As your restaurant grows, your insurance needs may change. Expansion can increase your exposure to risks, new legal requirements, and potential losses. Enrolling in comprehensive restaurant insurance helps minimize financial setbacks after an incident. At Tabak Insurance, we specialize in helping restaurants get comprehensive coverage designed to meet the unique demands of the hospitality industry. Here’s how to evaluate your restaurant insurance needs as your business grows:
Recognize New Risks
An increase in foot traffic at your business can raise the likelihood of accidents or liability claims. Hiring more staff may lead to a higher risk of on-the-job injuries, and longer operating hours and alcohol service may increase overall exposure to risk. Old insurance policies can leave coverage gaps. Evaluating your operations, services, and potential risk areas helps you determine the ideal insurance for your current business needs.
Match Coverage to Operations
Restaurant insurance may be tailored to address your changing needs. General liability insurance safeguards against third-party claims, such as injuries, negligence, or property damage. Commercial property insurance protects against damages from fires, vandalism, or natural disasters. Workers’ compensation provides coverage for lost wages and medical expenses if an employee is injured on the job.
Liquor liability insurance shields your business from claims related to intoxicated patrons. Errors and omissions insurance covers negligence, such as mishandling catering orders. At Tabak Insurance, we offer these policies, which can be bundled or customized to fit your specific requirements.
Understand Legal Compliance
As your restaurant grows, assess any legal requirements that could affect your insurance coverage. New regulations may require you to adjust your policy. This includes compliance with local health and safety standards, labor laws, or zoning changes. You may also need additional coverage, such as liquor liability or event cancellation insurance if you add alcohol sales or begin hosting events. Consulting with an insurance specialist, like our team at Tabak Insurance, can help you remain protected as your business expands.
Identify Coverage Gaps
Basic restaurant policies may not cover all the unique risks your business faces. Standard plans can exclude areas like food contamination, cyberattacks, or employee theft. If your business relies on delivery services or online ordering, you may need additional coverage for commercial auto and cyber liability. A gap can occur if your restaurant is expanding its staff and your workers’ compensation policy has not been updated. If your payroll has increased, adjusting your coverage limits helps you avoid uncovered claims and penalties for noncompliance.
Protect Your Growth With Restaurant Insurance
Updating your restaurant insurance coverage can protect your business as it grows. As your operations evolve, work with a qualified insurance agent to review and upgrade your policy. Tabak Insurance understands the needs of the restaurant industry and offers customized plans to safeguard your investments and operations. From adjusting coverage to meet changing risks to helping you comply with new legal requirements, we’re here to make sure your restaurant is fully protected. Contact Tabak Insurance today to get a tailored policy that fits your current needs and prepares you for the future.
