An extra-large pizza is great—until your insurance broker joins the table. Add unnecessary coverages and multiple insurance providers to the order, and the hungry middleman has taken a 20% slice out of the pie.
But recent changes in the business insurance industry have given restaurant owners more options—and more savings—when it comes to sharing (or not sharing) the pie.
When shopping for insurance, restaurant owners should look for companies that eliminate the middleman, have restaurant expertise and offer all coverages under one roof. Following these three top tips will maximize savings without skimping on coverages.
Quit giving the middleman a slice
Excuse the middleman from the table. New business insurance options cut out the traditional agent, instead using a direct model. This saves restaurant owners up to 20%. Often, working with a direct provider gets owners rates that traditional agents can’t even access.
And direct doesn’t mean cut-rate insurance. Look for a provider that carries an A+ (Superior) rating from A.M. Best.
Direct providers are often more technologically advanced than traditional agents and offer online applications that can take as little as 10 minutes. Online claims and payment also save owners precious time. For peace of mind, make sure there’s also a team of insurance experts behind the technology.
Get an expert on your side
Working with a provider that’s an expert in the restaurant industry means they know which coverages are required, which are recommended and which are unnecessary. They make sure owners are covered for franchise brand requirements and best practices for the location and restaurant type, but they can also cut out costly unneeded coverages.
Franchise owners can look to franchise associations for recommended direct providers. Preferred vendors have close relationships with brands and automatically know what to quote. They can even file proof of insurance for the owner.
Bundle all coverages
Save even more by bundling all coverages in one policy. For restaurants that have jumped onto the delivery boom, some companies also offer rarely included hired and non-owned auto coverage in a package with traditional coverages.
Another of perk of bundling: Expenses are easier to track and pay for as well as giving owners just one contact when it’s time to make a claim.
When shopping, consider the following typical restaurant business coverages:
- Hired and non-owned
- General liability
- Workers’ compensation
- Employment practices liability
A Bigger Slice of the Pie
Up to 20% savings. Restaurant insurance expertise. One bundled policy. Top-rate coverage. It’s all possible with direct insurance.
Get a bigger slice of the pie today.
This post is sponsored by Intrepid Direct Insurance