PHILADELPHIA--(BUSINESS WIRE)--ACE Group today announced the release of an in-depth report on the critical risks faced by the restaurant industry. As the U.S. economy continues to improve, the restaurant industry is experiencing substantial growth with analysts projecting there will be over 1 million restaurants and foodservice locations employing 14 million workers in 2015i. Success in this highly competitive and rapidly growing industry depends on more than just good food service and ambience. A good reputation is critical. Liability claims can represent a major threat to a restaurant’s status, and even lead to bankruptcy. ACE’s new advisory highlights the critical liability risks that restaurants face due to this growth, and offers a series of proactive strategies to assist restaurant owners in managing these exposures and protecting their businesses.
“Restaurants: A Proactive Strategy for Managing Evolving Risks” was authored by Joseph Fobert, Senior Vice President, Corporate Risk Excess Casualty, ACE USA. The advisory is the latest installment in ACE’s series of insurance and risk management perspectives for risk managers.
“In a highly competitive industry where profit margins are often razor thin, restaurant owners face a host of unique risks,” said Mr. Fobert. “From slip, trip, and fall liability, food safety, and even cyber security exposures from online payment systems, restaurant owners need to be prepared to manage crucial risks. ACE Excess Casualty works with restaurant owners to create proactive risk management strategies that can help address the varied daily industry exposures. Having this type of strategy in place can ensure businesses are adequately prepared to handle an incident that could ruin a hard-won reputation.”
Key liability risk exposures examined in the ACE Advisory include the following:
To access the full report, please visit our website. The material presented in this report is not intended to provide legal or other expert advice. It is presented as informational only. Readers should consult legal counsel or other technical experts, as applicable, with any specific questions they may have.
ACE Excess Casualty offers enhanced coverage options for restaurant clients in the form of robust, easy-to-use endorsements for ACE Umbrella policies. ACE has the underwriting and claims management specialists to provide tailored solutions for these specialized industry segments. The material presented in this report is not intended to provide legal or other expert advice. It is presented for informational use only. Readers should consult legal counsel or other technical experts, as applicable, to answer any specific questions they may have.
ACE Group is one of the world’s largest multiline property and casualty insurers. With operations in 54 countries, ACE Group provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. ACE Limited, the parent company of ACE Group, is listed on the New York Stock Exchange (NYSE: ACE) and is a component of the S&P 500 index. Additional information can be found at www.acegroup.com, or follow ACE on Twitter,https://twitter.com/ACEGroupNA.
i National Restaurant Association: 2015 Restaurant Industry Forecasthttp://www.restaurant.org/Restaurant/media/Restaurant/SiteImages/News%20and%20Research/Forecast/2015%20Forecast/forecast2015_infographic.jpg