What Restaurants Can Learn About Insurance From Gwyneth Paltrow

By June 28, 2018 Uncategorized
gwyneth paltrow

Gwyneth Paltrow plays the long game and so should you…

In the most recent issue of People Magazine, Gwyneth Paltrow was named the world’s most beautiful woman. Not necessarily a surprising pick as Paltrow has been known throughout her entire career for her timeless beauty, what is impressive is that at 40 years old, Paltrow was chosen among the list of many women half her age. In a world where everyone is enamored by the next greatest thing, Paltrow’s quiet, timeless, humble demeanor has transcended the years – an accomplishment few in Hollywood have achieved.

This characteristic of Paltrow’s success is transferable to your restaurant. Restaurants are a business where everyone is enamored by the next greatest thing, yet success in the restaurant industry comes from longevity. It seems every day a restaurant is opened with the hope of becoming the next Yono’s,  Reel Seafood Company or Mouzon House.

Just as Paltrow credits her rigorous workout routine to her timeless beauty, it takes continuous effort and diligence in order to keep a restaurant running year after year. Anyone who’s ever been in the restaurant industry knows how competitive and cutthroat an industry it can be.

Margins are low, volume is high and reputation is everything. A fire in a kitchen, customer slips and falls or loss of power that spoils a week’s worth of food. When a catastrophe happens inside a restaurant, it can signal that establishment going out of business unless a quality restaurant insurance program has been created and implemented.

Restaurant insurance gives staying power

Proper risk management and a good restaurant insurance program can ensure the longevity of the restaurant. If a customer slips and falls, the liability insurance included inside a restaurant insurance policy will protect that business in the event that the business is found to be negligent.

If there’s a fire in the kitchen, the property insurance coverage provided in a restaurant insurance program will make sure that the damaged portion of the building or equipment is restored.

A snowstorm that knocks out power, causing the food inside of freezers and refrigerators to spoil, can be replaced quickly through food spoilage coverage.

Let’s not forget Liquor Liability.

The restaurant with no insurance would have to come out of their own savings or operating accounts in order to pay for these types of damages. In a business in which cash is tight and moves quickly, having to make a large sum payment can be devastating and taking out large debts in order to cover these expenses is just as bad.

The restaurant that makes the right decisions, that puts in the hard work, and purchases a restaurant insurance policy to cover its unique needs and specific risk will create an environment of longevity.

Gwyneth Paltrow is a classic Hollywood beauty because she makes good decisions and takes the long view on her career. I am asking you to do the same for your restaurant. Instead of looking at your restaurant insurance as a burdensome expense, look at the coverages you procure with each monthly payment as an investment in the longevity of your establishment.

If you would like to discuss your restaurant insurance program with one of our business insurance experts, please call us at 518-456-6688 or you can click here to contact us via email.

We have a long history of helping restaurants find a competitively priced insurance policy to cover their unique and specific needs and we look forward to discussing with you.

Thank you and good luck,

Ryan Hanley, CIC

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