The Restaurant Times

SEPTEMBER 19, 2021

Time has never been better to open your food truck, and the most critical business step is investing in insurance. However, if you don’t have the correct insurance, your food truck might cost you thousands of dollars or perhaps your business in jeopardy in time of a mishap. . Food Truck Insurance Cost . Kind of Insurance.

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Modern Restaurant Management

MARCH 9, 2023

Society Insurance, which provides coverage to the hospitality industry, has put together four tips on how restaurants and bars can help create a safer environment on St. Failure to manage the commercial sale of alcohol could threaten the success of a business due to increased liability exposure, both criminal and civil.

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Bar Insurance Restaurant Law Point of Sale 180

Modern Restaurant Management

NOVEMBER 11, 2019

It is important for restaurant, tavern and bar owners to have the right insurance, however, there are so many different types of policies, and even when you zero in on what is needed, the options are often complex and difficult to compare. A non-admitted insurance company has not been approved by the state’s insurance department.

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7 Shifts

MAY 1, 2024

These financial reports include: Balance sheet From tracking your assets and liabilities to monitoring your total equity, knowing how to prepare and read a balance sheet helps you understand your business’s worth better. To get your total equity, subtract your liabilities from your assets.

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Cash Management Inventory Employee Relations Beverage 195

Modern Restaurant Management

JUNE 9, 2021

So as a restaurant owner or food service manager, how can you best minimize workers comp liability to allow summer 2021 to be the successful reopening of the economy that we are all ready for? The PREP Act grants liability immunity against any claim of loss caused by, relating to, or resulting from, the administration of the COVID-19 vaccine.

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Modern Restaurant Management

NOVEMBER 14, 2022

Odds are you understand why your auto insurance premium changes. As you age and become a less risky driver, your insurer is exposed to less risk, and your rates drop as a result. Below, we’ll explore some common drivers of bar insurance costs. Reinsurance, to put it simply, is insurance for insurers.

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The Food Corridor

SEPTEMBER 14, 2020

The way to mitigate the risk is to take out a robust insurance policy. However, anyone who’s dealt with an insurance broker probably knows how painful this experience can be. An insurance company’s job is to calculate risk and figure out how much to charge you based on the risk level of your business.

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Modern Restaurant Management

DECEMBER 31, 2020

Many services do not provide liability for drivers, as their contracts specifically state they are only providing the software that connects the restaurant to the delivery driver. In that case, there may not be any insurance outside the driver’s personal auto insurance. Question #3: Who is responsible for order errors?

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Delivery Insurance Customer Service Online Ordering 231

Hospitality Insurance Group

MAY 16, 2019

(May 16, 2019) — A founding member of Hospitality Insurance Group’s Board of Directors has retired. Gerald Cassidy, who brought decades of insurance experience and knowledge to the Board, announced his retirement on May 8, 2019. President & CEO of Hospitality Insurance Group. “I About Hospitality Insurance Group.

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Insurance Hospitality 2008 License 60

Modern Restaurant Management

SEPTEMBER 24, 2021

Delivery reports should show you general information like order amounts, as well as more specific details including item breakdowns in each third-party order as well as your own in-house delivery orders. It’s crucial that you know where every online order is originating from.

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Delivery Insurance Online Ordering Uniforms 214

Modern Restaurant Management

MARCH 30, 2023

The FICA Tip credit (FICA stands for Federal Insurance Contributions Act) is a federal income tax credit that was enacted to offer financial relief to businesses in the food service industry that has employees who receive part of their wages through tips given by customers. percent of gross compensation (up to a limit) and 1.45

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Hospitality Insurance Group

OCTOBER 30, 2019

Restaurants and bars face a litany of general liability risks that are often overlooked. It could be the spiraling staircase or the featured dish of the week that increases a business’ risk for general liability claims. President & CEO of Hospitality Insurance Group.

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Insurance Hospitality Bar Design 60

7 Shifts

APRIL 30, 2021

People are generally bad at filling out timesheets. This is generally by working with your insurance company, attorney, and a CPA. Time theft can generally become a felony criminal charge when it meets the threshold dollar value of a felony in your local jurisdiction. employers up to $373 million annually.

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Modern Restaurant Management

JUNE 22, 2020

Even as thousands of restaurant owners deal with the business disruptions caused by Covid-19 and the subsequent business interruption claims being filed with their insurers, they now also face a host of new potential exposures for which there are no easy, clear-cut answers. Liquor Liability. Worker’s Compensation.

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Modern Restaurant Management

MAY 25, 2021

In general, the pandemic has changed leasing structures to address the inability of restaurants, bars, and nightclubs to conduct business in the event of government regulations that prohibit or limit the ability of the tenant to conduct business.

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Hospitality Insurance Government Online Ordering 189

Modern Restaurant Management

MAY 18, 2022

With the rise in the general inflation rate, will it be this low? In 2021, smaller plans that are often fully insured (fewer than 500 participants) saw a 9.6-percent Voluntary supplemental insurance plans, accident, critical illness, and hospital indemnity for example, remain popular in the restaurant sector. This compared to 5.0

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Open for Business

FEBRUARY 29, 2024

The information provided in this article does not, and is not intended to, constitute legal or financial advice; instead, all content is for general informational purposes only. All liability with respect to actions taken or not taken based on the contents of this article is hereby expressly disclaimed.

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Modern Restaurant Management

DECEMBER 19, 2019

Even if restaurateurs can get around local laws, and their landlords are willing to relax probable prohibitions against on-site toking with dinner, most major insurers aren’t going to provide liability coverage at this stage of the game. A Harder Insurance Market Puts a Premium on Smart Risk Management.

