New York City is expensive, and any New Yorker knows that there are tricks to making the most of your money. For example, many renters looking to score a deal wait to view apartments until the October-February window, when the market is much slower. For NYC restaurant owners, the same tactic can be used to save money on restaurant insurance.

Unlike shopping for a new apartment or seasonal clothes, however, there is no single designated “off-season” for restaurant owners to purchase insurance. In fact, each restaurant will have a different window of opportunity for savings depending on their current policy and their reasons for switching.

For most restaurants, the best time to shop for a new insurance policy is when their current policy is scheduled to renew.  If a restaurant is already unhappy with their policy, this is the time to buy. For restaurants who aren’t set on switching yet, renewal paperwork showcases future rates and can help owners decide whether or not the price is right. Because renewal paperwork tends to come in the mail four to six weeks prior to the actual renewal date, restaurants have a decent amount of time to begin shopping for new policies after they’ve received their reminder.

By shopping prior to their renewal date, restaurant owners can reap several benefits. First, switching insurance policies at the time of renewal allows restaurants to make a clean break from their old insurance provider. Aside from any recent changes, all debts should be paid, there should be no lapse in coverage, and no special fees should apply. 

Second, shopping for insurance prior to renewal indicates that a restaurant is a responsible client. Because of this, many insurance companies will offer clients shopping ahead of time a discount on an advanced quote. This discount usually applies for those shopping eight or more days ahead of their switch date, well within with the renewal reminder period.

While shopping for a new insurance policy during the renewal period can provide restaurants with additional savings and a clean break, restaurants can technically change insurance policies at any point in time. This is a great solution for clients who are dissatisfied with their current insurance agent or coverage. As long as the current policy has been active for a few months, it is unlikely that a penalty fee will be charged for switching midterm.

Regardless of when a restaurant chooses to shop for a new insurance policy, it is important that owners have their restaurant’s declarations page on hand. The declarations page is a simple way to provide verification of current coverage and proof of prior insurance. This information is needed in order for restaurants to receive preferred insurance rates. Further, renewal paperwork provides accurate cost comparison for restaurant owners looking to spot differences between insurance quotes and their current cost of coverage.

Running a restaurant in NYC can be a challenge, especially when it comes to managing costs. One way restaurant owners can stretch their money a little further is by saving money on their insurance policy. Shopping for a new policy during the renewal period is one way that NYC restaurants can save money on insurance. However, restaurants are not limited to switching during this time.

Is your restaurant looking to change insurance policies? Don’t forget to get a quote from Bikelane — we are 100% restaurant-focused, and committed to helping you find the best coverage at the best price.