Independent restaurants operate in an extremely competitive environmentYou work hard to attract customers to your establishment and even harder to entice them to returnIt takes time and effort to train and develop the right staff that will represent your brand the way you intend.
Aside from serving good food, your most valuable assets are your employees, your reputation, and the character and ambience your restaurant provides.
Purchasing property insurance to cover your assets such as your building and business personal property are a fairly straightforward process.
The same is not true when it comes to business income coverageAs a restaurant owner you need to give some serious consideration to protecting perhaps your most important asset: the revenue stream that comes from your daily operations.
Some insurable exposures that can cause a business income loss:
- Equipment Breakdown
- Property Loss
- Power Service Interruption
- Income Support Property
- Special Event Cancellation
- Food Contamination
- Civil Authority
- Violent Acts
You purchase insurance to transfer the risks that you cannot afford to take yourselfYou trade a liquid asset today for the insurance companies promise to pay in the futureYou expect that if you have a serious loss the insurance company will be there to restore your business and provide the funds you need to get back on your feetThere are some potentially devastating inadequacies in what many restaurant owners have in terms of coverage when it comes to insuring their business income.