The restaurant industry has been through historic changes since the start of the pandemic.

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While these impacts have created new challenges and frustrations for both agents and their clients, there are positive trends that make now a better time than ever to target restaurants.This guide breaks down some of the top trends within the restaurant industry and the restaurant insurance market, and how agents can face these challenges and opportunities head on to tap into the lucrative restaurant market. Let’s dive in.

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Restaurant industry trends

The pandemic, inflation, hiring problems, increased wages, and changing behaviors have all made the time period from 2020 to 2023 one of the most tumultuous times in restaurant history. Miraculously, restaurants are still gaining steam in midst of these challenges.

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Despite all of these difficulties, restaurants are still seeing momentum. This market is resilient and excited for the future.

New restaurants are increasing

45,000 new restaurants, net of permanent closures, opened in the past three years. This is more than any other comparable period over the last 25+ years.

Restaurants are still pressing ahead and hopeful for the future.

75% of the restaurant operators plan to adopt new technology in 2023, and nearly half plan on pursuing a loan to support business growth.

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Restaurant Insurance trends

While the restaurant industry is ever evolving, the insurance market is traditionally stagnant and slow to change. With outdated products, lack of customizable coverages and dated processes, agents and their customers face many hurdles along the way.

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To read the complete e-book guide to the Restaurant Insurance Market, download here! Then log on and get a quote started--our Underwriters are available live to help answer any questions you have. Happy quoting!

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