This American Express commercial warned that 90% failed in the first year. This commercial is not exactly true, however there is definitely food for thought (pun fully intended).
There are many ways to avoid becoming a statistic, but one way to prepare is to invest in a sound insurance package. Now, before you swipe left and move on to your next post, consider that insurance is generally mandatory in most states. What is not understood is how much or to what extent do you need insurance.
Here are 6 ways to protect your restaurant:
Employment Practices Liability can cover your business if discrimination, sexual harassment or wrongful termination claims are made by present, former or future employees.
Property Insurance can fund repairs or replacements for damaged physical assets when disasters like vandalism, fire, windstorms, or hail strike.
Liability Insurance can protect against financial losses resulting from claims of injury or property damage caused by you or your employees and your products or services.
Business Crime Insurance can protect against fraud, theft, forgery or robbery.
Business Income Coverage (also known as Business Interruption Insurance) allows you to continue to receive income while your business is being restored. It not only helps you to cover expenses needed to keep a business operating after a loss, but it also helps you to replace lost revenue.
Cyber Liability and Data Breach provides coverage for privacy breach response services and expenses incurred to notify parties affected by a security breach, including fees and costs related to hiring a company to operate a call center, and reimbursing you for post-event credit monitoring costs for victims of breach.