Reviewing your restaurant insurance policy allows you to update your coverage for maximum protection. It's essential to do this if the situation with your business has changed significantly within the past few months.
Common reasons to review and update your restaurant insurance policy include the following:
f you have expanded your establishment’s physical space since the last policy renewal, you should consider consulting with your insurance agency. You may need to increase the coverage amount to include the entire building just in case a covered event occurs. Adjusting your insurance policy can protect you from loss even if operating in a rented space.
Products Offering beer and wine in your restaurant introduces a specific range of liabilities that may require special liquor insurance coverage. Introducing Vodka, Whiskey, and other hard liquors can also change your coverage requirements. This is why it’s essential to take another look at your current restaurant insurance policy once you've added any alcohol offerings.
Your existing policy only covers your current location. If you're considering opening another establishment, discuss with your agent the type and amount of coverage you may need to stay fully protected. You can also ask them if you're eligible for a premium rate reduction for insuring two restaurant locations with a single carrier. Reviewing your current restaurant insurance policy and updating it can provide adequate protection from the resulting liabilities and property damage.
Make it a priority to review your current insurance policy if you have any upcoming restaurant renovations. Working on any section of the establishment while operating in another increases your third-party liability risks, especially for guests and employees. You'll want to assess the need for extra liability coverage during the planned upgrade to shield your business against financial loss.
Older wiring and various design or structural issues can increase your building’s risk of damage, such as by fire. These safety problems can also increase your insurance premium rates. If you recently fixed such defects, even for compliance purposes, you should find out if you're eligible for lower coverage costs. This often means reviewing your current restaurant insurance policy against any recent safety or structural upgrades and engaging your provider.
It always makes sense to regularly review your restaurant insurance policy details even if you've not made any recent changes to the business. If you haven’t looked at the fine print within the past 12 months, you should consider doing that for peace of mind’s sake.
You want to be sure that you have adequate financial protection and that there are no coverage gaps that may distract you from happily serving. These are reasons to take a fresh look at your current restaurant insurance policy. Contact the experts at Fuller Insurance Agency today if you need help auditing your coverage requirements before renewal. We excel in providing cost-effective commercial insurance solutions for small businesses like yours.