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While maybe less cute than National Pet Day (4/11) and less tasty than National Cheeseburger Day (9/18), National Insurance Day on June 28 encourages businesses to shop around for the BEST insurance partner to ensure financial success and safety for all involved. Food service businesses, such as caterers, face additional risks.
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. We also recommend post-incident training to ensure incidents do not repeat.
At All Solutions Insurance, we saw a recent claim in which a restaurant faced a multi-million-dollar lawsuit after over-serving a guest who later caused a fatal car accident. Secure Comprehensive Liquor Liability Insurance : Despite taking precautions, alcohol-related incidents can still happen.
By mid-2024, 82 percent of food and beverage operators were still actively recruiting, with chefs and cooks comprising 30 percent of open roles. Outsourcing high-risk services, such as delivery, can alleviate exposure to rising auto insurance costs, which are projected to climb in 2025.
Simplify Health Insurance Open Enrollment Health insurance is one of the most valuable benefits you offer, so make open enrollment a central, streamlined year-end activity. Focus on: Reviewing Safety Protocols : Ensure all staff understand emergency exit locations, proper equipment handling, and current food safety standards.
By Indiana Lee, Contributor The rise of food delivery services has driven the restaurant industry into a new frontier. Restaurant owners must consider risks like increased insurance costs and potential wear and tear from extensive use if they opt to use a personal vehicle.
A spike in food costs, a drop in sales volume, or one slow season can wipe out months of hard work. They tell you how much money your restaurant keeps after paying for everything from food costs to labor expenses to utilities and rent. came to $35,000, and your operating expenses (labor, rent, insurance, etc.)
Providing benefits like career development and on-the-job training is critical, especially as we continue our mission of serving thoughtful food that supports healthier, more sustainable living. In addition, the state carved out a special 45 percent increase to $20 per hour for fast-food employees. per hour difference.
Somewhere in between is the number that makes sense for your food costs, your market, and your restaurants unique position. Food Costs: How to calculate the cost of each dish Lets start with the basics: how much does it actually cost you to make each item on your menu? You dont know their food costs, rent, or labor volume.
In this article, you will learn: The five most important restaurant costs to track and manage Easy strategies for controlling food costs and labor costs Tactics to save money without hurting your guest experience Lets start with the big picture and learn where your money is actually going.
One of operators most difficult challenges is balancing restaurant operating costs without compromising the food, service, and customer experience that makes your restaurant unique. Heres the catch, though: unlike reducing food costs or renegotiating vendor contracts, labor is personal.
Mileage: Drive Off Some Taxes Delivering food or catering events? Employee Meals: Free Food, Free Savings Feeding staff on-site? Its 100% if part of food costs, non-taxable to them. Keep it separate or bundled with food costs. Charitable Donations: Give and Get Back Donating extra food? Keep it reasonable.
Food trucks may serve on the streets, but their success starts in a commissary kitchen. These licensed commercial spaces give operators a place to store inventory, prep food, and clean their equipment—ensuring they meet health codes and run efficiently. Why Do Food Trucks Use Commissary Kitchens? In many locations, yes.
This edition of Modern Restaurant Management (MRM) magazine's Research Roundup features news of dramatic Valentine's Day shift, best food scenes, and the evolution of c-store foodservice. Food-away-from-home spending is likely to see modest growth as softer consumer spending patterns prevail. ” A Year of Challenges U.S.
This will be helpful for filing insurance claims and applying for state or federal aid programs as they become available. There are many organizations helping connect people to free meals: World Central Kitchen , Feed the Streets LA , and Project Angel Food are just a few.
Participants reported continued food and labor cost increases, with 89 percent experiencing rising staff expenses, well exceeding the 79 percent of last year's survey who predicted labor cost increases. More than half of those coping with food cost inflation this year are seeing a 1 percent to 5 percent increase. percent 11.4
For restaurant owners and operators, success depends on more than just great food and excellent serviceit requires staying informed, connected, and supported. Whether its labor laws, food safety regulations, or tax policies, these associations work to ensure fair legislation.
That could simply be food sales , alcohol , and non-alcoholic beverages. Cost of Goods Sold (COGS) Your Cost of Goods Sold is the cost of your food and beverages. That way you'll have accurate food and beverage cost percentages for each COGS line item. Costs are what you pay for resources, like equipment, food, and labor.
Participants reported continued food and labor cost increases, with 88 percent experiencing rising staff expenses, compared to 89 percent in last year’s annual survey, and 86 percent reporting an increase in food costs. This was the only fast-food sales channel that saw positive traffic compared to the previous month.
Running a successful restaurant in 2025 means more than just great food—it requires smart financial decisions. Use these Calculations to Maximize Cost Reduction The food cost percentage is the number one calculation that restaurants can use today to maximize their cost reduction. Food cost control is crucial.
From a legal perspective, Insurance : the pandemic highlighted the limitations of insurance policies. Several high-profile restaurant groups brought litigation against insurance companies for their coverage position, but were ultimately unsuccessful. PIRG Education Fund. Technology changed during this time as well.
