Roundtables: Hospitality & Restaurant

• Q1: How are you sourcing or finding these opportunities?

• Q2: How has the restaurant/hospitality market changed over the last 5 to 10 years, and how have your marketing efforts shifted? / How are you leveraging those needs during the sales cycle?

• Q3: What do the restaurant and hospitality owners you work with care about when it comes to their insurance needs?

• Q4: What resources are you providing restaurant owners to help them reduce insurance costs/better manage their exposure/make their business better?

• Q5: What are your restaurant owners who do delivery doing to manage their exposure? / How often are you still seeing HNOA needed for delivery? / Where are you taking it? / How are you advising insureds or finding insureds who already mitigate their delivery exposure?

• Q6: What are you or your agency doing throughout the year to stay in front of target prospects in this space?

• Q7: How has the rise in food trucks impacted this sector? / How are you approaching food truck accounts?

Guiding Questions:

1. What are the most important questions you ask restaurant and hospitality owners up front to prescreen an account?
   
   
2. How do you collect all the information needed to quote? Do you use a proprietary form, a supplemental application, SOVs, ACORD forms, or a combination
   1. How do you confirm the accuracy of info, like construction, fire suppression systems, entertainment, hours, etc?
      
      
      
3. What steps do you take to give your insured the fastest, most efficient path to a quote?
   
   
4. How do you compare the incumbent policy with your new quotes?
   
   
5. Which coverages do you recommend for every restaurant/hospitality account, and which recommendations help you stand apart from the incumbent or the competition?
   
   
6. What recommendations do you make to help restaurant/hospitality owners manage their risk?
   
   
7. How do you decide which carrier to pursue for each restaurant/hospitality account?

Guiding Questions:

Think about your team's current presentation and binding workflows as you think through the below:

What does your internal quote review process look like, and how do you identify coverage gaps, restrictive endorsements, exclusions, sublimits, and conditions that could affect a restaurant or hospitality client?

 Which coverages and endorsements do you review most closely for restaurants, bars, breweries, hotels, and other hospitality risks? 

Are you using a tool or platform to prepare and present proposals?

Do you typically present the carrier’s original quote, or do you build a customized proposal?

How do you present competitive, comparable quotes so the client can clearly understand the differences in premium, limits, deductibles, and coverage?

What questions or objections come up most often when presenting restaurant and hospitality quotes?

How do you follow up after presenting a quote, and what helps move the account toward a decision? 

What common issues delay binding, and what processes help your team prevent them?

What is one challenging restaurant or hospitality placement that taught you something you now apply to other accounts? 

Conversation starters are posted a week in advance, and recaps are posted within 24 hours.

Conversation starters are posted a week in advance, and recaps are posted within 24 hours.