The Office of Insurance Commission (OIC) has recommended that restaurant operators consider obtaining basic insurance coverage aligned with the nature and risk level of their business.
According to the OIC, this should include fire insurance to protect the building and property, third-party liability insurance to protect against consumer injury or death, business interruption to mitigate the impact of lost revenue during periods of disrupted operations and theft insurance to protect property from loss or damage.
A statement by the OIC noted that many businesses still lack understanding or access to appropriate coverage that prioritises customer protection, with some perceiving insurance as a high-cost product with complex terms and conditions. It also noted that others are unsure if coverage aligns with business risks.
As a result, the regulator pointed out that many businesses remain inadequately protected.
To help businesses choose appropriate and cost-effective coverage, the OIC has partnered with the insurance industry and relevant agencies to launch an initiative that communicates the importance of risk management, insurance, and customer protection.
Targeted areas of this initiative include Bangkok, Chiang Mai and Phuket.