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New ACE advisory highlights evolving liability exposures within the
restaurant industry and emphasizes proactive risk management strategies
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:
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Cyber liability
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Premises maintenance and security
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Slips, Trips and Falls Liability
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Electrical and fire hazards
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Indoor air quality, including carbon monoxide exposures
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Food quality control and liquor liability
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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
View source version on businesswire.com: http://www.businesswire.com/news/home/20150715006657/en/
Source: ACE Group