Are you ready for the biggest understatement of the year? Business owners are busy. And pizzeria owners are some of the busiest. After writing pizzeria insurance for more than 33 years, we’ve learned quite a bit about the way these shops are run and what they need. And we know that if you’re a pizzeria owner, having the answers to these three questions before you start shopping your insurance will save you precious time … and money!
How Much Business Personal Property Do You Have?
Translation: How much stuff does your business own? Business Personal Property consists of anything you bought for the business, as well as any improvements you made to the building that your business rents. A great way to simplify this question is to ask yourself, if you lost everything in a fire, how much money would you need to replace it all?
What Are Your Annual Sales?
Translation: How many times are people coming in and out of your shop per year? Many companies calculate your liability exposure (or how likely you are to have a liability claim) off of your sales because it tells them how busy you are. The more people coming in and out, the more likely one of them is to trip and fall, or hurt themselves some other way. That said, there are also some companies that will determine your exposure by using the square footage of your shop instead. Your independent agent should ask you for square footage as follow-up question to help him or her determine which carriers would be the best fit for your pizzeria.
Do You Have Loss Runs for Your Pizzeria?
Translation: Loss runs are a report you can get from your current agent that provide information about your insurance history. If you’ve been in business for a while and you’re shopping your insurance, chances are you will need to get loss runs from your current agent or carrier. Before offering a quote, underwriters usually like to know what your history has been. However, keep in mind that even if you have claims, this doesn’t necessarily mean you won’t be able to switch companies. There are many considerable factors that go into determining your eligibility. Alternatively, if you are a new business, companies may ask to see your business plan or resume. It is always helpful to prepare these documents beforehand so you can give them to your agent.
If you’re ever unsure about a question, do not hesitate to ask for more information! And of course, we are always here to answer your questions.
About DiGiacomo & Associates Insurance
For the past thirty years, DiGiacomo & Associates Insurance provided comprehensive insurance solutions to Pennsylvania and Delaware. As a family-run business, we provide caring, personalized services to each one of our clients and take the time to determine the best coverage for each individual customer. For more information, contact us today at (610) 935-8900 to speak with one of our representatives.