presentation discussions are not taken for granted; they are a critical part of the entire coverage design process.
What Makes it Work?
The key to making all of this work is training and experience. From the account executives in the field to the Client Service department in the office, understanding both the restaurant and the insurance business assures a quality program design and a favorable outcome if and when a loss occurs.
RPA is exceptional in its ability to deliver that kind of benefit to its restaurant clients across the country. Click to learn more about our programs on our Program Overview!