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Brands (owner of KFC, Taco Bell, and Pizza Hut) suffered a ransomware attack that forced the closure of approximately 300 restaurants in the UK and exposed personal information of hundreds of thousands of employees. This committee can ensure that legal compliance and insurance requirements are built into everyday operations.
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.
Benefits and Protections Full-time employees are often entitled to benefits such as health insurance, paid leave and retirement plans, whereas part-time and temporary employees may not be. Relationship of the parties − are there written contracts or employee-type benefits, such as a pension plan, insurance or vacation pay?
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. Encouraging Participation : Host brief, informal sessions to explain options, empowering your team to make confident decisions for themselves and their families.
It is essential to build strong compliance procedures from the start and stay informed about evolving federal and state regulations. Stay informed about legal trends and regulatory updates, and consider partnering with external counsel to ensure you are always in compliance.
This will be helpful for filing insurance claims and applying for state or federal aid programs as they become available. Get more information on applying for a SBA disaster loan. As we receive more resources and information, we’ll update this post. Check your SpotOn dashboard for capital loan eligibility.
To conduct menu pricing profitably, you need to factor in the behind-the-scenes costs that keep your doors openthat includes rent, utilities, insurance, labor, cleaning supplies, linen, and everything in between. Maybe your best-seller only gains you $2 a plate, while a slower-moving entree earns you $7 an orderthats valuable information.
Staff pay: salaries, insurance, bonuses. Insurance: property, liability. Disclaimer This article provides general information on tax deductions and credits for restaurants. Kitchen gear: pots, ovens, blenders. Supplies: plates, napkins, condiments. Gifts: $25 max per employee yearly. Rent: your spaces lease.
For restaurant owners and operators, success depends on more than just great food and excellent serviceit requires staying informed, connected, and supported. One of the most effective ways to achieve this is by joining your state restaurant association.
Food Liability Insurance Program ( FLIP) offers affordable coverage, designed for small food businesses. More information on how to start a successful and sustainable shared-use commercial kitchens here. Market Your Commissary to Food Trucks Reach out to local food truck associations and entrepreneurs.
An analysis of insurance claims processed in 2024 compared to 2023 shows a 4.4 percent decrease in claims. The most prevalent claim type in 2024 was Accidents Causing Damage, which represented 31 percent of all claims, an increase of 73 percent over 2023.
Once you have gathered all the information, you can create a formula that considers the ingredient cost, portion size, yield percentage, labor cost, overhead cost, and markup percentage to calculate the total food cost for the recipe or dish. Examples of fixed costs for a restaurant include rent, insurance, and equipment lease payments.
Occupancy Expenses: This refers to fixed costs like rent, property taxes, utilities, and property insurance. This information can be transferred to an accounting journal, and later recorded in a general ledger for financial report preparations. Make sure everyone is responsible for reporting the right information.
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. Technology changed during this time as well.
Key Takeaways Understanding hospitality accounting is crucial for efficiency, profitability, and making informed business decisions in restaurants and bars. Their expertise aids in understanding accounting in the restaurant industry, which, in turn, helps in making informed business decisions.
But many owners don't account for the high fixed costs of bars —like repairs, insurance, and alcohol theft which can leave them with less profit than expected. That's why if you want to get more business with less work, you've got to collect customer information and offer deals periodically.
Society Insurance outlines five reasons why every business owner should have an effective video surveillance system. Video Surveillance is Powerful Evidence for Injury Claims Slip and fall injuries are the number one source of liability (customer) and employee loss for Society Insurance policyholders.
Society Insurance has spent 110 years helping protect businesses and has seen firsthand how nuclear verdicts have evolved in the U.S. Even if a restaurant doesn’t face a verdict, the prevalence of such cases can drive up insurance premiums industry-wide, increasing operating costs. Recent data shows that U.S. Sign up today !
Employees should be informed about the need to adhere to alcohol service training and be able to recognize when a person may be overserved. It is also critical for restaurant owners to have some form of liquor liability insurance coverage to protect themselves from any liability from unforeseen alcohol-related tragedies.
