RISK in Focus

Restaurants

Q2 2022

RISK in Focus | RestaurantsQ2 2022

RISK in Focus is an overview to show recent risks in the workplace, on the jobsite and throughout the world.

A comprehensive review of hazards that contribute to the risks are spelled out to help you learn and avoid these hazards for yourself and your company.

 

This edition covers:

+ People-Oriented Risks
+ Property-Related Risks

Restaurant owners face unique risks along with some that are shared by other retail, premises-based industries. Some of these risks can be classified as people-oriented, relating to staff members and on-site customers. Others are property-related, potentially impacting the premises and structure itself.

Within those two categories there are both controllable and noncontrollable risks.

Controllable risks are those that a restaurant owner can anticipate and try to prevent. The risk management strategy for controllable risks is a combination of prevention and recovery – trying to prevent the incident from happening, but in the worst case, combining reactive steps and claims management strategies at the restaurant level to quickly rebound from the impact.

In contrast, business owners may not be able to prevent a noncontrollable risk, but they can plan ahead to minimize the impact and to recover swiftly by taking reactive steps and employing localized claims management best practices. Thus, the risk management strategy for noncontrollable risks can be characterized as minimization and recovery.

In both scenarios, ideal planning, response and claims management activity can protect the owner’s net income by limiting costs and getting operations back online quicker.