article thumbnail

How Insurance Needs Differ for Traditional Restaurants v. Mobile Food Businesses 

Modern Restaurant Management

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.

Insurance 189
article thumbnail

2022 Restaurant Insurance Update

Modern Restaurant Management

With change in restaurant management so dynamic, industry experts say that now is a good time to review and even revamp restaurant insurance policies. “Along with making changes to their menu offerings and business models, many restaurateurs are also reassessing their insurance needs.” Food Delivery Issues.

Insurance 208
Insiders

Sign Up for our Newsletter

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

Trending Sources

article thumbnail

Five Things You Need to Know About Restaurant Insurance

Modern Restaurant Management

Between obsessing over food and finances, one key consideration shouldn’t fall through the cracks—restaurant insurance. Having trouble deciding what kind of insurance your restaurant needs? What is Restaurant Insurance? Why Do You Need Restaurant Insurance? What Does Restaurant Insurance cover?

Insurance 144
article thumbnail

Biz Tip: Operations

Food Business

Maintaining equipment is like maintaining good staff. Maybe you are even beyond the belief that your staff should have monthly cleaning log that includes maintaining equipment. They will detect issues that will stop you from closing because a piece of equipment is down. It's an insurance policy that truly gives back.

article thumbnail

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

Modern Restaurant Management

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. Things began to change for the restaurant industry in 2023 as the script flipped from cutbacks to a growth mindset.

Training 167
article thumbnail

How Business Insurance Could Save Your Restaurant from COVID-19

Modern Restaurant Management

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. Gather Your Complete Insurance Policy. ” That’s just not true.

Insurance 217
article thumbnail

Restaurant Bookkeeping: Comprehensive Guide to Master Bookkeeping

7 Shifts

After all, a small, honest mistake can accumulate over time and turn into bigger operational problems— 17% of restaurants even fail in their first year due to mismanagement of finances. To be more specific, it outlines the details of your revenue, food, and labor costs, as well as your operating expenses.