Things That Go Bump in the Night for Restaurant Owners

3 Min Read By Society Insurance

Things that go bump in the night for restaurant owners look a lot different than for the average Joe and Jane. Instead of monsters under the bed and ghosts lurking in the shadows, it’s catastrophic storms, cost of materials and civil unrest. 

Ahead of Halloween and spooky season, Society Insurance explores some of the scary factors, some more rare and some more common, that can affect premium rates. 

1. Catastrophes and StormsIn 2023, the U.S. saw 28 weather disasters that cost at least $1 billion each – the highest number of billion-dollar disasters on record. As these events become increasingly common, it comes as no surprise that premiums have risen as insurance companies pay out large claims. As a result, insurers need to increase their premiums as they face increased liabilities and risks from storms and other weather-related phenomena. 

2. ReinsuranceReinsurance, to put it simply, is insurance for insurers. Insurers spread the risk through reinsurance. By collaborating…