Owning a successful restaurant can leave you feeling accomplished. You love what you do, serve the community (because who doesn’t love food), and make money while doing it. Even if it is a small sandwich shop that only you and your spouse run, or if it is a large restaurant with 50 tables you will likely want to continue to grow. Being able to grow is a great option if you want to plan for you and your family’s future. Continuing to turn a profit is vital to this plan and to make sure you get to keep your money by having the proper insurance in place if you decide to expand.
When you are ready to expand your business there is an unlimited number of ways to do so. Depending on what your goals are, this will determine how you decide to expand your restaurant business. Let’s take a look at some of the ways to grow your business in the foodservice industry.
Because every restaurant is different, the types of insurance policies you will need are going to differ. Someone who offers only baked goods is going to need different coverage than those offering sushi. A restaurant that has 3 employees will need less than one that has 100. Restaurants will often differ in what types of insurance policies needed during an expansion. Food Truck insurance is going to be different than Catering insurance. Make sure you know which insurance you need so that your expansion doesn’t ruin your business by having a gap in coverage.
Your expansion is going to cause more liability risk, of course, so you should consider the below insurances depending on your restaurant’s details.
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