Society Insurance has spent 110 years helping protect businesses and has seen firsthand how nuclear verdicts have evolved in the U.S. Even if a restaurant doesn't face a verdict, the prevalence of such cases can drive up insurance premiums industry-wide, increasing operating costs. Recent data shows that U.S.
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. As these events become increasingly common, it comes as no surprise that premiums have risen as insurance companies pay out large claims.
Society Insurance shares valuable tips and resources to help your team stay prepared, reduce risk, and maintain a safe environment for everyone. Society Insurance has a partnership in place that provides discounts for Society policyholders to use any service offered by ServSafe–this includes alcohol service training.
However, when you slip on the shoes of the consumer, you realize that zealous culture wars are only really suited for Politics and Coke vs. Pepsi, not Insurance, Hair Salons, and Home Improvement. Real estate deals have both a buyer and seller and it is in the consumer’s best interest to have a Realtor on each side.
We have compiled best practices for bars, restaurants and other hospitality establishments to help protect their businesses against hail storms and other natural seasonal disasters to avoid costly storm damage insurance claims.
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.
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.
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.
First off, like any legal info, this information is broad based, and not considered legal advice. The text message contains only the information requested by the consumer with no other marketing or advertising information. Illinois Farmers Insurance Co. All text messaging requires TCPA compliance. Torchmark Corp. ,
That's why it's essential for restaurants to consider cyber liability insurance. First, they typically store significant customer and employee data, including names, addresses, and credit card information. Cybercriminals may use malware to steal sensitive information, encrypt files, or take control of restaurant systems.
In that case, there may not be any insurance outside the driver’s personal auto insurance. If you’re contracting with a third-party delivery service, let your insurance agent know. Your agent can review the contract to determine what types of insurance you may need to protect your restaurant.
The suit claims that Panera is to blame for the breach, which exposed employees’ personal information, including Social Security numbers. The former employees generally claim that Panera negligently failed to protect their personal information that Panera stored, and also failed to timely notify those affected by the breach.
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.
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.
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.
With every online order, millions of customers are entrusting restaurant owner/operators with their most essential information. Their expertise is running a restaurant, yet now they are responsible for information ranging from customer names to physical addresses to debit card numbers.
This heightened awareness will drive consumers to actively seek information and make informed decisions to ensure their well-being. Based on what we’re already seeing from our partners, consumers want to be educated about their food to make informed buying choices: where is it from? How was the food sourced or produced?
Insurance coverage is an excellent resource to have as part of your risk response strategy. Insurance policies cover injury to employees or customers on your premises, damage from inclement weather, and much more. You’ll need to share information and provide updates to employees, customers, suppliers, and other business partners.
Let us pass on the knowledge and expertise that we have gained in our 100+ years in the insurance business, so you can take a few things off your plate – and gain peace of mind. Society Insurance bears no responsibility for the accuracy or content of linked or cited material.
This is the appropriate strategy for a smaller operator with a single restaurant or with a limited number of restaurants that has to be fully insured. As groups choose their medical plan partners, they need to include information regarding their growth plans and business strategies. Then look at their costs.
License and Insurance – If employees who don’t normally deliver food for the restaurant are using their own vehicles, restaurant management should check for a valid license and insurance before asking the employee to deliver food.
Rent, food, labor, utilities, and insurance are prime examples. Bussers can be informed in real-time when the table needs to be cleaned and servers can be kept up to date on all of their table’s statuses. Whether you’ve thought about it or not inflation is most likely affecting you in this day and age.
More employees are looking to enroll online, understand benefits online and see more personalized information online. In 2021, smaller plans that are often fully insured (fewer than 500 participants) saw a 9.6-percent Second, employers will need to spend more on technology to meet employee needs. percent rate of increase.
A “ VPN” is a simple privacy tool that encodes all of the information you send and receive online in such a way that it can’t be read by anyone else, and is particularly important if you access your business systems off-premises. Secondly, make sure that you secure your website. Finally, lockdown your WiFi network.
As members of Sentry Insurance’s safety team, we’ve compiled several tips and resources with those risks in mind to help your restaurant experience a safer return. After a plan is approved, communicate directly and often with employees about the primary information relating to their return.
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