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2021 Restaurant Insurance Outlook

Modern Restaurant Management

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.

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How Business Insurance Could Save Your Restaurant from COVID-19

Modern Restaurant Management

Some of our Washington and Oregon hospitality clients shut down early, while others waited for a government order; some shut down entirely, while some have tried to stay afloat by moving to to-go and delivery only. Business interruption insurance covers the loss of income that a business suffers after a disaster. Document Everything.

Insurance 217
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Assessing Coronavirus Insurance Coverage Risks for Restaurants

Modern Restaurant Management

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.

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Georgia Judge Serves Ruling for Restaurants Hoping Business Income Insurance Will Cover COVID-19 Losses

Modern Restaurant Management

As the surviving restaurants reopen and attempt to regain solid financial footing, many will look to their business insurance policies to try to recoup the income they lost. The virus or bacteria exclusion is a common exclusion added by many insurers after the global SARS outbreak in 2006. In Henry’s Louisiana Grill, Inc.

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New PPP Loan Insurance Covers Food Service Establishments if the SBA Later Finds They Were Ineligible for the PPP Loan Program

Modern Restaurant Management

Businesses that benefited from PPP loans were required to meet the “necessity certification” requirement and consider alternative sources of liquidity, while also taking into account “affiliated” businesses, prior to submitting a loan application. Have 500 or fewer employees, taking into account any and all affiliates.

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Getting Through COVID-19: Financial, Physical, and Mental Health Tips for Restaurant Employees

7 Shifts

With most restaurants operating on dine-out only, and many having closed their doors, restaurant staff are left with hours reduced—or out of a job entirely. Financial relief programs There are many financial relief programs offered by governments and hospitality organizations to help keep restaurant workers paid during COVID-19.

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Just Launched: 7shifts Tip Payouts!

7 Shifts

We created Tip Payouts because we felt there should be an easier, faster way to pay out hard-earned tips. By automating tip calculations and instantly paying out tips to employees digitally, managers save precious time from eliminating cash runs and counting. Tip Payouts is less than half the cost of our previous vendor.