Running a restaurant is not easy. It takes passion, patience and resilience to see such a business flourish in the competitive hospitality market. When the COVID-19 pandemic became a reality, it added more challenges to the restaurant industry.
A clear take-out from this period is that restaurant owners need unique solutions to help them face their day-to-day challenges. That is why Discovery Business Insurance created the Restaurant owners’ product; to help restaurant owners get comprehensive and tailored protection against the unique risks facing the restaurant industry, including new emerging risks.
Tailored business insurance for restaurants
The Restaurant owners’ product offers all the benefits offered by the traditional multi-peril commercial policy together with expanded cover for the risks of today such as cyber risks, reputational risks, social media liability exposures and legal risks. We have automatically embedded key cover innovations to help restaurant owners run their restaurants efficiently and with greater peace of mind, so that they can become better and more successful businesses.
Clients will get the following embedded covers at no additional premium when they add the relevant sections of cover. They will be able to increase their embedded benefits’ cover amount at an additional premium.
The embedded cover innovations include:
- R100 000 business interruption cover, including cover for franchise fees that may be payable during the indemnity period.
- R25 000 customer loyalty benefit which clients can use to issue vouchers to customers who were at the restaurant during a crime event to incentivise them to visit the restaurant again.
- R50 000 restaurant reputation cover to help the restaurant respond to a crisis event. This benefit includes access to reputational experts from a leading global marketing communications firm.
- Additional cover during peak seasons which automatically increases the sum insured for the Stock (Fire section), Money and Theft sections by an additional 15%.
- Cover for handheld point-of-sale (POS) devices which includes R10 000 cover for financial losses to the business as a result of an insured cyber event affecting the POS device’s software and R15 000 accidental damage cover for POS devices.
- Other premises cover which automatically protects the restaurant operations and equipment and offers liability cover by extending insurance cover to other third-party premises.
- Floating stock cover which enables the restaurant owner to insure the stock they keep at multiple business premises by specifying one total sum insured across those multiple premises.
- Restaurant legal services benefit which gives restaurants access to telephonic and online legal services including access to a commercial lawyer.
In addition, clients can get great rewards for managing their risks well such as up to 50% of their MTN business data spend back every month and up to 30% of their vehicle premiums back every year.
With such a rich and comprehensive product, we aim to give restaurants real value that goes further than the standard insurance cover. We believe that our product helps clients run their restaurants efficiently so that they can become better businesses. It also offers clients the specialised cover they need to keep their restaurants adequately protected plus the flexibility to tailor their cover according to their needs.