But not entirely because of inflation, labor shortages, and high food costs. Gross profit margin subtracts only the Cost of Goods Sold (COGS) to determine the profitability of your food and beverages, while net profit margin subtracts all your costs to determine the profitability of your entire operation. We all know it. Labor costs.
Restaurants and Food Service: Including fine dining, fast casual, QSRs, cafes, and catering. Detailed Inventory Control: Especially for restaurants, managing perishable inventory (food and beverage) requires meticulous tracking to minimize waste, control COGS margin , and ensure profitability.
Bars typically have a simpler food menu but a more complicated drink menu, while restaurants deal with a more extensive food inventory and simpler drink lists. Taxes also differ; bars often face higher tax rates on alcohol than restaurants do on food. This affects how inventory is tracked and costed.
Running a successful restaurant isn’t just about great food and service—it’s also about smart financial management. You probably joined the industry to make delicious food to serve and create a great environment for your patrons. It includes all the cost incurred on food and beverage, payroll, taxes, and benefits).
Five years after the onset of the COVID-19 pandemic, our relationship to food and dining has undergone some permanent changes I got COVID for the first time this past February. Most restaurant and food service workers did not have access to sick leave or any other safety net , and yet were deemed essential. Sound familiar?
With arabica trading above R $2,000 per sack, cargo thefts have surged; 40% of Q1 incidents targeted food and drinks across ten states—pushing exporters to boost security spending and insurers to hike premiums. San Pedro Sula, Honduras) Fri, 4 Jul – Food & Drinks Malaysia attracts 18,000 visitors and 500 exhibitors.
A significant loss of undocumented labor could force both the cost of labor and food for restaurants considerably higher. However, proposed changes to Medicare which give more control of the program to the states and proposed work requirements in exchange for coverage, may serve to limit the total number of insured.
If you’ve ever tried to register your shared kitchen or food business incubator and found yourself stuck trying to figure out which NAICS code to use, you’re not alone. These codes are used in everything from registering your business to applying for grants, insurance, and government contracts. Producing food?
We are delighted to announce our new collaboration between Rainbow Insurance and PathSpot Technologies. Bringing together state-of-the-art food safety innovation with highly specialized insurance solutions tailored for restaurants, cafes, and hospitality businesses. Claim Your Benefit Today!
Society Insurance has spent 110 years helping protect businesses and has seen firsthand how nuclear verdicts have evolved in the U.S. Nuclear verdicts can occur as the result of a dispute in a restaurant parking lot, because of food safety issues, or even for reasons that exist outside the restaurant industry.
Up to this point, certain food businesses have been able to operate with the thought that eggs will always be available at a reasonable price, he says. When See has to inevitably restock eggs at the even-higher rates, Im going to have to see how that affects the food cost and how much of that I have to pass on, he says.
Its sort of like an insurance policy against a dried out dough. Since I dont own a spice grinder I ground the black sesame in a small food processor. The dough feels like a milk bread, but instead of the extra step of preparing a tangzhong (a milk and flour roux) to ensure moisture, Yeh relies on potato flour.
Society Insurance has spent 110 years helping protect businesses and has seen firsthand how nuclear verdicts have evolved in the U.S. ” Nuclear verdicts can occur from a dispute in a restaurant parking lot to a food safety issue as well as exist outside the restaurant industry. Recent data shows that U.S.
Society Insurance shares valuable tips and resources to help your team stay prepared, reduce risk, and maintain a safe environment for everyone. Consider offering food and water. As an alcohol-serving establishment, your business can be especially vulnerable to legal challenges. Do your servers know when to stop serving patrons?
Even with robust growth, the restaurant industry faces steep challenges right now, with labor shortages, higher inflation, challenges with home food and drink deliveries, and ongoing food and supply chain shortages. What are the big insurance issues impacting restaurants going forward? Food Delivery Issues.
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. Dram shop law.
For more than 100 years, Society Insurance has been providing coverage to hospitality businesses. The Future of Nuclear Verdicts Society Insurance expects more of a discussion around nuclear verdicts and, ideally, an elimination of nuclear verdicts in favor of fair and just verdicts for restaurants.
” No truer words were spoken by Benjamin Franklin and is a mantra that resonates deeply for businesses in the food service industry—many of whom are in recovery mode in the midst of the COVID-19 pandemic. That’s five to seven times more energy used by food service than in a commercial space.
According to a recent study , 44 percent of Americans use food delivery services, and the entire country spends over $100 billion on food delivery in a year. Customers log into the service’s app, select food options from nearby restaurants and submit an online payment. Question #3: Who is responsible for order errors?
Consider the following in your risk management and business continuity programs: Use of Food Delivery Services vs. Company Employees – By using a hired food delivery service, a restaurant can reduce the chance of employees having an accident by using their cars or the owner’s vehicles.
One study found that in 2016, the food and beverage industry accounted for ten percent of all data breaches. That's why it's essential for restaurants to consider cyber liability insurance. With cyber liability insurance, the costs of hiring attorneys and other legal expenses can be covered.
Whether we speak about a traditional restaurant, a chain of Quick Service Restaurants (QSRs), or dark kitchens, there is a strong need to set up a website or app to accept consumer orders or collaborate with third-party carriers for food delivery. Here’s how food delivery software can help. Customer Feedback on Food and Delivery.
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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