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Changes That Could Impact Your Restaurant Insurance Coverage

Restaurants have to be adept at keeping up with constant changes in their industry, either with health regulations, new technology, or recent laws and ordinances. While these changes can impact daily operations, hiring, or efficiency, some can have a broad financial impact, especially with Restaurant Insurance coverage.

We'll look at three changes that can impact a bar or restaurant's Business Insurance portfolio, and how Aegis Insurance & Financial Services can help companies ensure they have the best possible insurance protection for their unique business needs.

New Laws or Regulations

Each year, restaurants have to deal with new laws and regulations that impact how they operate their business. For example, a positive change in liquor sale laws might make a restaurant decide to start selling alcohol, which means they would need Liquor Liability Coverage to protect their business. Also, restaurants in states with open carry gun laws could see a higher number of customers on their property with weapons, which could make business owners decide to increase their General Liability and Commercial Property coverage.

Business Sales or Expansions

Commercial Insurance rates are based on a company's annual revenue, and Covid-19 has impacted sales for many restaurants and bars due to limited capacities and health regulations. This can mean that some restaurants and bars are paying insurance premiums that don't correctly reflect their current sales. Also, when a restaurant or bar expands their square footage by leasing out a neighboring space or constructing a larger patio or dining area, then Commercial Property Insurance policies should be updated to reflect these expansions.

Equipment Upgrades and Additions

Finally, Restaurant Insurance may need to be updated when a restaurant or bar decides to make investments in newer or additional equipment, tools, appliances, and technology. When a restaurant kitchen invests in extra ovens and a larger deep freezer, then Commercial Property Insurance needs to be adjusted to reflect the higher value in company assets. If a restaurant or deli decides to expand into catering and delivery services, then Commercial Auto Insurance may be needed to protect any company-owned vans or delivery vehicles.

Aegis Insurance & Financial Services specializes in helping those in the restaurant industry have the comprehensive Restaurant Insurance needed to protect their business property, employees, and customers. Our Commercial Insurance experts can analyze your current business needs and identify any gaps in coverage, and then tailor a customized Restaurant Insurance package that meets your goals and protects what matters most.

Contact Aegis today at 713-850-7622 for more information or fill out our online form to request a free quote!

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