Six Factors That Can Drive Up Restaurant Costs

3 Min Read By Society Insurance

Have you ever caught yourself wondering why your business’ premium changes over time? Odds are you understand why your auto insurance premium changes. As you age and become a less risky driver, your insurer is exposed to less risk, and your rates drop as a result. What drives premiums for bars isn’t quite so simple as predictable factors like age or gender.

Each business is sure to face a whole host of unique risks, each of which will be assessed and factored into your premium by your carrier. So what are these risks, and why do they impact premium rates? Below, we’ll explore some common drivers of bar insurance costs.

1. Catastrophes and StormsIn 2020 alone, weather and climate-related disaster events across the U.S. cost $95 billion. The 2020 derecho caused over $10 billion worth of damage in Iowa and surrounding states. Well over a billion dollars in claims were paid as a result of the storm’s damage. As these weather and climate-related events become increasingly common…