You know how to run a successful restaurant. But do you know what mishaps can hinder your progress?
Accidents and errors happen, even to the most vigilant restaurant owners. Luckily, choosing restaurant insurance that covers all your bases can protect you and your assets.
Here are 5 common mistakes to avoid when choosing restaurant insurance so you can be sure you’re getting exactly the kind of coverage your restaurant needs.
1. Rushing Your Selection
You’re managing a business and saving time saves money. Still, there is an inherent risk in rushing your selection of insurance coverage.
Read the fine print.
Make a list of everything you can think of that your restaurant may need to have covered. Then, talk to a trusted agent or fellow restauranteur to make sure you’re not forgetting something important. Knowing the different options for insurance will protect you from missing out on available options.
It can be tempting to rationalize away risks. Saying, “Oh, that will never happen to me,” can find you in serious trouble. Even if an insurance risk is unlikely, consider getting it covered.
It’s better to cover all your bases under your insurance policy than to choose a plan with holes.
You’ll end up paying more in the long run if you rationalize and opt not to cover all potential risks.
3. “Cheap” Insurance
The adage, “You get what you pay for,” is true. When it comes to your insurance coverage, you do not want something “cheap.” Sure, it’s tempting when you’re starting a new restaurant and costs are high, but the whole point of choosing restaurant insurance is to protect yourself and your business.
Holes in your coverage could end up costing you much more in the long run simply because you wanted to save a few bucks at the start.
Let wisdom prevail and be sure to read through the entire policy to make sure you have no holes where serious or potential problems may occur.
4. Not Looking for Savings
While it’s unwise to opt immediately for the least expensive option, it’s also important to dig for bundles.
Bundles and discounts are often available to restaurants or small businesses that need several types of insurance. If you’re using the same provider for each, ask about discounts.
5. Not Updating Your Policy With Growth
Is your restaurant or small business seeing some serious growth? One of the biggest mistakes to avoid when choosing restaurant insurance is to not update it as you expand.
Growth is great, but growth without reassessing your needs or the value of your restaurant can leave you with holes in your coverage and major unforeseen expenses.
Get Help Choosing Restaurant Insurance
Choosing restaurant insurance doesn’t have to be intimidating. Our team of insurance experts can guide you. We are here to help you plan for every potential risk and make sure you and your restaurant are protected.
Contact us today for a quote to compare rates from multiple companies. You can find the right restaurant insurance for your business today.