Restaurant Insurance Tips
Whether you have had your restaurant for years or are in the early phases of planning to open your doors, there is a huge factor that all business owners need to consider: insurance. In the restaurant industry, there are so many different types of restaurant insurance to choose from. This can make picking out the right insurance for your specific business difficult. You obviously want a comprehensive policy, but you also don’t want to pay an arm and a leg for coverage. Here are our top five tips for buying restaurant insurance in order to make sure you have what you need to protect your restaurant establishment for the long run.
1. Work with an insurance company that specializes in the restaurant industry.
There is no shortage of insurance companies out there that will try to sell you a one-size-fits-all policy for your restaurant business. If you are taking the time to look into restaurant insurance, make sure you are working with an insurance company that focuses primarily on the food service industry. These professionals, such as the professionals at RPA, have extensive experience helping a variety of food service establishments in picking out the right insurance to meet their specific needs. At RPA, we are well aware of the uniqueness of each food establishment we work with, and what kinds of policies will protect them without costing owners too much.
2. Take your specific business type into consideration.
The terms “food industry” or “restaurant” are extremely broad. Depending on your specific type of dining establishment, there will be unique insurance to consider. For example, if you make most your revenue off of alcohol, cater food, or BYOB, or are a fast food establishment – there will be significantly different policies required to properly protect your business. Take the time to think about what makes your business unique, and also what risks that might be exposing you to. Your restaurant insurance consultant will be able to help you identify these risks.
3. Location is a huge factor.
Location is going to play a pretty big role in your restaurant insurance needs. If you live in an area prone to flooding, for example, you will definitely want to secure flood insurance. Same goes for if you are in an area where natural disasters and power outages are common occurrences. Securing insurance, especially in vulnerable locations, is sure to save you money (and your business) in the long run.
4. It is always better to pay for insurance than wait for something to happen.
This cannot be stressed enough! So many restaurant owners believe that the bad stuff they hear on the news will never happen to them. While we all hope that it’s not true – theft, weather, equipment breakdowns, and lawsuits are all unexpected things that happen every day across the United States. It is better for your business, and for your peace of mind, to be protected in the case that any of these unfortunate events impacts your workplace.
5. Your insurance should change with your restaurant business.
The type of restaurant policy and coverages you need will change right alongside your business. For example, you will need more coverage as you expand and hire more people, and perhaps less if you move to another location. Work with your restaurant insurance agent as your restaurant business changes to ensure you have just the right amount of coverage for proper protection.
Contact RPA Today
Ready to buy restaurant insurance with the help of professionals who specialize in the food service industry? The agents at Restaurant Programs of America (RPA) focus solely on counseling and providing restaurant insurance in all fifty states of the U.S. Contact RPA today to learn more about your options and to begin protecting your business.