Here are just a couple of recent testimonials from clients...
"Brian Hanson has done a great job for us. His knowledge of the restaurant industry has been very valuable and his attention to detail has been excellent. He has been very responsive to all our inquiries and questions".
Brix Wine Café – Dave Zimmerman:
"Brian Hanson shopped around for insurance for me and gave my restaurant a much better rate than I had ever been quoted before. He made insurance very affordable for us. I have since recommended him to two other restaurants and he did the same for both. Brian and Choice Insurance are excellent insurance brokers, I enthusiastically recommend him, and any business looking for quotes should certainly give him a try!"
Calamity Jane’s – Sara Aruguete:
Monday, August 17, 2009
Monday, August 3, 2009
The Importance of Business Income Insurance
Wise restaurant and bar operators protect themselves and other stakeholders in the establishment by insuring buildings, contents and other property with limits sufficient to rebuild or replace damaged property. But what happens while that property is being replaced? Property damage can often be extensive, even total. Such loss can certainly shut down or greatly reduce business operations for a time. Would it be just a few weeks or would it be several months or more? How are lost profits and other ongoing expenses replaced during a shutdown?
Such questions highlight the importance of Business Income and Extra Expense for restaurants.
Computers can be damaged or a complete loss. Paper and other records can be totally destroyed. Building rehabilitation and, in a worst-case scenario, full reconstruction take time - sometimes half a year or more, even if the original premises did not take that long to build. Don't forget to factor in the time to even get all the plans and permits ready.
How long would it take you to get your operation back up and running even under the best of circumstances and with plenty of funds set aside to cover all unforeseen expenses? Such unexpected interruption can cut deep into cash flow and savings.
Natural disasters (all too common) and terrorist events have proven to severely interrupt business income and personal earnings of millions of people. Sad as it is to even recall, there were thousands of restaurants and bars at and near ground zero in New York on that fateful day.
And in New Orleans when Hurricane Katrina hit, just think about all the various eating and drinking establishments that literally went under. Think of the people who owned the enterprises. Think of those who had to make the tough economic decisions to shutdown to never reopen again, anywhere. Did they all have flood insurance? Well, did they all have all-important Business Income Insurance?
Many additional eateries, pubs, bars, nightclubs ... faced surprise income interruptions during the California wildfires. These things (flood, fires, attacks, etc.) happen, and highly intelligent businesses make sure of their coverage adequacy and limits by consulting qualified insurance brokers and risk managers.
You can be sure that the largest and best run chains carry Business Income. Of course they can help spread their losses across other locations not directly hit by a disaster, large or small -- all the more reason for the smaller chains and single-location establishments to have full coverage.
And as we've seen, it doesn't matter which state you're in, disasters strike and accidents happen. Those smart enough to prepare by obtaining solid insurance coverage are able to budget their expenses and to position their business or businesses to ride out a period of little or no income to cover salaries and all other continuing expenses. They are able to continue paying bills and supporting their valuable and highly skilled and trained employees.
Because Business Income and Extra Expense can take on a number of formats, bar and restaurant owners should take great care when selecting limits, choosing coinsurance percentages, including/excluding payroll of non-management employees, and maximum periods during which coverage applies.
© 2009 Hill & Usher, LLC. All Rights Reserved
Such questions highlight the importance of Business Income and Extra Expense for restaurants.
Computers can be damaged or a complete loss. Paper and other records can be totally destroyed. Building rehabilitation and, in a worst-case scenario, full reconstruction take time - sometimes half a year or more, even if the original premises did not take that long to build. Don't forget to factor in the time to even get all the plans and permits ready.
How long would it take you to get your operation back up and running even under the best of circumstances and with plenty of funds set aside to cover all unforeseen expenses? Such unexpected interruption can cut deep into cash flow and savings.
Natural disasters (all too common) and terrorist events have proven to severely interrupt business income and personal earnings of millions of people. Sad as it is to even recall, there were thousands of restaurants and bars at and near ground zero in New York on that fateful day.
And in New Orleans when Hurricane Katrina hit, just think about all the various eating and drinking establishments that literally went under. Think of the people who owned the enterprises. Think of those who had to make the tough economic decisions to shutdown to never reopen again, anywhere. Did they all have flood insurance? Well, did they all have all-important Business Income Insurance?
Many additional eateries, pubs, bars, nightclubs ... faced surprise income interruptions during the California wildfires. These things (flood, fires, attacks, etc.) happen, and highly intelligent businesses make sure of their coverage adequacy and limits by consulting qualified insurance brokers and risk managers.
You can be sure that the largest and best run chains carry Business Income. Of course they can help spread their losses across other locations not directly hit by a disaster, large or small -- all the more reason for the smaller chains and single-location establishments to have full coverage.
And as we've seen, it doesn't matter which state you're in, disasters strike and accidents happen. Those smart enough to prepare by obtaining solid insurance coverage are able to budget their expenses and to position their business or businesses to ride out a period of little or no income to cover salaries and all other continuing expenses. They are able to continue paying bills and supporting their valuable and highly skilled and trained employees.
Because Business Income and Extra Expense can take on a number of formats, bar and restaurant owners should take great care when selecting limits, choosing coinsurance percentages, including/excluding payroll of non-management employees, and maximum periods during which coverage applies.
© 2009 Hill & Usher, LLC. All Rights Reserved
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