Insurance premiums have spiked over the last few years but there are ways to be proactive and better manage premiums. Pete McDonell, Insurance and Risk Management Consultant for Restaurant Technologies, shares his expertise on how to reduce risk in restaurants and save money on insurance premiums.
Key Topics
Career Advice: Pete shares the best career advice he received from his father, emphasizing the importance of doing what you love to be happy and successful in your career.
Proactive Insurance Measures: Pete discusses the importance of management’s involvement in making areas safer to ensure low insurance rates, including measures like proper building construction, fire sprinklers, and automation.
Choosing the Right Insurance Agent: Pete emphasizes the importance of working with a diligent insurance agent who puts in the effort to get the best deals for their clients by presenting multiple proposals and understanding the market.
Improving Risk and Lowering Premiums: Pete explains that business owners should build a strong history of their account and show underwriters their proactive measures to improve risk, which can lead to better pricing.
Success Story with RT Customer: Pete shares a success story of a large account that saves over $2 million in oil-related costs by installing RT’s Auto Mist system, which leads to a significant reduction in claims.
Future of Automation: Pete discusses the future of automation in the food service industry, noting that while automation is here to stay, its adoption will depend on factors like wage increases and the need for safer work environments.
RT’s Insurance Initiative: Pete highlights RT’s unique initiative to help their clients lower insurance premiums, which has been recognized and appreciated by many customers.
