What to know about restaurant risk management and insurance.

If you own or operate a restaurant, you know that how well you manage daily risks plays a major role in your success. Effective restaurant risk management has many parts, but it starts with having the right financial protection.

While there are other steps to take to reduce restaurant risks, getting the right insurance is a critical first step. Even if your employees follow every best practice and training tip, they’re still human. Even the most careful employees make mistakes from time to time.

That’s why having a comprehensive policy from THREE is a lifesaver! Whether one of your team members suffers a deep cut while working in the kitchen or a storm damages your roof, your policy can pay the associated costs so you don’t have to dip into your savings or revenues. For restaurant owners and investors, having that financial protection is incredibly reassuring.

Let’s explore the topic of restaurant business risk management, including what coverages are in a THREE policy and five steps you can take to lower your risk.

Protect your restaurant with a comprehensive THREE policy.

THREE is a leader in food industry risk management. Our all-in-one insurance for restaurants is designed to protect your whole business. It has all the coverage most restaurants need to mitigate risks, including:

WORKERS' COMPENSATION INSURANCE

This coverage protects employees who get hurt at work. It can pay for their treatment and rehabilitation and cover part of their wages while they recover. If an employee dies on the job, this insurance can pay what’s known as a death benefit to the family.

PROPERTY INSURANCE

This part of a THREE policy protects your business from the costs of repairing, restoring, or replacing business property. It’s crucial in case of an incident like a kitchen fire or natural disaster that damages your building or its contents. Plus, it can pay expenses related to business interruption if you have to shut down temporarily.

EMPLOYMENT PRACTICES LIABILITY INSURANCE

EPLI covers claims by your employees of sexual harassment, discrimination, wrongful termination, and the associated legal costs.

COMMERCIAL AUTO INSURANCE

Accident liability, physical damage to your vehicles (collision and non-collision related damage), and towing reimbursement are included in Commercial Auto.

LIQUOR LIABILITY INSURANCE

The Liquor Liability component of a THREE policy can protect you from incidents related to serving (or overserving) alcohol to your customers.

CYBR LIABILITY INSURANCE

If a hacker gains unauthorized access to your systems, steals sensitive information, and uses it to commit fraud, cyber liability can protect your business.

A THREE policy has all of the coverage most businesses need—making it an effective component of your restaurant risk management plan.

Getting a quote and buying insurance from THREE is easy.

Getting a quote for restaurant business insurance shouldn’t be difficult or time-consuming, and with THREE, it isn’t. You can get a quote online in five minutes or less.

After getting a quote, you can also buy your policy online or over the phone. Coverage is typically active the next day.

5 proven strategies for restaurant risk management.

Risk management is essential in the food industry. However, it’s impossible to eliminate all restaurant business risks. But if you’re willing to invest the time and effort, there are some steps you can take to reduce the risks common in the industry.

Here are five actions that can greatly reduce the likelihood of costly food service incidents:

Trying to reduce your restaurant business risk? We can help!

THREE has deep experience providing insurance for food service businesses, which is why so many restaurant owners see us as their restaurant risk management partner. New owners rely on us for information on insurance basics. We help them understand that our policy provides the essential insurance coverage they need to protect their businesses, enabling them to move forward confidently in opening and operating a successful establishment.

Experienced business owners and operators also trust THREE for comprehensive coverage backed by outstanding customer service. If their companies grow or change, we’re happy to update their policies to ensure they have the financial protection they need.

The fact that we’re part of the Berkshire Hathaway Insurance Group, with all its expertise and resources, is especially significant to people who run multiple restaurants. Their operations are more complex, so they appreciate that we’re experienced and a calming presence in their often chaotic worlds!

Let’s work together to manage your restaurant risks effectively.

You’re the expert in running a successful food service establishment. We’re the experts in insurance for restaurants. With the protection offered in our comprehensive policy, you can stay focused on creating exceptional dining experiences that bring customers back again and again.

If you have questions about restaurant insurance and the many advantages of a THREE policy, don’t hesitate to reach out. Our friendly and knowledgeable small business advisors are here for you!

Contact us at 1-800-507-4495, Mon.–Fri. 8am–9pm ET.