Is there a threat to your restaurant for theft? In most cases, the answer to this is yes. Restaurants, whether they are large organizations or small mom-and-pop shops, suffer some of the highest risks associated with theft. That theft can come in all forms. It may be due to an employee stealing funds or inventory. It could be in an attempted robbery for cash. Management can also be behind some instances of robbery and theft. As a result of these statistics, it is clear you need a restaurant insurance policy that offers ample protection from these risks.
Pinpointing Restaurant Theft Risks
Restaurants can be vulnerable from a wide range of theft risks. As noted, employees are just one factor. It is estimated that as much as 95 percent of all businesses have some level of theft present. And, about 75 percent of all businesses also face employee theft, a high level of risk because of the ease that employees can steal. On top of this, statistics are high in areas where crime is higher for actual robbery from a would-be break-in. These risks, coupled with theft from customers and even from management make this one of the most important types of risks businesses need to take steps to protect from whenever possible.
Most business insurance policies should provide financial compensation in situations related to theft. If you operate your restaurant in a high risk area or have numerous claims, you can expect your costs to be higher. Installing a security system can help to reduce those risks. In most cases, though, technology and improved business practices become necessary to ensure business insurance policies can remain in place for your organization. Nearly all restaurants should have restaurant insurance that provides robbery or theft coverage.
Ensure your restaurant insurance policy offers a high claim limit to protect against claims. And, work with your local business insurance agent to be sure you have the right type and amount of coverage in place to protect your business. While some robbery and theft claims can be very minor, others can be very expensive and could impact your ability to continue operating your business. Coverage can help to minimize these risks and give you the peace of mind you need to remain operational.
We’ve got you covered. Call Exceed Insurance at (855) 539-2333 for more information on the restaurant insurance policies we offer.