The recession may be on its way to being over, but recovery is essential to getting many businesses back to the point where they may actually be making a profit, particularly restaurants, which saw a decline in business as many customers sought a way to save money during the recent economic crisis and reduced their visits to many of their favorite eateries.
While restaurants, including those in the New York area, are still finding it tough to bring back customers in the numbers they saw during times prior to the downward spiral, many are turning to innovations and expansion to grow their business.
While that can be a plus for many of those who are successful in accomplishing this, it can also open the door to unexpected liabilities that their current restaurant insurance policies were not designed to cover. New ventures often mean new risks and exposures.
Lack of Coverage Could Threaten Many Businesses
The possibility of a lack of appropriate coverage only becomes evident when a mishap occurs and a claim gets filed. For example, after someone has already threatened to sue for damages is definitely a bad time for a restaurant owner to discover they don't have sufficient coverage. If they had consulted with their insurance agent about their insurance needs before changing their business model they could have prevented a bad situation from occurring. Agents can ask key questions at renewal time, discover where new liabilities have come into place, and suggest additional coverages, thereby heading off this scenario and building a stronger relationship with their restaurant customers.
Here are some of the current trends that might put some restaurant owners at risk and the questions agents should ask their restaurant customers:
Mobility: Has the restaurant added any new services, such as delivery of meals using hired drivers using their own cars? Branching out their business: Is the restaurant starting a new line of business, such as catering or Food Trucks? Trendy foods: Has the restaurant begun introducing new menu items in order to attract more customers, such as: locally sourced foods, organic ingredients, or non-allergenic ingredients? Additional payment methods: Is the restaurant now accepting new methods of payment, such as online credit charges or smartphone purchasing?By having the answers to these kinds of questions agents can offer customers a variety of options that go beyond the coverage required for an on-site restaurant operation. Restaurant insurance agents with experience in the food services industry can work closely with restaurateurs to make sure that they have the right "ingredients" in their policies.
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