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2022 Restaurant Insurance Update

Modern Restaurant Management

According to the National Restaurant Association , the dining industry should generate $899 billion in revenues in 2022. With change in restaurant management so dynamic, industry experts say that now is a good time to review and even revamp restaurant insurance policies. That’s up from $640 billion in 2020. Food Delivery Issues.

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Q1 2022 Legal Update

Modern Restaurant Management

Insurance Coverage for COVID Claims Largely Rejected by Appellate Courts : Throughout the country, appellate courts are reviewing insurance coverage lawsuits brought by restaurants who were forced to close due to COVID-19 pandemic shutdown orders. Oregon Mutual Insurance Co., Litigation.

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NCR Reveals 2022 Hospitality Trends and Predictions

Modern Restaurant Management

Restaurant operators once again find themselves refocusing priorities and altering their plans for 2022. Here are some trends NCR is watching as move into 2022. Tackle the Labor Shortage with Hiring Incentives. Use Data and AI to Reach Out and Touch Your Customers. Hold the pickles but double-up on mayo. Gluten-free buns, please.

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Restaurants Aren’t Raising Employee Medical Premiums, But Costs Are Going Up

Modern Restaurant Management

We warned that medical trend (the rate of increase in medical plans) would be increasing in 2022 and in 2023. While the existing studies indicate similar trend rates for 2022 and 2023, as mentioned above, there is growing evidence that the general inflation rate will drive even higher than forecasted medical costs.

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An Insider’s Advice About Restaurant Insurance: Six Ways to Reduce Your Costs

Modern Restaurant Management

Restaurant insurance is complicated. Just as owners have to play many roles in management, marketing, and menus, their insurance has to protect their finances, patrons, and employees. And who has the time to read a 100-page insurance policy? These are often excluded from standard policies and be potentially costly.

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Emerging Trends in Restaurant Benefits

Modern Restaurant Management

percent in 2022, down from 7.0%. In 2021, smaller plans that are often fully insured (fewer than 500 participants) saw a 9.6-percent In 2021, the difference was 0 percent and for 2022, it is forecast to be only 3.4 Consider these factors: According to PwC, medical trend is forecast to be 6.6 percent rate of increase.

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How Restaurants Can Attract and Retain Workers Tempted by Retail Holiday Job Offers

Modern Restaurant Management

Restaurants are still suffering from a labor shortage – according to the National Restaurant Association , as of September 2022 “eating and drinking places [were] still 560,000 jobs (or 4.5%) below their pre-pandemic staffing levels – tops among all U.S. industries.”

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