Developing a Risk Assessment for Restaurant Clients

Posted on: September 11, 2019 by RMS Hospitality

Restaurant owners and operators spend a great deal of time and resources when it comes to building out their brand and pushing marketing strategies. While it’s important to build a brand and generate awareness so a client base grows, it’s also important to not forget about assessing risks and setting a plan to avoid liabilities.

Restaurant clients may need some help when it comes to developing a risk assessment for their operations. It helps to have a comprehensive approach to understanding risk and avoiding claims made by customers that can vary in size and scope. Getting ahead of a potential crisis that could in turn negatively impact a brand is essential for restaurant insurance carriers and their clients.

Assess Risks to the Brand

Restaurants can begin understanding the potential risks they face by determining what matters most to their brand. They can start this by collecting information from internal stakeholders, social media feedback and interaction, public information on the web (such as online reviews), and commercial risk companies.

Also, they can look to external partners, such as other restaurant owners who can help other restaurateurs understand other possible risks. Anything gathered should be gathered and stored in an accessible way for teams and individuals involved in the decision-making process, primarily human resources leaders and risk analysts.

Having an Early Warning System

Threats should be identified early on in the process. Getting out ahead of risks can make a big difference before major claims are made. Any information gathered should be analyzed with important information extracted to begin to create plans to address certain risks. Looking to see what affects overall brand presence and marketing potential should be the first step.

Also, within a restaurant’s brand, it should be determined who should disseminate time-sensitive and critical information to whom and in what way. Owners should assign responsibility to cut out confusion and the possibility to mix any messages.

Protecting Against Risks with Insurance

There is restaurant insurance available to protect restaurants and cafes when it comes to liabilities and claims. This is a major line of defense that will help restaurants keep their finances intact while claims are being pursued. Having this restaurant insurance can help alleviate financial stress as well as help to protect reputation during litigation, which is a huge difference-maker in what happens after a claim. Being able to pick up and move on without too much trouble will be the difference between moving on and closing down.

About RMS Hospitality Group

At RMS Hospitality Group, our expertly crafted policies are written specifically for the hospitality industry. We offer custom-tailored solutions to meet any venue’s specific needs. For more information, contact our knowledgeable experts today at (888) 359-8390.

Posted in: blog Restaurant Insurance