Running a restaurant includes unique risks and challenges, including food contamination, unruly patrons, injuries from fights, violence sustained by witnesses, etc. So, more than just a standard policy is required. You need the best possible restaurant insurance coverage to protect your customers and workers and save your bottom line. This is why it is essential to look at your restaurant insurance policy to ensure you have all-inclusive coverage to protect your business. However, you might wonder when you need to review your policy. Read on to find out.
Suppose you are expanding the space of your restaurant to accommodate more customers or using it for another purpose like installing cooking equipment or a refrigerator. In that case, you may need to customize your policy such as increasing the coverage amount for your building or including coverage for the additional equipment/device.
Selling or serving alcohol may open doors for several liability risks like injuries and property damage caused by over-served or intoxicated patrons, sexual harassment, physical conflicts, mugging, etc. So, you should consider increasing your liability coverage to protect against these incidents.
Renovating a restaurant may include customizing the floors, enhancing the aesthetics of the ambiance, adding luxury features, etc. These may require increasing the coverage limit or buying an endorsement for adequate protection, so it is good to review your policy to determine the additional insurance requirements.
Your existing restaurant’s insurance policy will not cover the second restaurant you have planned to open. You must buy a separate policy for the new restaurant depending on the space and location-specific needs and risks.
If you have improved your restaurant’s safety and security by installing a burglar alarm, CCTV cameras, fire alarm, etc., you can be eligible for premium discounts. So, after installing the safety features, you can talk to your insurer to ask whether you will qualify for such discounts.
Even if your restaurant has had no changes to its operations, space, and features, it is good to review your annual policy to keep it up-to-date. This will help you know that you have enough coverage to protect your restaurant from financial risks, ensuring your peace of mind.
Suppose you review your restaurant insurance policy every year or at least in the above circumstances. You can thrive in your business without worrying about unfortunate incidents and related claims and lawsuits.
At Humble Insurance Group, we offer comprehensive restaurant insurance with customized coverage options, so that you can enjoy unmatched protection against potential risks. Contact our insurance professionals today to get the restaurant insurance coverage built around your liability and property needs.
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