Question

Which risk financing strategies restaurant could use for threats from Hurricane and fire, instead of Insurance?

Answer 1

The four types of risk mitigating strategies include risk avoidance, acceptance, transference and limitation.
Purchase of insurance is clearly a risk transference strategy, however alongside this 'Risk Avoidance' is one of the strategies any restaurant should be practicing.

Indulging is restaurant risk management techniques reduces the chances of an incident occurring, leading to avoiding any accident that involve a high probability impact for both financial loss and damage by conducting a restaurant risk analysis.Preparing for the worst is essential to running a successful food business.
For example,
Walk your employees through your food business's safety protocol, such as how to properly handle, store, and prepare food, and what to do in case of a fire, robbery, or other catastrophes.Not only will adhering to safety codes help prevent your restaurant from being charged with violations, it will also create safer conditions for employees and customers and reduce your chances of getting sued.

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