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Hospitality Insurance Group

JULY 10, 2019

President & CEO, Hospitality Insurance Group. This type of risk at a restaurant could have significant consequences, potentially leading to liability, reputation damage, fines & penalties, or ultimately closure of the restaurant. By: Richard E. An outbreak of a foodborne illness is the angst of every restaurant owner.

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Modern Restaurant Management

JANUARY 31, 2020

The focus is two-fold: minimizing the risk of such an event from happening, and also reducing liability post-event should a victim’s family or local authorities claim the property should have been more secure. With more than 300 active shooter events in the U.S. Managing foreseeable risk = covering the basics.

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The Restaurant Times

DECEMBER 22, 2021

Insure Your Restaurant And Get Familiar With The Taxes . If you insure your restaurant from the beginning, it will help protect you against unforeseeable circumstances, like fires, damage to the restaurant, employee injuries, and customer lawsuits. Insurances required by the state are: . Insurances required by the state are: .

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Insurance License Point of Sale Employee Relations 52

Cheetah

MAY 1, 2020

Make sure you and your employees are protected by car, general liability or workers compensation insurance. Consult your insurance provider to learn about the policy that’s right for you. You’ll need delivery cars, bikes or scooters. Take additional costs into account, like parking and gas. Keep your tech up to date.

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Delivery Food Mobile Ordering Insurance 109

Modern Restaurant Management

AUGUST 10, 2020

Some taxes are the sole responsibility of the restaurant-employer such as Federal Unemployment Tax Act (FUTA), most State Unemployment Tax Act (SUTA), and a portion of Federal Insurance Contributions Act (FICA) taxes. This is especially true when times are tough and managers are looking for ways to pay bills. Some are treated more seriously.

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Audits Government Point of Sale Cash Management 180

Modern Restaurant Management

JULY 14, 2023

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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Insurance Food Safety Employee Relations Small Business 88

Restaurant365

MARCH 26, 2020

Restaurant operators can use the funds for payroll, rent or mortgage payments, utility charges, and insurance premiums. Personal Financial Statement (SBA Form 413) completed, signed, and dated by the applicant, each principal owning 20 percent or more of the applicant business, and each general partner or managing member.

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Restaurant365

SEPTEMBER 23, 2021

For example, since your restaurant places frequent orders from vendors, in addition to payroll and other costs, the business is generally cash heavy. Restaurant accounting cycles generally differ from many other types of businesses, primarily because revenue can vary greatly between a weekday and a weekend.

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Cash Management Point of Sale POS Inventory 147

The Restaurant Times

JUNE 1, 2022

Get Business Insurances. As an ice cream parlor owner, you will need several insurance policies to protect your sweet business. The cost of insurance policies may vary depending on the shop’s location, the building’s value, the number of employees, etc. General Liability Insurance.

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OpenTable

JULY 8, 2022

The extent to which you and your partners/investors are held personally responsible for debt incurred by your restaurant (liability). There are two different types of partnerships, general and limited. General Partnership: This works just like a sole proprietorship, but with multiple owners. Limited liability companies (LLCs).

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Back of House Front of House Restaurant Law Fine Dining 52

Lavu

NOVEMBER 8, 2019

Every foodservice operator has three fixed expenses: Restaurant Labor—The cost of all employees on the payroll in management, FOH, and BOH. Occupancy Expenses—These are the costs of existing in a brick and mortar location ( or food truck ), including rent, property taxes, and insurance. Prime Cost.

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Management Management Food Truck Cash Management 85

Modern Restaurant Management

APRIL 16, 2020

That determines the type of agreement that is needed: partnership agreement (for a general or limited partnership); shareholders agreement (for a corporation, either an S corp or a C corp); or operating agreement (for a limited liability company). A death buyout of a principal can be funded by insurance, for instance.

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Modern Restaurant Management

JANUARY 19, 2021

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.

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The Restaurant Times

SEPTEMBER 30, 2021

The difference between a successful food truck and a flop generally boils down to planning. Insure your truck . However, if you don’t have the correct insurance, your food truck might cost you thousands of dollars, or perhaps put the future of your business in jeopardy in case of a mishap. Source: LBB.

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Food Truck Food License Mobile Ordering 52

Xtra Chef

APRIL 13, 2020

With the explosion of food delivery services and the popularity of food trucks, pop-up restaurants, and casual dining in general , more and more food industry entrepreneurs are turning to shared-use kitchens. Licensing and Insurance. Flexibility.

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Modern Restaurant Management

JUNE 14, 2021

Restaurants are coming back saddled with a lot of risks in an insurance market that’s the hardest it’s been in over 20 years. It’s created an environment where insurance premiums on some lines are doubling (or more) if coverage is available at all. Insurance Pressures Facing Restaurateurs.

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Restaurant365

MARCH 26, 2020

Restaurant operators can use the funds for payroll, rent or mortgage payments, utility charges, and insurance premiums. Personal Financial Statement (SBA Form 413) completed, signed, and dated by the applicant, each principal owning 20 percent or more of the applicant business, and each general partner or managing member.

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Small Business Download Document Online Ordering 78

The Restaurant Times

JANUARY 11, 2023

In the upper quartile, restaurants generally require at least 5000 sq feet of space. As an Indian citizen, you will face some restrictions on owning certain types of legal entities, such as corporations, limited liability companies, partnerships, and sole proprietorships. Upper Quartile. Managing a Restaurant in the US From India.

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License Restaurant Law Point of Sale Employee Relations 52

Restaurant365

FEBRUARY 19, 2020

Restaurant accounting requires tracking and analyzing the flow of all your revenue, expenses, assets, and liabilities. Non-controllable costs, like the fixed costs of rent, insurance, and salaries, are predictable expenses. Occupancy expenses: fixed costs like rent, property taxes, and insurance.

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