Profit margins for restaurants are razor thin. I understand. We had a family restaurant when I was growing up and I could tell you some stories. It's an exciting industry, but does has its share of exposures and risks, especially when it comes to cyber liability. Taking on an additional costs can be overwhelming for a restaurant, but you simply cannot afford not to consider a Cyber Insurance policy. 

Restaurants are very dependent on technology when it comes to payment processing and will continue to be technology dependent. Contactless trends due to COVID-19 have changed the way transactions are completed. Thus, cyber exposure will continue to grow. The people committing these cyber attacks know this. They see an industry that is perfect prey. 

What are restaurants seeing in terms of risk and exposure?  In 2021, the FBI sent a notice  warning companies in the food industry to be aware of ransomware exposure, stating, "Cyber Criminal Actors Targeting the Food and Agriculture Sector with Ransomware Attacks".  Businesses have suffered significant financial losses resulting from ransom payments. When it comes to these threats, employee awareness, and having controls in place are critical. 

Cyber Liability Insurance rates are up, and they will probably continue to increase because of the above. This is why you need a trusted commercial insurance agent and broker that understands not only the trends, but your needs. Do not rely on your General Liability or BOP to respond to these types of exposures. Review your policy, look for exclusions, and ask about endorsements. Cyber Insurance for Restaurants will continue to be a priority, especially as we rely more and more on technology. If you have any questions, or need a quote, please feel free to contact me. 

Jason Matison
Commercial Insurance Agent
​Austin, Texas

When meeting with clients about Business Insurance, Umbrella Insurance questions usually come up. In most cases they are, why do I need it? Or how much is it? Sometimes it comes up when presenting a General Liability quote and people ask, is this enough coverage? I also hear, I already have an umbrella with my home and auto insurance company, so why do I need another one? This is a personal umbrella and does not take into account your business exposure.

​Here are 3 reasons why you should consider that Umbrella

1.) It's never enough coverage
Typically when a liability claim hits, it's for something big. People often ask, is this enough coverage? That's a tough question. Truthfully, it's the million dollar question. 

2.) Protect your assets
Picking up where I left off above when people ask, is this enough coverage? My next question is, what do your assets look like? Bottom line, any financial advisor will tell you to protect your assets at all costs. Umbrella can help with this in case of a liability loss. 

3.) Peace of mind
If you are pondering whether or not you have enough liability coverage, chances are you probably need an Umbrella. Typical $1M liability limits aren't enough these days.
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These are just a few reason why you should carry an Umbrella. Perhaps you just landed a contract and they are requiring Umbrella Insurance. Whatever the case may be, I would love to help.  Give me a call or send me an email to discuss Umbrella options. 

Jason Matison
Commercial Insurance Agent
Austin, Texas