In order to keep your restaurant business functioning without any costly or drawn out setbacks, you need to have a restaurant risk management plan in place. There are numerous things that can go wrong within your restaurant at any given time and you cannot always anticipate them or prevent them from happening, despite your best preparation. Sometimes you need to have insurance coverage in place to help manage and defuse those risks as they come up.
One of the most important features of restaurant risk management is protection for your employees and the restaurant property itself. There are several things that should be covered by insurance, such as business owned cars, valet services, machine operation, food preparation, liquor distribution, and even the possibility of employee dishonesty. Many restaurant owners experience at least one or more of these risks while operating their business. Your customers and even your employees could bring lawsuits against your business, or you could experience significant financial setbacks if there are breakdowns. You need insurance coverage as part of your restaurant risk management in order to help keep your business up and running when these things go wrong.
Your risk management and insurance plans should also include general business coverage, such as building insurance, break-in or burglary coverage, employee compensation plans, natural or weather related catastrophes, and much more. Talk to a risk and liability professional about how to manage and prepare your restaurant against risks.