Alberta Risk Advice by Cielito Villanueva

When it comes to running a restaurant, there will always be the desire to increase profits, but what about the need to cut costs? One can save on supplies, on equipment, basically on any element that has a price attached to it. As a result, more and more owners and managers are working harder and smarter by doing the research that will boost profits. However, there are some that don’t do the work required to maximize their dollars for many reasons: they can’t be bothered, they completely trust their existing suppliers, or they just don’t know where else to look. Fortunately, there is one place to stretch your dollar without ever sacrificing quality: your restaurant insurance policy.

Below are just a few tips on how to get a better rate on your restaurant insurance policy:

• Check to see if your insurer recognizes certain safety programs or offers a discount, and then get your company or staff certified in the program. The savings in premium coupled with minimizing potential losses and adding a layer of professionalism to your establishment is well worth the expense.
• Ask your alarm monitoring company for a current copy of your alarm certificate and submit the copy to your broker requesting any relevant discounts. Many companies offer up to a 10% discount.
• If you’re an established restaurant that practices a high degree of cleanliness and safety standards, had no claims or losses, and have never been canceled or had payment issues with an insurance company, you may qualify for specialized programs that offer comprehensive coverage at a heavily discounted rate that is usually reserved for the large chains. Contact your broker if they have access to these specialized programs.

In any event, whether you are looking to increase profits by increasing your volume of sales or jacking up your menu prices, you might also want to review your restaurant insurance policy. It might be well worth the little amount of effort.

Cielito V