article thumbnail

Bridging the Gap: Integrating Legal and Insurance Considerations into Restaurant Cybersecurity Response

Modern Restaurant Management

In January 2023, Yum! Golden Corral's August 2023 network breach affected 183,000 current and former employees, with hackers accessing everything from Social Security numbers to health insurance details. This committee can ensure that legal compliance and insurance requirements are built into everyday operations.

Insurance 282
article thumbnail

2025 Restaurant Outlook: A Recipe for Success with Risk Management

Modern Restaurant Management

Outsourcing high-risk services, such as delivery, can alleviate exposure to rising auto insurance costs, which are projected to climb in 2025. To remain resilient, businesses must prioritize enterprise risk management (ERM) strategies that integrate risk management, HR and insurance planning.

2025 418
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

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.

Insurance 457
article thumbnail

Emerging Trends in Restaurant Benefits

Modern Restaurant Management

With winter behind us and summer approaching, it is time to begin planning for the 2023 benefits plan year. In 2021, smaller plans that are often fully insured (fewer than 500 participants) saw a 9.6-percent Planning for 2023 will be complicated, especially for the restaurant sector. percent rate of increase. This compared to 5.0

Insurance 531
article thumbnail

Safety Training and a Strong Safety Culture: The Recipe for Mitigating Restaurant Risk

Modern Restaurant Management

Things began to change for the restaurant industry in 2023 as the script flipped from cutbacks to a growth mindset. Data from the National Restaurant Association’s 2023 State of the Restaurant Industry report revealed that nearly three in four operators were focused on sustaining growth.

Training 419
article thumbnail

MRM Research Roundup: Holiday Spending, Franchise Optimism, and Pickle Energy

Modern Restaurant Management

percent increase compared to 2023, with the last five days of the holiday season accounting for 10 percent of all holiday spending. percent) coming in well above the national total for e-commerce sales compared to 2023. percent compared to November of 2023. million in 2023 with the overall volume of cards sold jumping to 338.5

Franchise 221
article thumbnail

Things That Go Bump in the Night for Restaurant Owners

Modern Restaurant Management

Ahead of Halloween and spooky season, Society Insurance explores some of the scary factors, some more rare and some more common, that can affect premium rates. Catastrophes and Storms In 2023, the U.S. Reinsurance Reinsurance, to put it simply, is insurance for insurers. Insurers spread the risk through reinsurance.

Insurance 221