If you’re opening a new restaurant or shopping around for a renewal quote, it’s vital to ensure all possible financial risks are covered. When you deal directly with the public then the types of risks you could encounter are very different to most other types of businesses.
While there are many specialised restaurant insurance policies available, it is very important that you fully understand what they do and don’t provide.
At Aspire Insurance Solutions, we have encountered many restaurant owners that were actually very exposed due to their policy having very limited wording. In many cases, the owners have also just focused on restaurant liability insurance, ignoring all the other exposures.
Unique Risks Restaurants Are Exposed To
Having advised many restaurant owners, from small family businesses to chain and franchise owners, we have a very unique perspective of what real risks you are facing. These need to be specifically covered under your policy.
Some examples are listed here.
Health And Safety
Regulations in the food-producing and serving industry are extremely stringent. You could face an inspection at any time for both food safety and the safety of your working environment.
Whether you fail such a regulatory inspection due to deliberate or accidental reasons really doesn’t matter. You could face temporary closure and heavy fines that pose very real financial risks.
Even with the best stock management processes, spoiled produce can make its way into a dish. In a best-case scenario, this is noticed before anyone gets sick, and you may have to close for a few days to resolve the problem fully.
However, food poisoning is a real risk with some serious claims and penalties that could cripple your businesses.
Quality Advice You Can Trust
If you’re just setting up for the first time, then you’re probably wondering: what kind of insurance does a restaurant need? Or maybe you’ve been running a family restaurant for decades and just want to make sure you get the most competitive premiums.
To make sure that you have the best possible policy cover available, you need advice from insurance representatives who fully understand the food industry as well as the different products available.