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Many restaurants turned to their insurance policies to provide protection for revenue reimbursement, (i.e., insurance proceeds for loss of revenue), but found the majority of insurance policies, unfortunately, did not / do not provide the coverage they anticipated. How Insurance Policies React.
Traditional sit-down restaurants and mobile food businesses have uniquely different needs when it comes to insurance. While there is some overlap in coverage needs, it’s important to understand the differences when it comes to insuring your business. Traditional Sit-Down Restaurant Insurance Needs. Property Insurance.
But incidents involving employees who are delivering food or running business-related errands are a significant source of liability risk. Consequently, as an owner, it’s crucial that you know what type of auto insurance you need to protect your business from a potentially crushing financial burden if you are sued.
After weathering years of pandemic-related challenges, the sector continues to rebound with optimism. However, new uncertainties—from economic pressures to labor shortages—underline the importance of robust risk management strategies as the linchpin for future success.
While our team is extremely excited about seeing each other in person, as a business owner, it‘s my responsibility to ensure we’re being safe, following appropriate CDC guidelines, and making the best decisions to protect our employees. Further, the Rockefeller Foundation found that 44 percent of 1,339 U.S.
restaurant industry has a loaded plate as 2021 picks up steam – especially from an insurance and financial protection point of view. “The prospects for fine dining and sit-down restaurants are going to remain strained for all of 2021,” said Doug Groves, founder at Program Insurance Group, in College Station, Tex.
The words ‘employee handbook’ are enough to make any new hire quiver. Having to spend a shift—or even worse, your after-hours—reading through an employee handbook will sap the fun out of any new restaurant job. The introduction to your restaurant employee handbook Think of your employee handbook as a welcome to your restaurant.
In this environment, smart and strategic risk management has never been more important. These virtual brands have allowed restaurants to hone in on hot niche trends (anything chicken related, typically) with consumers. One, of course, is the need for enough people to manage the crowds now that their doors have reopened.
But the challenges don’t stop there—once open you have to focus on improving processes, managing labor schedules, and controlling restaurant costs. Not only do you have to manage many costs including, labor, equipment, and food—but you have to do it while dealing with inevitable price increases. This is only a guideline.
And while you may not picture a restaurant manager or worker parked at a desk to work, it's a huge part of restaurant management. Numbers can give us insights into everything from profits and losses to average customer spend to how often employees cycle through. If it's not measured, it won't be managed. Break-even point.
All of them have asked us for help in saving their businesses and helping their employees. In addition, most restaurants should have business interruption insurance, and that insurance may provide some relief from economic pain. Business interruption insurance covers the loss of income that a business suffers after a disaster.
That's why it's essential for restaurants to consider cyber liability insurance. First, they typically store significant customer and employee data, including names, addresses, and credit card information. With cyber liability insurance, the costs of hiring attorneys and other legal expenses can be covered.
According to data from 350,000+ restaurants that use 7shifts, while overall shifts being scheduled are still sitting 24% below pre-COVID levels, shifts for delivery-related roles have increased 38%. When hiring restaurant employees, it’s also important to find staff that will take these measures seriously.
Make sure your employees understand when to wash their hands as well as appropriate times to use (and change) gloves. Be sure all your employees, from wait staff to managers to chefs, have been certified in food safety. Gain buy-in for the plan from the management team. Your workers will take short cuts. Train your staff.
A former employee filed a class-action lawsuit against Panera, following a data breach earlier this year. The suit claims that Panera is to blame for the breach, which exposed employees’ personal information, including Social Security numbers. What can restaurant operators learn from this experience?
As the focus for restaurants continues to center on growing and staffing up, safety training can sometimes get lost in the mix or ratcheted down to cover only topics related to compliance with regulations. That won’t cut it in an industry that faces major risks associated with employee injuries and food safety.
McDonald’s is among the growing number of employers to be hit with a lawsuit by a group of Chicago employees claiming the company failed to meet expert recommendations and government guidance for on-the-job protections against COVID-19. Claims management counts. Take a hard look at your workers’ compensation strategy.
For that reason, restaurant and business owners typically carry business income coverage, also referred to as business interruption coverage, which is insurance coverage intended to replace lost income in the event business is halted or interrupted for some reason, such as a natural disaster.
However, store managers can optimize labor costs if they have access to the right data. With the help of actionable data and reporting, store managers can help control labor costs, without negatively impacting the customer experience or employee retention rates. Hourly Employees. Salaried Employees.
With the laundry list of everything bar and restaurant owners need to handle on a daily basis, proper insurance coverage should be top priority. Proper communication with the insurance agent about all the ins and outs of the restaurant can help set up the policy right from the get-go.
As the fight against COVID-19 continues, more of those same restaurants have started considering—and even implementing—new plans for welcoming employees and customers back for in-person dining. Unexpected downtime, when paired with a swift return to work, can present new risks to restaurant employees.
Ahead of New Year’s Eve celebrations, Society Insurance, which provides coverage to the hospitality industry, has put together the top four tips on how a restaurant can protect themselves, their patrons and their employees as well as create a safer environment on Dec. Obtain Liquor Liability Insurance. 31 and beyond.
