How can a new restaurant owner get the best insurance rates?
3 Ways a New Restaurant Owner Can Get the Best Insurance Rates
1. Document your professional experience.
2. Show the underwriter your plan for success.
3. Don’t overestimate your projected revenue.
If you’re a new restaurant owner, insurance underwriters look at you very closely:
What’s your experience?
Are you an accountant or other professional that got tired of their industry, and decided to open a restaurant?
If you’ve worked in the restaurant business as a general manager for several years, are you now starting your own business?
You want to give the underwriter the best view of your ability to manage your new restaurant, and how you are to run it to make it successful.
It helps to create a resume that shows your work history. If you have experienced business or financial partners, that also helps.
When starting out a new restaurant, the insurance carrier will ask for estimated revenue.
Avoid overestimating your revenue so you do not overpay premiums. If you exceed your estimate, an end of the year audit will determine if you need to make any additional payment. This is easier than getting a reimbursement. If you had a great year and made more than you anticipated, that’s a good problem to have. You may owe a small added premium.
If you want to make sure your insurance rates march your experience, give us a call and we would be happy to evaluate your restaurant. Click Here to schedule a meeting directly.