Need to cut corners?
If you’re looking for somewhere to cut costs and save money, don’t choose insurance as your target. Having the right coverage is the cost of doing businesses, and cutting corners could come back to bite you in the end.
Finding the right insurance for your business probably involves more aspects than you think. Many restaurant and franchise owners have general liability and property insurance, but thatisn’t always enough. You also need to think about any additional coverage your specific business might need. Additional insurance considerations include:
- Employee or commercial auto — If your employees deliver food or other products on behalf of your business, you probably need auto insurance for hired and non-owned coverage.
- Workers’ compensation — When it comes to workers’ comp, a single issue could end up being a costly process. You ought to consider medical bills, lost wages, and accidents or occupational diseases.
- Employment practices liability — What if one employee harasses another? You could be sued if you’re unprepared. Employment practices liability insurance (EPLI) provides liability insurance from employees and their treatment in the workplace, such as sexual harassment and discrimination.
- Umbrella — To ensure you’re well-protected, you may want to consider umbrella insurance, which builds on basic liability insurance and covers a higher limit.
To assure you’re covering all your bases, ask every question you can think of — even if you think they sound stupid. What about food spoilage? What if someone robs your restaurant? What if a weather event forces you to close? Think about all the circumstances you might want coverage for and ask your provider for insurance to address them.
Ask an expert
It can be difficult to navigate the complicated business insurance terrain on top of managing your business. You barely have enough time to be an expert in your industry — let alone the insurance industry.
You can save yourself from risks and headaches by hiring a provider with experience in restaurant or franchise insurance. If possible, try to find a representative with experience in your specific franchise who already has tried and true practices laid out to protect business owners like you.
