For many restaurants, the winter months – especially during the lead up to Christmas and New Year’s Eve – represent a great boost in trade. As preparations speed toward those busier weeks ahead, it’s important to stock up, and to make sure that your insurance policy is primed with the covers needed to help keep you in business in the case of a claim.
Key covers for your restaurant insurance
For restaurants, there are a number of covers that are key to making up a combined insurance policy. These are designed to help protect your property and stock, your customers, the people you employ, and your business.
Key covers include buildings, contents (including stock), public liability, employers’ liability, theft and business interruption. Other covers you may need include loss of licence (if you serve alcohol), frozen stock insurance, cover for your frontage / glass and legal cover.
Ramp up your stock, ramp up your cover
For all restaurants, having the correct levels of stock to meet demand is essential – there’s nothing worse than running out of that all-important ingredient part way through a sitting, especially if it’s for a dish that’s in high demand. As a result, stock insurance is vital, too.
Many insurance policies designed for restaurants include seasonal increases for stock as a matter of course. This means that, rather than worrying about insurance at a busy time of the year, a percentage of your sum insured may be added on in the summer, at Christmas, over Easter or any other period of high sales.
Every business is different, though, and every sales period varies. The standard increase on your policy may not be adequate. The increase that may have been suitable last year may not be a fit for this year. Or, you may even be paying over the odds for a seasonal increase that’s too high.
It’s always a good idea to check your policy and make sure it works for your business.
Consider your festive fixtures and fittings
Many restaurants install additional fixtures and fittings, digital displays and decorations during the run up to Christmas. While simple Christmas decorations will probably be insured under your standard policy, it’s worth noting any different or high value items, such as additional signage and festive lights, and checking with your insurer to make sure they’re covered.
Insuring your restaurant – ensuring seasonal cheer
At Ryan’s, we will work with you to ensure your insurance is suitable for your restaurant all year round – whether you need seasonal increases for Christmas or Easter, over the summer or at any other time of the year.