5 Ways to Save When Purchasing Workers Comp Coverage for your Restaurant.
Restaurant Small Businesses need to find any and every way to save money in order to free up cash for the most important business needs. This is especially important when it comes to purchasing and managing workers compensation insurance. Here are 4 tips to help you get the best out of your policy at the best price.
Partner with an independent insurance agent
Partnering with an independent insurance agent can be very beneficial for your restaurant. It will save you an enormous amount of time because they can do the shopping around for you. This can also help you get better coverage at a better price because the person doing the shopping around is an experienced insurance professional. This tactic can help you immensely the next time you are looking to purchase workers compensation insurance for restaurants.
Make safety a priority
As the owner of the business, the key benchmarks of the business start with you. If you put an emphasis on safety and talk about it a lot, the more likely that focus will foster throughout management and the staff of your restaurant. Restaurants tend to have a higher amount of insurance claims, both in terms of frequency and severity. The main reason for this is because of the amount of contact employees have with the public and the amount of time employees are physically on their feet. Because of these facts, making safety a priority is important to the long term health of your restaurant business.
Slips, trips, and falls are common. Make it standard operating procedure for your employees to make sure tripping hazards are well-marked throughout your facility. This can make a huge difference in the frequency of injuries both your employees and patrons experience.
Chose Pay as You Go
Many restaurants are cash-strapped because of the seasonal nature of the restaurant industries. Certain times of year tend to be slower than the busy periods. Especially if you operate in an area that depends on tourists for a majority of your clientele. The Pay as You Go Option can help your business by allowing you to pay your premium monthly based on the real-time payroll from the previous month. This can help you get through the slow times much easier.