People go into business all the time, but with each passing day, you could be the next one to quit your restaurant. Business failures happen. So, if you want to increase your chances of business success, it’s highly advisable to get a commercial insurance. However, getting a commercial insurance is not a walk in the park either. So, here are 5 ways to find a commercial insurance for your restaurant.
- Look For An Agent
Getting a commercial insurance policy is not as easy as grabbing a box of cereal from the kitchen cabinet. This requires crafting an insurance plan. So, the first thing you need to do is look for a good agent who can help you.
You’ll have to choose between two types of agents: a captive agent and an independent agent. Captive agents work for a particular company. Thus, they offer, not their services, but that of the company they work for.
An independent agent, on the other hand, works as a single entity. The good thing about independent agents is that they can offer their own services while still being connected with several companies. This is what makes it a decent choice for startup businesses.
- Look For A Business Insurance Policy (BIP)
After appointing an agent, your priority task should be to get a business insurance policy. Everything else that happens after that is practically fill in the blanks.
A BIP is a combination of a general liability insurance and property insurance. It’s like your first wall of defense from property damage, lawsuits, and other undesirable business events.
- Find A Commercial Insurance That Covers Contractors
Technicians are a fine example of a kind of contractor restaurants need. If for example, you called a technician to fix your oven, and it so happened that he offended or assaulted one of your employees for whatever cause. This could harm the kind of social harmony you have instilled in your business.
Employees are confined to specific rules when they are within company premises, but a contractor is a different story. In order to protect yourself and your employees, making sure that your insurance covers contractors would be a great help.
- Look For An Insurance Bundle
It’s very unlikely that you will only need a single commercial insurance. You are bound to look for insurance in many areas of your business such as employee, building, vehicles, and many more. In order to minimize the cost, it’s highly advisable to obtain a commercial insurance that is offered in bundles.
- Get Mandatory Commercial Insurances Specific For Restaurants
There are basic commercial insurances that you need for your restaurant business such as a BIP, but there are other insurances that strongly apply to the particular industry you are in. To name a few are workers’ compensation, third-party commercial motor insurance, as well as public liability. You may also want to think about getting other commercial insurances like theft of contents and stock, management liability, machinery breakdown, and many more.
Getting a commercial insurance policy is crucial, especially if you are just starting out in the food industry. The world of business is unpredictable. Commercial insurance is one way to protect your business effort from unexpected losses.
At Cornerstone Insurance Agency, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (770) 413-0807 or Click Here to request a free quote.