Why Your Restaurant Needs Business Crime Insurance
July 15, 2022
Theft is always an issue in restaurants and the incidents of theft will rise in direct correlation to how busy the restaurant is. At times of peak capacity, it can become hard to see what’s happening in all corners of a restaurant, and if employees are working long shifts at maximum capacity, they can become tired and less diligent.
Of course, there are steps you can take to minimize the likelihood of theft from your restaurant. The most effective insurance policy will be prevention and the most important tool when it comes to preventing theft is your staff.
If you expect good working practices and loyalty from your restaurant staff, you need to treat them right: ensure they are being competitively compensated, are being properly rewarded if they go above and beyond, have plenty of breaks when the restaurant is busy, and that they know the work they do is appreciated by you and your customers. You should also be sure that they receive proper training—if you want them to work in a particular way, or to pay attention to specific areas of the restaurant, or to be aware of particular customer behavior, it’s up to you to give them the appropriate instruction and tools to do that.
Theft can come from both sides of the counter:
Customers can shortchange you or leave without paying their bill. Be sure all your restaurant workers know how to handle payments and what suspicious signals they should watch for.
Your employees may also be guilty of stealing—money from the register, money left on tables, food from the kitchen… It is estimated that in all types of restaurants 75% of inventory shortages are the result of theft, most commonly by employees.
Chances are your restaurant’s standard property or business insurance policy will not cover you for losses suffered as a result of employee theft. But you can add business crime insurance. Such an insurance endorsement will offer protection against both employee and other theft issues including burglary, fraud, forgery, and theft.
For more information on top rated restaurant insurance in New Jersey contact Vozza Agency.