5 Potential Trends for Restaurants in 2023

Posted on: March 22, 2023 by RMS Hospitality Group

Restaurants have endured numerous hurdles and challenges over the past few years, creating uncertainty. The past few years have transformed the food industry, and experts expect to see more changes in the future. With so much uncertainty, restaurants must quickly adjust to new trends. Insurance agents can assist by offering restaurants programs insurance that best fits food service enterprises’ needs. Of course, to do so, you must study the top five anticipated trends of 2023.

New Technologies for Restaurants Programs Insurance

Restaurant insurance must prioritize efficacy, as delays can leave small businesses in the lurch. Fortunately, the industry has seen many technological innovations in the past decade, and more emerge every day:

  • Claims management software
  • Policy management programs
  • Document management software

Eliminating human error and streamlining operations allows you to offer exceptional customer service and quick claims processing.

Impacted Operations Due to Supply Chain Issues

Supply chains have yet to recover from 2020 wholly, and experts expect further difficulties. As a result, restaurants must increase their flexibility and embrace innovation.

For example, the trend of increasing prices, while briefly tolerated by consumers, must be more sustainable. If menus become unaffordable, consumers will forego dining out. Fortunately, there are alternatives:

  • Substituting available ingredients
  • Partnering with local farmers
  • Creating seasonal menus

Ghost Kitchen Shifts Toward Familiar Brands

One of the most interesting predicted 2023 restaurant trends is the evolution of ghost kitchens. Also called virtual kitchens, these enterprises don’t have a dine-in option and may operate in a non-commercial property. Ghost kitchens proliferated in 2020 as the cost of maintaining a service area made less and less sense. Of course, as the trend picked up steam, more entrepreneurs launched their own versions to claim a piece of the pie.

However, 2023 presents a new landscape where dine-in options can compete with their ghost counterparts on equal footing. Additionally, patrons may shift away from newer, low-quality virtual restaurants in favor of established, well-received options. The unique operations of virtual eateries mean they have different insurance needs than traditional restaurants, so you must prepare to tailor policies.

Changing Labor Market Impacting Operations

Turnover has always been an issue for the food service industry, but the situation has become dire since 2020. For many eateries, a lack of staffing leads to poor service, loss of profit, and even temporary closures. If businesses can’t keep a workforce, they may switch to other restaurants programs, such as ghost kitchens, that require fewer staff.

Eateries may also reevaluate their culture in an attempt to attract new applicants. The restaurant business is well-known for being demanding; owners may find innovative ways to invest in staff and promote loyalty.

Evolving Risks Affecting Restaurants Programs Insurance

Technology offers many advantages to restaurants and insurance companies, but it’s also beneficial to cybercriminals. Unfortunately, these unsavory individuals can wreak havoc:

  • Accessing secure data
  • Taking down a website or app
  • Holding systems for ransom

Since many eateries rely on online orders, an attack can bring service to a standstill. As a result, restaurant owners value cybersecurity liability more than ever. Add one if your clients still need a restaurant program insurance policy.

About RMS Hospitality Group

At RMS Hospitality Group, our expertly crafted policies are written specifically for the hospitality industry. We offer custom-tailored solutions to meet any venue’s specific needs. For more information, contact our knowledgeable experts today at (888) 359-8390.

Posted in: Restaurant Restaurant Insurance Restaurants

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