In recent years, the local restaurant industry suffered a major blow when the pandemic placed most Americans on lockdown for months on end. Many eateries were closed for the duration, and many more were permanently shuttered. Emerging from those challenges, as part of a cost-cutting endeavor, you may have underspent for your business insurance coverages, especially for New York restaurant insurance and restaurant insurance on Long Island. At Grillo & Associates, a leading insurance brokerage since 1989, we know that your top priority is to provide your customers with great food whether they are enjoying a cheeseburger and fries, or a four-course meal. It is our role, however, to point out the threats to your enterprise you may not be aware of that can create financial stress, operational inefficiencies, and even damage to your reputation. Happily, as part of our business insurance for small business assessment by our professionals, most risks can be covered by insurance and these include property damage, liability, and even employment practices coverages. Confer with a member of our team and together we will create a sound, and affordable, restaurant insurance program that fulfills your business needs so you can concentrate on what your establishment does best: provide an optimal dining experience for every customer.
Likely, you will already have a Business Owner’s Policy (BOP) that covers general liability, your business property, and income. These can be separate or bundled, and our brokers will gladly explain the benefits of each. As you have employees and staff, you’ll also carry a Worker’s Compensation package for risks that are not covered under your commercial liability coverage or as part of your BOP. Workers’ Comp covers the expenses related to employee injuries and illnesses including their medical bills and lost wages. It is required in New York States as well as most of the other states across the U.S. where Grillo & Associates is licensed. We may additionally advise that you consider Employment Practices Liability Insurance where growing numbers of staffers file legal claims against former employers. Also, as many disgruntled customers and former staffers air their grievances on social media outlets, having adequate General Liability Insurance and Professional Liability insurance is essential as part of your restaurant insurance program to provide complete protection for you and your business’s hard-won reputation.
Coverage for restaurant essentials will make certain that you can stay open for business or even remain in business should adversity force a temporary business closure. As part of your business insurance for small business coverages, you’ll want Food Spoilage Insurance, a Food and Water Contamination Endorsement, which pays for associated losses, and Equipment Breakdown Coverage, to keep your commercial kitchen up and running. Savvy restaurateurs will consider coverages against actions taken by your staff, such as Liquor Liability Coverage, should a customer whom your staff served alcohol later cause damage or injury after leaving your establishment. Sadly, the need for Employee Dishonesty Insurance is essential for restaurant owners given the high staff turnovers associated with your industry as well as the easy access to cash, to commit forgery, and even the ability to make fraudulent transactions. This coverage can be added to your existing owner’s policy or be included in a Crime Insurance policy.
Having the right insurance in every profession is critical to its long-term success. It is not enough for you to have the most desirable menu or an establishment that offers great ambiance. Restaurant Insurance coverage is essential, and the Grillo & Associates’ team will help you to determine the right amount of coverage you need at extremely competitive pricing. We invite you to contact our professionals today at our new location in North Bellmore, New York, to discuss your coverages for New York restaurant insurance and/or restaurant insurance on Long Island. Call now!
