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The importance of Restaurant Insurance

By | Business, Brokers | No Comments

The importance of Restaurant Insurance

You have finally started that coffee shop you have always dreamed of, or you are a new franchisee ready to serve your patrons. Think you don’t need restaurant insurance? Think again!

No matter how many safety precautions you and your staff take, sometimes incidents are unavoidable. Fires, workplace injuries and even equipment breakdowns can happen when you least expect them. As we have learnt with events such as the COVID-19 pandemic, some events cannot be predicted. If you have the right specialist insurance cover in place, you can be prepared to handle anything that comes your way.

What is Restaurant Insurance and why is it different?

Restaurant insurance is a policy package that offers financial protection for your business, staff, and customers in the case of fires, accidents, lawsuits, crime, revenue loss, and more.

What other standard commercial insurance will cover you for:

  • Loss of revenue due to a key tenant in your mall being closed for fire damage?
  • Money cover extended to cover your drivers while they out delivering food?
  • Automatically include cover for signs not on your premise?
  • Automatic cover for Point of Sale systems and Point of Sale terminals (credit card machines)?

Restaurant Insurance ensures that you are covered for industry specific claims that standard commercial insurance policies may exclude.

Why is Restaurant Insurance so important?

Restaurant insurance is a no brainer because it covers the costs of emergencies big and small, and protects the continuity of your business.

Restaurants need insurance for a number of reasons:

  1. It protects your Cash Flow

We understand that the restaurant industry is one where cash flow is very important. You may not be able to pay out of pocket to repair damage to your restaurant caused by a fire, or to pay staff if a natural disaster causes an interruption in business. Insurance  enables you to pay for repairs and recoup lost revenue, so you don’t have to deplete your personal  savings or file for bankruptcy to save your business.

  1. It protects your good name

Accidents happens and that is why we are here for you. Be it an accident to a patron, where you are liable or be it a patron who is falsely accusing you, insurance will either help you defend the matter or find a solution to bring the matter to a positive conclusion.

  1. It protects your peace of mind

You cannot be there every minute of every day to protect your assets. We understand that the proper and specialist insurance will allow you as the owner/manager to lay your head down at night knowing that sudden and unforeseen events will be covered in terms of your restaurant insurance policy.

What kind of insurance does a restaurant need?

There are many factors to consider when taking out Restaurant Insurance. Here are some insurance options to consider:

Liability Insurance: This can provide cover to a variety of events such as damage to a customer’s property or if a customer is injured on-premises.

Commercial property insurance: Whether you own or rent the space, you need to be insured for things like storm damage,  vandalism,  and fire

Crime insurance: Provide cover for burglaries and armed robberies. Cover can also be provided for theft by employees through more specialised covers.

Commercial vehicle insurance: If your restaurant employs delivery drivers, you’ll need to cover your vehicles on a commercial vehicle insurance policy. If your restaurant uses delivery services like UberEats or Dr Delivery, you’re not responsible for providing them with insurance.

Business Interruption: This helps replace revenue lost to interruptions in business caused by things like a fire in the kitchen or a natural disaster. This cover also extends to include covers for the prevention of access and loss of a key tenant.

Equipment Breakdown: For example, if the compressor of your cold room or fridge breaks down due to mechanical breakdown, cover will be provided for the repair of replacement of the compressor.

Why use an industry experienced broker?

Not all restaurants are the same. You may run a coffee shop or you might own a fine dining establishment. Do you operate out of a food truck or are you a franchisee to a well-known restaurant chain? While generic commercial insurance might offer you the basic insurance cover to just get by, an industry experienced broker will know and understand the specific risks to your business and help structure your policy to ensure you are more than covered.

Factors such as your restaurants’ location, the type of property you operate out of, what equipment you have in your kitchen and the number of years you’ve been in business can all affect the cost of your restaurant insurance premium.

For example if you run a restaurant without a cooking apparatus, such as an ice cream parlour, your premiums may be lower, as the risk of a fire breaking out is less than that of a restaurant with a stove.

This is just one example of something that a broker knows to look out for. Brokers can also edit, combine or create the perfect restaurant insurance bundle for your business.

