Insurance for the Food and Beverage Industry
Perhaps no business requires more personal involvement by an owner than a restaurant or bar. Consider the time and financial risk involved in starting and managing this type of business.
You start off with finding the right location. You’ll need a physical space with good visibility, convenient parking and a good deal of foot traffic. In addition to signage and the building lease, you have many other costs to consider. You’ll need to furnish and decorate your location, and also fully stock your kitchen and bar. An insurance policy can provide coverage, should your location experience a power outage, flooding or some other event. Those events may require you to repair or replace assets you use in your business. Insurance can help pay for those costs.
If you sell liquor in your business, that can create a unique set of challenges. You’ll need to comply with local and state laws to obtain and keep your liquor license. That compliance may require you to spend money on new equipment to properly store and serve alcohol. A liquor liability policy can protect you from litigation related to the sale of alcohol.
Restaurants have to deal with assets with a limited life: food. Food has to be properly stored and prepared. Like a liquor license, you business will be subject to state and local food laws, which will require inspections. An insurance policy can provide coverage, should food become spoiled- of if food is contaminated.
Many restaurants and bars experience high turnover. An owner may frequently hire, manage and possibly terminate workers. An employer practices liability insurance policy can protect you against legal actions by workers. These might include wrongful termination, discrimination or harassment.
Managing Frequent Transactions
Restaurants and bars are more susceptible to employee theft than other businesses. Your business may have many small dollar transactions with customers. This increases the chance that a server or bartender may steal funds paid by customers- particularly cash transactions. Insurance can provide coverage for employee theft or other crimes.
Managing all of these issues can distract you from customer service. Serving customers well keeps them coming back. Their referrals to friends drive new business to your location.
Hiring an insurance expert can help you stay focused on your business. Fusco & Orsini can apply their years of business insurance experience to your restaurant or bar business. They can design a set of insurance solutions to address all of your needs. Call or email the firm to find out more about your insurance needs today.