Lawyers Risk Management Services
Restaurant Protection
Paragon has designed and developed a product designed to help restaurateurs manage the tangible and intangible effects to their business caused by temporary closure and/or adverse media publicity.In addition, many businesses do not just comprise what is on their menu. The world’s leading chefs also produce cookery books, kitchenware and even furniture as a fundamental part of their business. Sales for these items can also be affected by adverse media publicity and this supplementary revenue stream also needs to be protected.
Insured Events
Restaurant Protection insurance can be tailored to suit an Insured’s specific requirements and can incorporate any or all of the following Insured Events:
• Accidental Contamination
• Malicious Tampering
• Product Extortion
• Risk to Reputation resulting from Adverse Publicity
Beneficiaries
Cover is designed to provide maximum benefit to all aspects of the food services industry. It is primarily orientated towards large well-established restaurant businesses, but the model can easily be adapted to incorporate the following:
• Franchises
• Food handlers
• Food retailers
• Supermarket chains
Covered Losses
Tangible
Policies can cover as much or as little as required. They can incorporate, but are by no means limited to:
• Pre-event expenses, for example:
- Costs and fees of experts and advisors
- Implementation of a Risk Management Programme
- Fees incurred in the identification of a contamination (either by chemical analysis or physical examination)
• Fees and expenses associated with the event itself, specifically:
- Transportation and accommodation
- Hiring additional staff
- Employee overtime
- Out-of-pocket expenses
- Renting/hiring additional restaurant space or storage
- Disposal of packaging and/or marketing material
- Redistribution of re-worked or restored products
- Advertising or cancellation fees
Intangible
• The reduction in net profit and the increased costs of working resulting from the damage to an insured’s reputation caused by an adverse media event.