Understanding whether your staff are employees or independent contractors isn’t just about following the rules—it’s key to maintaining a fair, compliant and smoothly running establishment. Employees classified as exempt from overtime must meet specific criteria, such as executive or administrative duties.
Employee turnover is an invisible issue that most managers tend to neglect. But if you want your business to succeed, you need to understand employee turnover and be able to manage it for the better. What Is Employee Turnover? Voluntary Employee Turnover. Conflict with other employees.
Health Insurance Requirements for Small & Medium Businesses. How offering affordable health benefits to your employees can work wonders for recruiting and retention. H ealth insurance is one of the most important benefits an employer can offer, regardless of size. Are Small Businesses Required to Offer Health Insurance?
These issues have translated to the industry’s insurers as well – causing even more headaches for restaurant owners. The restaurant insurance market has seen rising costs to insure and as a result, carriers have come and gone from the market.
While you may think of your restaurant inventory as part of operations, restaurant inventory management should also be considered an accounting function. When you can integrate your restaurant inventory management with your accounting, you can develop better inventory control while also achieving a more detailed picture of your finances.
Update Your Employee Handbook Your employee handbook sets the tone for your culture by establishing expectations and aligning your team toward a common goal and vision. Bonus Tip : Create a simple FAQ document to address common employee questions about coverage options.
You can’t manage what you don’t measure. In this article, the management experts at Sling answer your questions and tell you everything you need to know to optimize labor costs, stay on budget, and manage your business better. A semi-monthly reporting schedule means you pay your employees and produce reports twice per month.
Modern Restaurant Management (MRM) magazine reached out to John Cassetta, Restaurant and Franchise Solutions Manager at Aon, for his insights on best practices for restaurants on Drinksgiving. The real challenge for restaurant owners is the increased possibility of alcohol-related incidents, simply due to more time for risks to happen.
In today's workplace, the significance of addressing employee mental health has become increasingly crucial. The well-being of employees directly impacts their productivity, engagement, and overall satisfaction. Offering Mental Health Benefits To support employee mental health, employers can offer a range of mental health benefits.
Consider PPP loan insurance to cover damages, legal fees and fines if the SBA determines that your business was ineligible for the loan. Have 500 or fewer employees, taking into account any and all affiliates. ” Get to Know PPP Loan Insurance. Payroll calculations made in connection with the loan application.
Ahead of this year’s football season, the team at Society Insurance has put together the top four tips on how a restaurant and/or bar can protect themselves, their patrons and their employees as well as create a safer environment for football season and beyond. Obtain Liquor Liability Insurance. Take a buddy).
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?
” The Association proposed three separate categories of protection for industry restaurants and employees: directed/targeted financial relief; loans/insurance options for impacted small businesses; and tax measures. Loans/Insurance Options for Impacted Small Businesses. Federal Loan Program Equal to Lost Revenue.
I t’s probably fair to say that most entrepreneurs didn’t give much thought to the complexities around payroll management and taxes before starting a business and hiring employees. Every state requires its employers to pay this tax, and no employee has money withheld from his or her check to pay SUTA. What is SUTA?
Some staggering statistics on the restaurant industry during this pandemic include: Restaurants, on average, laid off 91 percent of their hourly workforce and 70 percent of salaried employees due to COVID-19 related closures ( James Beard Foundation ). Covered Period. Reductions in Average Full-Time Equivalency.
Lack of health insurance isn’t considered one of the major reasons the hospitality industry has, according to the U.S. A recent survey found that low pay, lack of recognition and bad management are three of the major variables. Many of the employees tell me that they appreciate that mental health is covered as well.
I think it is very important for business owners, in general, to make a statement that our employees matter and so does their voice,” said Hunter Evans, Chef, at Elvie’s in Jackson, Mississippi. Interviews range from baristas and servers to operations managers. ” Hunter Evans. We often have meditation before service.
In what has been a closely watched case, a court in France recently ruled that France’s largest insurer must pay on a claim brought by a restaurant forced to shut down due to the COVID-19 outbreak. Many insurance companies, however, have already begun to signal their intent to deny pandemic-related claims.
These fees, when not managed, cut deep into razor-thin margins, and in some cases, can contribute to a restaurant closing for good. 7shifts' data has seen a 243% growth in delivery-related roles (i.e. As of December 2020, 900 delivery-related roles have been created in the 9 months since March 2020. Should I hire my own drivers?
Additionally, businesses applying for a PPP loan can also apply for Employee Retention Tax Credits (ERTC), if the credits are not applicable to wages paid with forgiven PPP loan funds. The Act also redefines payroll costs to specifically include group insurance payments made on group life, disability, vision and dental insurance.
Society Insurance, which provides coverage to the hospitality industry, wants to share resources restaurants should be leveraging and implementing, such as creating an Employee Assistance Program as well as educating workers (and yourself!) At this point, you need to determine if your employee is covered under FMLA.
If you are one of the businesses that has been lucky enough to receive a small business loan through the Coronavirus Aid, Relief, and Economic Security (CARES) Act (or otherwise have been able to secure alternate financial backing), you may have been able to retain many of your employees and maintain business continuity in the interim. [1].
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