Whether you’re opening your first restaurant or you’re in the process of expanding to your fifth location, you need to have a strong insurance policy behind you. A strong policy is one that is tailored to your business. Your broker should have expertise in your industry, and you should be confident that they will serve you well. Here are five things to keep in mind when policy-shopping.
Food Contamination – Are You Sure You’re Covered?
In many cases, restaurant insurance policies exclude food poisoning. Considering that your business is centered around food, that’s a bit crazy! If you already have a policy, make sure that it’s included. And if you’re shopping for a broker, whether or not they cover food poisoning is a great indication of their understanding of your industry and insurance needs.
Cyber Liability. We Live In a Digital World.
Hundreds of credit card transactions go through your system every day. And if you have a fancy POS system, like Square, even more, private customer data does too. If your system was ever to experience a breach, you will be in very hot water. Cyber liability coverage is crucial in cases like these because it helps to cover financial losses caused by the breach. Make sure that your policy covers both first-party and third-party losses, or else you may be personally liable for your customers’ financial damage.
The Accountant Messed Up, What Now? — EPLI
Wage and hour claims are the fastest growing claims in the country. Let’s say your payroll people paid an employee one penny less than they were promised. It’s only a penny, but that employee could sue you and you would be liable. People make mistakes, but you can protect yourself. Make sure that you are covered, inquire into the coverage of your EPLI policy or consider purchasing fiduciary liability coverage.
Bad Storm, Tree Fell, No Power, No Pizza.
Being a resident of the Northeast, you know that snow stops business. If your town has a storm for a week and no one leaves their home, you will lose income. However, the right insurance policy can cover this. Loss of Income coverage typically covers lost income after the first 72 hours, but a quality policy covers you after the first 25 hours (which makes a lot more sense). Get coverage that makes sense.
No matter your expertise, insurance is a headache. It’s no fun to take time out of your busy schedule to read through your policy or spend time haggling an uninterested broker. Let us help you out. Contact us for a free, no-strings-attached analysis of your restaurant’s policy. We can get you the coverage that you need.