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Why Every Restaurant Needs Foodborne Illness Insurance
Manage episode 361862810 series 2822097
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All it takes is one bad batch of inventory to cause a foodborne illness outbreak in a restaurant, which can be a costly risk for owners. The fallout can include lost inventory, a drop in sales, and long-term reputational damage. Unfortunately, many restaurants don’t carry foodborne illness insurance, which can cover the financial and reputational fallout of an outbreak. Today, Scott and Amanda are joined by Jon O’Malley an Associate Broker with CRC Group's Minneapolis office where he specializes in Product Recall exposures, as well as Chris Martin also a Casualty Broker with our Minneapolis office specializing in Product Recall. They’re going to dive into why Food Borne Illness coverage is a smart buy for restaurants.
Featuring:
Jon O’Malley - Associate Broker, CRC Minneapolis
Chris Martin - Casualty Broker, CRC Minneapolis
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Chapters
1. Why Every Restaurant Needs Foodborne Illness Insurance (00:00:00)
2. Just how big of an issue is foodborne illness for restaurants? (00:01:36)
3. What do we know about what causes food borne illness? (00:02:52)
4. I know restaurants were having huge problems hiring and retaining staff, especially when things started to re-open post-pandemic. Has that issue improved or is it just a long-time problem for the industry? (00:03:48)
5. How does foodborne illness insurance work to provide a safety net for businesses? (00:04:20)
6. In 80% of cases, the actual illness agent is never identified, so the blame lies solely with the restaurant. Doesn’t this emphasize the importance of risk management and insurance? (00:09:19)
7. Is foodborne illness insurance as important for smaller businesses as it is for large chains? (00:10:33)
8. Does Food Borne Illness coverage apply in other places that retail agents might not immediately think of? (00:12:58)
9. Is food borne illness coverage something retail agents are familiar with and regularly offering to their clients or is there room to grow here? (00:14:00)
10. How does partnering with our brokers benefit/help agents and insureds? (00:16:39)
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