One of the fundamental truths in business is that everything is subject to change. Today’s hot item can become next Wednesday’s obsolete offering gathering metaphorical dust on your dry storage/walk-in shelves. Likewise, unexpected events such as water damage or fire can happen when we least expect them, which is why it is wise to be as prepared as possible for whatever may come your way.
Independent Pizzeria Insurance
At the same time however, as an independent pizzeria, with what can seem like a wafer-thin profit margin, you need to make sure that your money goes as far as possible. When it comes to insurance, you need to cover your assets, with as little expenditure as possible.
Point of Sale Systems and Other Inventory
First, understand that small business property insurance covers assets such as your point of sale system (POS), tables, booths, food inventory, signage and the like. It typically covers damage from storms, fire and crime – but be advised that you may need to purchase separate coverage for floods and earthquakes.
Restaurant Business Owner’s Policy (BOP)
A business owner’s policy (BOP), on the other hand, is usually comprised of several key coverages, including property insurance and general liability. If you have dedicated drivers for your independent pizzeria, you should also add commercial auto insurance.
Optional Business Interruption Coverage
Depending on the area where your restaurant is located, you might want to also consider business interruption coverage, which includes resources in case your business is forced to move or close temporarily for something such as construction work or other unforeseen events.
Worker’s Compensation for Restaurant Employees
Additionally, many states require worker’s compensation coverage. Others, such as Texas, do not. But it may be wise to provide it anyway so that you are not as liable for an employee accident.
Cost and ROI
Bear in mind that the cost may be prohibitive, and you must weigh your options according to your specific needs. Your best option is to have an in-depth conversation with your insurance agent and financial advisor about tailoring that fits your budget, legal obligations, and needs.
JFK once said, “There are risks and costs to a program of action. But they are far less than the long-range risks and costs of comfortable inaction,” – which is why you need streamlined and cost-efficient restaurant technology to help you lower costs and increase profits.
When it comes to a flexible and easy to use point of sale system, Thrive knows a thing or two. We understand that technology has to be as reliable as your secret sauce recipe. Click here to request a demo or call us at 800-750-3947. We’ve got you covered.
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