Catering for Success: Adopting Proactive Risk Strategies to Mitigate Critical Restaurant Liability Exposures
July 15 2015 - 6:22PM
Business Wire
- New ACE advisory highlights evolving
liability exposures within the restaurant industry and emphasizes
proactive risk management strategies
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:
- Cyber liability
- Premises maintenance and security
- Slips, Trips and Falls Liability
- Electrical and fire hazards
- Indoor air quality, including carbon
monoxide exposures
- Food quality control and liquor
liability
- Delivery operations risks
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
Forecast
http://www.restaurant.org/Restaurant/media/Restaurant/SiteImages/News%20and%20Research/Forecast/2015%20Forecast/forecast2015_infographic.jpg
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ACE GroupCarla Ferrara,
215-640-4744carla.ferrara@acegroup.com
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