3 Tips For Obtaining Insurance For Your New Restaurant

If you are in the process of opening up your own restaurant, you are going to want to make sure that you have the right type of insurance in place before you open your doors for business. Here are three tips that will help you get the right insurance.

#1 Work With An Actual Agent

It can be nice to go online and quickly get quotes from various companies. However, when it comes to getting insurance for your business, you should work with an actual independent insurance agent. An independent insurance agent works with multiple insurance companies to get you the best coverage possible for your new restaurant.

Working with an actual agent will also help ensure that you get the coverage that you are required by law to carry. It is also the best way to ensure that you get the coverage that you need in order to really protect your interests and your unique business set-up.

#2 Weight The Factors With The Deductible

In general, if you set a higher deductible, you have to pay less of an insurance premium than if you have a lower deductible. Part of the idea behind the lower cost is that you are taking on more of the risk with a higher deductible and you are less likely to file claims that are less than the cost of your deductible.

When considering if a high, low or medium deductible is for you, you need to weight the factors. The first factor that you need to take into consideration is how much cash you tend to have saved up. Your deductible should not exceed the amount of cash that you have on hand and can afford to pay at a moment's notice. Second, you need to think about how often you are going to need to file a claim. If you think it is not that often, it may be worth it go with a higher deductible over a lower one. Third, make sure that your deductible and premium are rates that you can both afford.

#3 Check The Fine Print

When you get an insurance policy, it is a good idea to always check the fine print and make sure that it covers everything you think it covers up to the amount you think it should cover. If there is something that is not covered, you may need to add an endorsement or additional coverage to your policy. For example, if you serve liquor, you are going to need to add a liquor liability clause to your general liability policy or if you cook with open flames, you may need to add an additional endorsement to your coverage. Always double-check the fine print to make sure that you are getting the coverage that you need.

If you are opening up your own restaurant, work with an insurance agent who can ensure that you get the coverage you need, choose a deductible that you can afford to pay and be sure to read the fine print and make sure that you are covered for all the situations that could arise in your unique establishment. 

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