Having restaurant insurance in place is necessary to protect your establishment properly. Insurance also serves as a tool that helps with your restaurant’s expansion and growth. Tabak Insurance provides a wide range of insurance packages to cater to the needs of restaurants of all sizes. Here is how insurance will help with a restaurant’s growth and expansion:
Lender Requirements
Financial institutions often require restaurant owners to show proof of insurance before they are approved for a loan. They may also require insurance before financing expansion projects. One of the insurance policies they may require includes general liability. General liability insurance will protect your restaurant against common issues such as property damage, injuries, libel, and negligence. This policy will also assist with legal fees or medical bills. Lenders may be more willing to finance restaurant growth when they see that a business has taken measures to protect its assets from potential risks. Showing proof of insurance also allows restaurant owners to meet lender requirements to secure the funds they need for expansion.
Employee Retention
Purchasing a workers’ compensation insurance package may help your restaurant’s employee retention and growth. Workers’ compensation insurance policies offer financial protection in the event an employee injures themselves on the job. Employees can experience strains from lifting heavy objects, slip on wet restaurant floors, or deal with cooking-related burns. If an employee is unable to work temporarily or for an extended period due to a work-related injury, workers’ compensation will make up for the lost wages. Having this assurance in place can be an attractive selling point for employees. Your staff will know they will be covered if an accident occurs. Investing in the well-being of your restaurant staff and offering insurance coverage can attract talented individuals to join your team, contributing to the growth of your business.
Brand Reputation
Protect your restaurant’s brand and reputation with the help of an all-inclusive insurance package. Taking the necessary steps to protect your customers can demonstrate a commitment to their safety and well-being. Insurance will take care of restaurant customers in case they are injured or harmed due to negligence from a staff member.
Tabak Insurance’s errors and omissions (E&O) policy will protect your business against claims of negligence or insufficient results. Our business owner’s policy (BOP) is another useful insurance package that provides general liability, commercial property, and business interruption insurance. These comprehensive packages enhance the safety of both patrons and restaurant owners. Obtaining comprehensive insurance protection will help improve your brand’s reputation and build trust among patrons. This is beneficial for attracting new customers and expanding your restaurant business.
Risk Management
Owning a food business comes with risks, such as poor staff hygiene practices, not cooking food correctly, using contaminated equipment, and more. If your restaurant serves alcoholic beverages, you also need to handle hazards like overly intoxicated patrons starting a fight or causing damage to your property. Take extra steps to mitigate or completely eliminate these issues from your restaurant. This helps you enjoy increased customer satisfaction and business growth.
Liquor liability coverage is beneficial for restaurants that serve alcoholic beverages and is often required by law, depending on the state. This policy will protect your establishment from injuries or property damage caused by inebriated patrons who were served at your restaurant. Tabak Insurance can work with your restaurant to determine the risks you may most likely face. They’ll then take those risks and tailor a policy to address those issues. Managing risks before they escalate can prove to patrons that your restaurant is safe and reliable, further fueling the growth of your business.
Unexpected Events
Certain unforeseen circumstances will hinder your restaurant’s growth. Floods, fires, and other natural disasters may cause major damage to your establishment and financial setbacks. A commercial property insurance policy will protect your restaurant from either open perils or named perils. A named perils policy insures you against specific perils that you list beforehand with your insurance provider. An open perils policy protects your establishment against any events that aren’t explicitly excluded.
Commercial property insurance will cover building repairs, food inventory, furniture, equipment, and more. This may help minimize closures or downtime in the event of a natural disaster. Instead of being negatively affected by unforeseen events, protect your assets with the right insurance policy. This will allow you to enjoy continuous business growth and expansion without worrying about financial setbacks.
Contact Us for Comprehensive Restaurant Insurance
Whether your restaurant needs general liability, liquor liability, workers’ compensation insurance, and more, our team can help you find the best fit for your needs. Tabak Insurance provides a range of comprehensive insurance coverage policies to help protect your restaurant’s employees and reputation. Contact our team today to learn more about how you can enjoy increased expansion and growth opportunities with the help of the right restaurant insurance package.
