What is a Premium?

Premium is the amount you pay to purchase and maintain your insurance coverage, typically paid monthly, quarterly, or annually.

What You Need to Know

Your premium is determined by numerous factors: coverage types and limits, deductibles, location, sales volume, claims history, safety measures, and risk characteristics of your restaurant operations.

Why It Matters for Restaurant Owners

Premiums represent a significant ongoing expense—typically 1-5% of revenue depending on your risk profile.

Cost Reduction Strategies:

You can reduce premiums through higher deductibles, safety improvements, claims-free discounts, bundling multiple policies, and shopping competitors.

Critical Balance:

However, never sacrifice necessary coverage for premium savings—being underinsured costs far more than premium savings when claims occur.

Annual Review:

Review your premiums annually and challenge increases by documenting risk improvements and obtaining competitive quotes.