Opening a restaurant is a significant investment that takes hard work. While it may be a lifelong dream, operating a restaurant exposes you to multiple risks. Planning for risk is important because of other responsibilities. Now is the perfect time to review your restaurant insurance policy. Let’s take a closer look.
- While Expanding a Business
As previously noted, expanding your business is the perfect time to review your restaurant insurance policy. The coverage in your policy may no longer be ideal since you have more space. You must speak with your insurer to see if you need to add more coverage or adjust your current policy. With more space, consider increasing your property coverage limits. You may also need to adjust your liability limits, especially if you are renting extra space.
You may be opening a new restaurant in another location. In this case, you must amend your restaurant insurance policy to cover the new location. Before opening the new location, you should contact your insurer. Your insurer can notify you about the coverage you’ll need to protect your new restaurant fully. You may even qualify for a discount because both restaurants are insured through the same carrier.
- When You’re Serving Alcohol
Serving alcohol at your restaurant could attract more customers and increase your revenue. However, you’re also taking on significant liability risks. You should amend your restaurant insurance policy to protect your business if someone gets drunk, hurts another customer, or damages property. If you don’t have enough coverage, you’ll be financially responsible if an impacted party sues you. You may have to cover your legal fees and the injured party’s medical treatment out of your assets.
- When Thinking of Renovation
Renovating projects are exciting and allow you to reach new markets. It’s also the perfect time to review your policy. Pay close attention to your workers’ compensation coverage during the renovation. There’s a higher chance that one of your employees could sustain an injury. Increasing your workers’ compensation coverage could help you avoid a lawsuit, as you can cover your employees’ medical care.
Consult with RMS Insurance Brokerage, LLC!
As a restaurant owner, it’s essential to review your insurance policy regularly to ensure that you have adequate coverage. The RMS Insurance Brokerage, LLC team can help if you have not done so recently. Our experts will thoroughly review your policy to identify gaps or areas needing improvement. Our help lets you know that your business is protected from unexpected losses or liabilities. Contact us today to schedule your policy review.