Speak to an Insurance Zone broker today for peace of mind knowing that if something were to happen, your business, staff, and customers would be protected:

Find out more about Restaurant Zone >>

Insurance brokers rely on the power of partnerships

By | Brokers, Business | No Comments

One of the many important lessons learnt over the last 18 months is that change isn’t always a bad thing. Now more than ever brokers are re-evaluating existing business practices and how they can adapt their businesses to keep moving forward in an ever-changing world.

Many brokers are also now realizing how challenging it is to go at it alone as individuals, business and families face unprecedented challenges during the pandemic.

This means that the right partnerships have never been more important or more powerful.

With changes to every industry, clients are bringing new and never-seen-before risks to light. Being able to help clients address these risks and cater to these needs elevates the value clients receive from their brokers, deepening the relationship.

Brokers can’t be experts on everything on their own, which is why developing strategic relationships with solution providers, like Insurance Zone, can further secure and strengthen a broker’s trusted-advisor status.

The best partnerships complement each other’s strengths while compensating for any weaknesses. This is why brokers with a strong administration partner are able to provide better solutions to client in evolving business climates.

Insurance Zone has successfully differentiated ourselves through our level of professional attention to brokers and their clients, providing a genuinely personalised service. We are more then just administrators to our brokers, we are partners that add value to their business.

We attend to every aspect of the insurance process from policy inception to claims, so you can be sure that when partnering with us, we provide advice and support in all situations. We also design our own unique range of products and cover, which we’re constantly developing and improving. This means we can offer clients cover in almost every conceivable area of insurance – from cars, cranes and business to vacation homes and everything in-between.

Insurance Zone is an owner-run business, which means we care about your success. With binders for and administered on behalf of many top insurers, Insurance Zone has built a reputation in the industry for being honest and professional, as evidenced by the fact that we often get approached by people in the industry to partner with them.

With all this in mind, maybe it is time to assess, adjust and rethink how your business operates and how partnering with an administrator like Insurance Zone can help with future growth and success.

To find out more about our service offering to brokers or to speak to our broker onboarding consultant please get in touch:

Insurance, a vital tool in construction

By | Business | No Comments

The ongoing development of infrastructure around us brings with it associated risks that  require the correct products, technical expertise and advice. Insurance is a vital risk mitigation tool in construction projects which relevant parties cannot afford to go without.

These risks range from devastating damage to projects under construction, plant on site and the substantial associated liability exposures that attach to contractors whilst doing work on site. Protection against these losses is required at every stage of construction.

It is also important to understand where the legal obligation lies for the parties entering into the contract and determining which party is responsible for which risk and the associated insurance coverage required especially when there are several contractors and sub-contractors involved. This will be determined by the works contract which creates the legal obligations along with terms, conditions and period for completion to name a few. The works contract will determine the party responsible for taking out the cover required which may be the Employer or the Contractor.

Insurance Zone provides a wide range of products to cater for these risks with the main covers as follows:

These may be once-off or annual depending on requirements:

Contract Works Cover:

  • Covers any loss or damage to the actual contract works during the construction and maintenance period selected on the policy. This is extended to cover removal of debris, cost of demolition, professional fees, storage and transit of materials and claims preparation costs.

Plant All Risks:

  • Comprehensive cover is provided for contractors plant and equipment and can also be extended to include hired-in plant that the contractor has been made legally responsible for.
  • It is important to obtain the correct advice when deciding on what basis and how to insure the plant as this may be insured on New Replacement value, Market value or Agreed Value.

Public Liability:

  • Provides cover against any Liability for loss, damage, death or bodily injury to any third party or third party property arising out of the Contractors performance of the works contract.
  • Includes legal defense costs and Wrongful Arrest.

Surrounding Property:

  • This provides cover for loss or damage to property which is in the custody or control of or is being worked on by the contractor and arising out of the work being undertaken in connection with the contract.

Contact Insurance Zone or one of our accredited Brokers to assist in designing the correct tailor-made product that is best suited to your needs and contractual obligations.