When’s the last time you reviewed your New Jersey restaurant insurance? Are you sure that you have adequate coverage and that you’re paying the right price for that coverage? It’s easy to get complacent about insurance, to continue paying the premiums without checking that you have the insurance you need. Being smart about your restaurant insurance can save you money upfront and ensure that if things do go wrong, you will be covered.

It’s good practice to review your insurance policies annually. If you have an insurance agent, request that they do this for you. If you don’t have an agent shop around. Find out what other similar-sized restaurants in your area are paying for insurance. Go online and compare rates. Call insurance companies and get multiple quotes—only by comparing will you know that you’re not paying over the odds. If you think you could be getting a better deal, reach out to your current provider and discuss terms.

Before you make any final decision, read the policy details, be sure you fully understand the small print.

Don’t pay for insurance you don’t need. If you don’t sell or serve alcohol, you probably don’t need Liquor Liability Insurance.

Conversely, be sure that you are covered for the business you do. If you offer food delivery you probably need Commercial Vehicle Insurance.

Even after you decide on the insurance company and the policies for your restaurant, you may still be able to save money. Consider your deductibles—raising them will reduce your premiums. But be careful, don’t make the deductibles so high that either you can’t afford them, or the insurance never kicks in. Talk to your restaurant insurer about discounts. Perhaps they offer loyalty discounts to long-term customers, or maybe they give no-claims bonuses?

Ask your insurers about steps you can take to lower your premiums. If you install a different sprinkler system or offer your employees more safety training, could you lower your restaurant insurance premiums?

Even if you’re not looking for a discount, if you make any changes to your restaurant premises or the services you provide, be sure to let your insurer or agent know—you may directly or indirectly be affecting your policy terms. Never assume that a change will go unnoticed and have no impact on your coverage. While that change may have no immediate effect on your premium, if you fail to notify your insurance company they could refuse to payout in the event of a claim.

Be smart about your restaurant insurance, it could save you money in the short term and protect your business in the long term.

For more information on top rated restaurant insurance contact Vozza Agency.