1) Consider Business Interruption Insurance:
How would your restaurant cope financially if it was damaged and needed to be closed down for a period of time? Business interruption insurance allows you to earn an income and keep your business afloat whilst the business is returned its state prior to the damage occurring. For more detail on business interruption insurance click here.
2) Reinstatement value – is your sum insured correct?
It is imperative that your restaurant sums insured are correct. Will the figure insured be enough to rebuild your business in the event of a catastrophe? Our brokers can be of assistance in determining the correct figures.
3) Management Liability Insurance:
Restaurants are increasingly being exposed to Management Liability claims, where Directors and Officers of the organization may be liable for events such as Employment Practices Liability (unfair dismissal etc) and Statutory Liability (fines handed down by government bodies such as Work Safe). It is highly recommended that you discuss Management Liability Insurance with your broker to mitigate such risks. For more detail on Management Liability Insurance, click here.
4) Deterioration of Stock cover;
There are many situations where your food stock may be damaged, such events may include power failure or machinery breakdown. In such an event, Deterioration of Stock cover will cover all lost food stuffs.
5) Ensure that your risk management plans are adequate:
All restaurants need to ensure that the correct fire protection devices are installed in their premises, and that such devices are easily accessible. The more fire protection your restaurant has, the less your premium may be. It is also highly important to carry out regular preventative maintenance. It is a condition of many policies that cover restaurants that that the exhaust / extraction system ducting is professionally cleaned annually and that the exhaust / extraction system filters are cleaned weekly.