Published On: December 27, 2023

Restaurant insurance can protect your business from adverse events such as third-party lawsuits, property damage, and equipment failure. Having multiple businesses under one insurance policy can provide you with convenient and comprehensive coverage. It can also help you save money on your insurance needs. Here are some tips for putting multiple businesses under one insurance policy and helping you determine the best coverage for your businesses:

1. Consider the Risks of Each Business

Each type of business comes with different physical and financial risks, so consider the insurance needs of each business individually. Restaurants should have general liability insurance to protect against third-party lawsuits regarding bodily and property damage. They should also have liquor liability insurance to protect their business if an intoxicated customer causes bodily injury or property damage after drinking at their restaurant. This protects them from dram laws that could hold them liable for these damages. Other insurance coverage, such as workers’ compensation insurance, may be required by your state.

If you own multiple restaurants, the risks are likely similar and the businesses can be insured under one policy. Owning various types of businesses may require separate policies to protect each company. Our professionals at Tabak Insurance can help you determine which policies you can bundle and which policies should be purchased separately to make sure you and your businesses are protected.

2. Explore Business Owner’s Policy (BOP) Insurance

A Business Owner’s Policy is an insurance package that includes general liability insurance, commercial property insurance, and business interruption insurance. It is a good option for businesses with many customers or employees. It also offers a convenient option when you want to bundle multiple businesses underneath one policy.

A BOP package helps protect your business from lawsuits, property damage, income loss due to business interruption, and more. Because the policies come as a pre-prepared bundle, purchasing a BOP is usually cheaper than purchasing individual insurance policies. Contact Tabak Insurance to create a BOP package that fits your business needs and budget.

3. Regularly Review Insurance Policies

Schedule regular policy reviews to assess each of your business’s needs. This allows you to make adjustments to coverage as your businesses grow and evolve. If there is a change in your business operations or industry regulations, you may need to update your policy. If you have recently started a new business, you may need to add coverage to your current policy. By regularly reviewing your insurance policy and making changes when needed, you can make sure each of your businesses has adequate coverage and protection against various events.

4. Communicate With Your Insurers

When you are considering placing multiple businesses under one insurance policy, you should communicate openly with your insurers. Be open about the nature of your various businesses, and tell them immediately if there is a change in your operations or if you are starting or selling a business. This can help your insurers understand your risk profile and insurance needs. At Tabak Insurance, we have a thorough understanding of restaurant insurance and the needs of serviced-based businesses. Communicating when business operations change allows us to help you protect your businesses from expensive and potentially devastating risks.

5. Add Separate Policies When Necessary

While putting your businesses under one insurance policy can offer convenience and cost savings, there are situations where separate policies may be a better choice. These situations can include businesses with significant differences in risk profiles and businesses with disparities in claims histories. Separate policies can prevent a bad claim in one business from affecting the premiums and coverage of the others.

It may be less expensive to pay for separate policies with tailored coverage than comprehensive coverage that doesn’t adequately cover each business. At Tabak Insurance, we analyze the risk profile and needs of each of your businesses before crafting a policy. We also speak with you about your future business plans and projected growth to help you determine the best coverage options.

6. Implement Risk Management Practices

Implementing risk management practices in each of your businesses can potentially lower premiums. It can also make it easier and less stressful to run each business. For restaurants, focus on food, employee, and customer safety. You can do this by offering effective staff training and maintaining a clean kitchen and dining environment. Implementing these strategies and monitoring your progress can lead to significant insurance cost savings over time.

Protect Your Business With Restaurant Insurance

Having multiple businesses under one insurance policy can provide comprehensive protection against various events and accidents. The professionals at Tabak Insurance can help you explore your options to make sure each of your businesses is protected appropriately. We provide insurance to restaurants, bars, nightclubs, and similar businesses. We have extensive experience in these industries and take the time to understand your business’s specific needs. Contact us today to receive a free quote and get insured within 24 hours or less.

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