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Now is not the time to cut Restaurant and Cafe Insurance

The hospitality has faced unprecedented challenges due to the global pandemic. Patronage has slipped, premises have been shut. Your dreams may be being challenged. 2020 is a tough time to be running a restaurant or cafe and one thing that you need to review, in the midst of all you have to do, is your insurance. It is time to call your insurance broker. Now is not the time to cut your insurance for your Restaurant or cafe. 
Recent Trends in restaurant and cafe Insurance:
COVID has reduced patronage of hospitality venues and lifted the requirements to operate. Being COVID Safe and having a COVID plan is essential to those that are looking to open and operate. 
With venues operating and reduce hours of operation or being shuttered for extended periods of time, it may be smart to review your insurance policy to determine your compliance with the terms and conditions of your insurance in regards to your business operations and the security protection requirements for your facilities. 
Two key Insurances for Cafes and Restaurants to review:
You’ve worked so hard, so make sure you’re covered in case of theft. Theft can come in a few forms, such as loss of your stock due to theft. Loss of money from either a hold-up, a fire or from when the money is being transported to and from a bank. Employee’s being dishonest and stealing either property or money. 
With changing operating hours, your monitoring for theft may need to be increased. 
Public Liability
Protection for you when someone is injured when engaging with your business. From trips, slips and more, having good public liability insurance in place is good business sense. 
Type and style of cooking you do:
It is great to trial new ways of cooking to help keep your menu fresh and your customers engage. However, if you are going to change how you are preparing food, then you need to consider if your cafe or restaurant insurance policy provides coverage for new methods. For example, adding in a deep fryer can make for some tasty chips and other fried delights, however, a fryer also increases the fire risk in your kitchen. You need to consider if your insurance policy for your restaurant provides adequate coverage. 
We can’t wait to visit again and enjoy your hospitality.
Stay strong, we love our restaurants and cafes and can’t wait to be back, enjoy your service and hospitality and sampling your latest menu. 
General Advice Warning: This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is appropriate for you and your personal circumstances. Before you make any decision about whether to acquire a certain product, you should obtain and read the relevant product disclosure statement.

All information above has been provided by the author.

Channelle Ricketts, Urban Insurance, AFSL 233750

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