Owning a Steak ‘n Shake franchise means wearing many hats—from managing daily operations to upholding brand standards. But one of the most important (and often overlooked) responsibilities is ensuring your insurance program remains up to date and aligned with both corporate requirements and real-world risks.

An annual insurance review is essential. Policies, limits, and endorsements should reflect current operations, franchise agreement obligations, and any changes in business activity. Failing to assess your insurance regularly can lead to costly gaps or misaligned coverage.

This blog provides an easy-to-follow insurance review checklist tailored specifically for Steak ‘n Shake franchisees. Whether you’re preparing for renewal or just want to verify that your coverage is current, this guide walks you through the key areas to evaluate.

Why an Annual Insurance Review Matters

Restaurant businesses are dynamic. Operations shift, payroll grows, equipment is upgraded, and legal or franchisor requirements may change. Conducting a thorough annual review helps ensure:

• Compliance with your franchise agreement

• Alignment with insurance carrier expectations

• Protection against new or evolving risks

• Confidence that your coverage limits reflect real-world exposures

• Documentation readiness for audits or renewals

A well-organized review also helps streamline communication with your insurance agent or broker and positions your business for smoother renewals.

The Annual Insurance Review Checklist for Steak ‘n Shake Franchisees

Below is a comprehensive breakdown of what to review each year. At the end of this blog, you’ll find a summary version you can print and use with your insurance provider.

1. General Liability Insurance

General Liability is a foundational policy that protects your business from third-party bodily injury and property damage claims.

What to Review:

• Are the limits sufficient? (Minimums often required: $1M per occurrence / $2M aggregate)

• Does the policy name Steak ‘n Shake corporate as Additional Insured?

• Is Primary and Non-Contributory wording included?

• Is Waiver of Subrogation applied?

• Are all locations listed correctly?

• Are certificates of insurance (COIs) up to date and sent to corporate?

• Have there been any claims or incidents that require updated loss runs?

2. Commercial Property Insurance

This covers the physical building (if owned), business contents, and equipment. Even franchisees who lease their space need adequate coverage for interior build-out and contents.

What to Review:

• Are building and contents values current based on market rates and replacement cost?

• Is Business Personal Property (BPP) coverage sufficient for furniture, equipment, signage, and inventory?

• Is Business Interruption Insurance included and based on current income?

• Does the policy include Equipment Breakdown protection?

• Is Spoilage or Food Contamination covered?

• Have you added any new equipment or made renovations that need to be scheduled?

3. Workers’ Compensation Insurance

Workers’ Comp is required by law in most states and provides medical and wage benefits for employees injured on the job.

What to Review:

• Are all employees properly classified and accounted for in payroll estimates?

• Have you hired additional staff, added delivery, or expanded job duties?

• Are Owners, Officers, or Managers included or excluded intentionally?

• Have your annual payroll projections changed (which can affect premiums)?

• Have there been any open or closed claims?

• Are state-specific requirements still being met?

4. Commercial Auto or Hired/Non-Owned Auto Liability

If you use vehicles for business (whether company-owned or employee-owned), this coverage is critical.

What to Review:

• Do you own any company vehicles? If yes, are they properly insured and titled to the business?

• Are employees using personal vehicles for food delivery, catering, or bank deposits?

• Is Hired and Non-Owned Auto Liability included?

• Are drivers properly screened and authorized?

• Are driving records reviewed annually for employees who operate vehicles?

5. Umbrella or Excess Liability Policy

Umbrella insurance provides extra liability coverage above your underlying policies (GL, Auto, and Employers’ Liability).

What to Review:

• Do you have a current umbrella policy in place?

• Are the limits appropriate for your business size and exposure? (Many franchisors recommend $2M–$5M)

• Is it aligned with your General Liability and Auto policy limits?

• Does it include coverage over Employment Practices Liability (if applicable)?

6. Employment Practices Liability Insurance (EPLI)

EPLI protects your business from claims related to discrimination, harassment, wrongful termination, and other employment-related issues.

What to Review:

• Is EPLI coverage included or excluded in your current policy package?

• Are limits sufficient for your number of employees?

• Are defense costs included outside the policy limits?

• Have there been any recent employee complaints or legal actions?

• Does the policy include third-party liability coverage?

7. Cyber Liability Insurance

Cyber threats continue to rise, and POS systems in restaurants are especially vulnerable. Cyber liability insurance protects against data breaches, ransomware, and other tech-related risks.

What to Review:

• Do you have Cyber Liability coverage in place?

• Is your POS system connected to the internet or third-party software?

• Are coverage limits appropriate for your exposure (based on volume of card transactions)?

Does the policy include:

• Data breach response

• Ransomware attack support

• Business interruption due to system outages

• Regulatory and PCI DSS compliance expense reimbursement?

8. Liquor Liability (If Applicable)

If your location serves alcohol, Liquor Liability may be required.

What to Review:

• Is Liquor Liability included as part of your GL policy or written separately?

• Are limits in line with your corporate and state requirements?

• Is training (e.g., TIPS) provided and documented for staff?

• Have there been any incidents that would affect renewal?

9. Certificates of Insurance (COIs)

COIs are often required by landlords, vendors, and corporate headquarters.

What to Review:

• Are current certificates on file and sent to Steak ‘n Shake corporate?

• Is all required language (Additional Insured, Waiver of Subrogation, etc.) included?

• Have any COIs expired or failed to reflect policy renewals?

• Do you have a system for requesting and tracking third-party COIs from vendors or contractors?

10. Franchise Agreement & Lease Review

Franchise agreements and commercial leases often include insurance requirements that must be reviewed annually.

What to Review:

• Do your policies meet the minimum coverage requirements outlined in your franchise agreement?

• Have there been any amendments or updates from Steak ‘n Shake corporate regarding insurance?

• Does your lease require specific landlord endorsements or proof of insurance?

11. Claims History Review

Before renewal, review your prior-year claims activity.

What to Review:

• Are there any open claims that need attention?

• Has your claims frequency increased or decreased?

• Have you implemented any changes in operations to reduce future risk?

• Are loss runs available and reviewed with your insurance advisor?

Best Practices for a Productive Annual Review

In addition to following the checklist above, here are a few best practices to make the most of your review:

• Schedule your review at least 60–90 days before renewal

• Work with a broker who understands franchise and restaurant risks

• Document changes in payroll, revenue, or staffing

• Keep copies of all policies, endorsements, and COIs organized

• Ask questions—clarity now prevents confusion later

Ready to Review?

Need help reviewing your coverage or preparing for renewal? Reach out to our team today.

• Call: 813-876-4166

• Email:

We specialize in supporting franchisees with insurance solutions that align with operational needs and franchise obligations. Let us help you navigate your next review with confidence.