Restaurants, Bars, Bistros, Cafes, Coffee Shops, & More
What's on the risk management menu for your establishment?
It may not be a daunting task to obtain coverage, but do you know what exactly your policy is protecting you from?
Exposures in the restaurant space
Restaurants may not face wrecking balls or dynamite, but they certainly encounter their fair share of manageable risks. Slip-and-falls are a common occurrence, particularly when floors are wet. The possibility of kitchen fires looms, especially when cooking with grease. Serving alcohol also brings the risk of claims related to over-serving. The unfortunate reality is that employees can pilfer hard-earned money, and even team members can sustain injuries while preparing food. The list of potential hazards seems endless. That's why it's crucial to have a well-thought-out risk management plan in place, one that goes beyond a mere piece of paper stating "insured."
Let's spill the tea...
Don't settle for just any carrier. The rates and coverages they offer can vary significantly. Your cuisine choices can have a major impact. Having sprinklers in your building can be a gamechanger. The number of years of restaurant experience can save you thousands in premiums. Some carriers may instantly decline coverage based on the percentage of alcohol sales. Don't leave it to chance; work with a team that knows exactly where to find the best coverage and cost for you.
à la carte
Here are some of the coverages you may lean on more than general liability coverage
Food Contamination / Spoilage
What occurs in the event of a refrigeration system malfunction and the necessity to discard all inventory?
Liquor Liability / A&B
If an establishment serves alcohol, having liquor liability coverage is absolutely essential. Certain policies may also provide coverage and/or restrictions for assault and battery claims.
Even as the tenant, you likely designed the space to ensure the perfect layout and overall experience for customers. Is your investment in the build-out properly insured?
Tips are essential for survival for many individuals. But what happens when the shocking truth unveils itself - an employee, trusted by the employer, has been cunningly stealing thousands of dollars over a long period of time?
Despite any claims made by the credit card processing company, the establishment can still be held accountable in a cyber liability case.
Loss of income
Imagine a powerful storm wreaking havoc on the restaurant, leaving it unable to operate for several months. Despite this setback, there are still outstanding bills to be paid and notes that need to be settled.
"My experience with Valor Insurance Brokers has been a load off my shoulders since 2017, when I expanded my business from a food truck to a restaurant. Any question, concern, or need I’ve had has been met with a level of professionalism and friendliness that is unmatched. As the business continues to grow, I know all my insurance needs are in good hands with people who care about me and my business. "
If you currently cannot afford quality insurance, can you imagine affording a substantial loss or a costly lawsuit in the future? With the restaurant failure rate already alarmingly high, it is crucial not to jeopardize your business with inadequate risk management.