What points to pay attention to and is it worth buying at all?
The insurance of your restaurant is the first step to the success and growth of your business. Imagine that you have a dream and it finally came true. This dream is your restaurant or cafe. And so you decorated the hall, bought all the necessary equipment and furniture, hired staff, and opened up to guests. Everything is wonderful, but from this moment the next stage of your business begins—dissatisfied clients, injuries of staff, damage by teenagers the facade of your building, and perhaps something even more serious. You start spending the money you just earned on all these things and your business starts to be unprofitable. But everything can be as you wanted—profit, minimum spending, confidence that tomorrow your business will become even stronger. All this can provide you the insurance.
To get really good insurance, pay attention to the following points:
1. You can insure any type of property, from a posh restaurant to a small bar or a diner. The owners of large and well-developed businesses have achieved this stability through insurance. They insured almost all of their objects, which can be completely different. It often happens that one owner has a chain of restaurants and a chain of cheap diners. No matter how much profit they bring in a year, a prudent owner insures them all. Here's how such insurance has helped the owners of a large restaurant chain.
2. There are 4 possible types of insurance:
Property Insurance of all property in a restaurant, not just the building itself, should also be a high priority. You can insure inventory, equipment, furniture, carpets, and more. This also includes those cases when your business forcedly cannot work—fire, theft, damage of property by vandals. Such insurance is necessary if you have dishonest competitors or your restaurant is located in a not very quiet area of the city.
Liability. Better to take General Liability. It takes into account different cases such as bodily injury of customers or employees, partial damage of property, industrial espionage. Also, it covers the expenses if your restaurant sued. Protects the authors’ rights and your reputation if competitors try to slander your business in some way.
Working staff of the company. This clause is often mandatory; it takes care of the rights of your staff. Each employee will be able to receive monetary compensation in case of an injury at work.
Cars, trucks, and others. This is the insurance of all vehicles owned by your company.
3. The location of the restaurant and the risks associated with it. For example, there may be landslides, hurricanes, or floods. This moment is especially important if the climate and weather in the region are unstable.
4. Don't wait for something to happen. It’s better to be safe than sorry, so buy insurance in advance. We recommend buying it from the first days of starting your business. First, you will immediately insure yourself against many of the troubles that new restaurant owners often have. And secondly, you may simply not have enough time for it, when your business starts working and you need to monitor its development. In any, even the most established business, risks and controversial issues often happen.
5. Insurance cannot be ordered only through the online order form. You still need to spend time discussing the details with the manager. Computers and the Internet made our lives easier - shopping, books, entertainment, and more. But some things still require your presence. Insurance is an important thing; there are a lot of details and trifles that cannot be solved by one telephone call. When you make an order through the website be prepared to find the time and visit the office. This visit usually becomes useful for the business owners themselves, because the manager will tell you what to fear, what points to pay attention to, and what to focus on when choosing insurance.
6. Do not skimp, cheap is not always profitable. It is better to choose complete insurance or at least not the most minimal one. Then it will be able to cover the biggest part of all insurance claims. Remember, insurance should change with your business. For example, you are planning to open a summer terrace, install barbecue equipment, and hire more staff. Or you decide to move to another building, such as a large office or shopping center. And here are some interesting advices how to choose the insurance.
An important point for any type of insurance is exceptions. Almost any company has them. Exceptions are those cases, incidents, etc. that are not covered by your insurance Carefully look through each of them, this will help you choose the best deal and avoid unpleasant surprises in the future.
Choose trusted companies with a good reputation. American Insurance is a company with extensive experience that offers all types of deals. At the same time, prices for services remain affordable and flexible.
Donna James is a high lyskilled freelance essay writer and proofreader from Michigan who currently works on various projects focused on the IT&C industry apart from her work. She is interested in everyday development and writes blog posts on various topics, such as marketing and technology.