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Restaurant Insurance – If You Have a Vintage Building, Consider This Approach |
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By Clinard Insurance on
4/29/2010 4:56 PM
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If you are a restaurant owner who also owns the building where your restaurant is housed, then you should take the time to consider exactly how the coinsurance clause on your property insurance policy works and what it means for you. To gain a better understanding of the coinsurance clause itself, please read my blog called, Coinsurance for Restaurants. In addition, if the building that you own is an older one, then you may find that the coinsurance clause is punishing you in a big way. In that case you may be looking for an alternative. That alternative can be a policy with a functional replacement cost clause.
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Restaurant Insurance Programs – Watch Out For That Coinsurance Clause |
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By Clinard Insurance on
4/15/2010 4:26 PM
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Restaurant owners are busy individuals with little time to delve into the details of their restaurant insurance policy. So it’s little surprise that few of them understand the coinsurance clause on their policy. And often, those that are aware of it may not correctly understand how it is applied in the event of a loss. All of this can lead to the restaurant owner spending more out of pocket funds after a large loss than he or she expected. Talk about a cash flow killer.
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Restaurant Insurance – The Hidden Rate Bias Against BBQ and Seafood Restaurants |
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By Clinard Insurance on
3/31/2010 12:06 PM
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As a restaurant owner you get to see the world from the kitchen looking out. In the insurance world I get the same type of view, one that my restaurant clients don’t see. And from this view I can see how some types of restaurants face hidden rate biases that drive their insurance costs up. And I can also see ways that the restaurant owner can avoid these biases. One of these biases has a big impact on BBQ restaurants and seafood restaurants.
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Restaurant Insurance – What is Mechanical Breakdown Coverage |
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By Clinard Insurance on
3/16/2010 9:52 AM
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Some restaurant owners have heard of mechanical breakdown coverage and some of those have a clear understanding of what it is. There are quite a number of insurance agents out there who do not really understand how this protection works. But it is a coverage add on that no restaurant should do without. Think of it this way, everyone likes to eat their food while it is hot but no one likes to eat their food while they are hot. If you can remember that, you can understand this coverage and why you need it.
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Restaurant Workers Compensation Insurance – Avoid The Small Loss Temptation |
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By Clinard Insurance on
3/8/2010 11:22 AM
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Most restaurant owners understand the basics of workers compensation insurance and most have heard of the experience modification factor. And to show how a little bit of knowledge can be dangerous, many restaurant owners even know that a lot of small losses can have a dramatically negative impact on this modification factor. But using this knowledge in the wrong way can lead to behavior that carries far too much risk for the average restaurant owner.
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Restaurant Insurance – Don’t Forget The Workers Compensation Policy |
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By Clinard Insurance on
2/24/2010 12:20 PM
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Restaurant insurance can be found in many different forms. One coverage that restaurant owner should have is workers compensation insurance. In North Carolina, the law states that if you have fewer than 3 employees you don’t have to purchase workers compensation insurance. But what this rule doesn’t tell you is that not buying a policy could put your very company at risk.
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Restaurant Insurance – Are Your Liquor Receipts Driving Higher Rates On Your Policy? |
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By Clinard Insurance on
2/18/2010 6:00 PM
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Any restaurant that sells alcohol should be carrying liquor liability insurance. This critical coverage is designed to protect you from third party claims generated by accidents caused by inebriated customers who did at least some of their drinking at your establishment. And the way that insurance companies underwrite and rate this coverage can be myopic at best. Here’s how to make sure that the insurance company’s myopia isn’t costing you extra money on your restaurant insurance policy.
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Restaurant Insurance – Use your Medical Payments Coverage to Keep Loss Costs Down |
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By Clinard Insurance on
2/2/2010 12:22 PM
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If you own a restaurant, then you have at least a passing understanding of your restaurant insurance policy. And hopefully you have purchased general liability protection as a part of your package policy. What you may not understand fully, is how the medical payments section of your policy can help you keep loss costs lower, which in turn can save you time and money on your restaurant insurance policies in the future. Here’s how it works.
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Restaurant Workers Compensation Insurance – Protect Your Mod |
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By Clinard Insurance on
1/26/2010 5:45 PM
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Most restaurant owners have at least a general knowledge of workers compensation insurance. They know that they need it and they know it can cost a lot of money. But only a few really understand the experience modification factor and what it could mean for their future restaurant insurance policy costs. This little primer will help you understand just how important it is to protect your mod and how to do it.
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When it comes to Restaurant Insurance, Watch Out for the Audit Trap |
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By Clinard Insurance on
1/20/2010 5:54 PM
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If you are restaurant owner then you probably have some working knowledge of the workers compensation insurance. At Clinard Insurance Group in Winston Salem, NC, we specialize in insuring restaurants and we have found time and again how many restaurant owners are seduced into the cash flow nightmare I call “the audit trap”.
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