Industry- a distinct group of productive or profit making enterprises.
Hospitality- the friendly and generous reception and entertainment of guests, visitors, or strangers
As a participant in the Hospitality Industry, you are providing a guest experience…not just the food on a plate.
Diners do not just go out to get fed. They can do that at home. Most of the time, diners go out in order to be seen and to enjoy the dining experience that is provided at your restaurant, bar, tavern, diner or however you choose to categorize your establishment based on the experience provided.
When someone says they want to go out for a white tablecloth dinner, they have an expectation. When someone wants to sit at a bar and eat while watching television, they have an expectation. These expectations are the experience that you are providing them.
As a business owner, you should be focused on the experience – not on some of the other things that weigh you down.
At LG Insurance, we have the back end experience as well as the partners to help you flourish and save money in various aspects of your business.
Are you looking for ways to save money for your restaurant, bar or tavern? To have more revenue going into the pockets of you and your employees? What if we told you that there is money you are spending on unnecessary fees that you are unaware of? Between running your business, worrying about the rising costs due to inflation and all the other hiccups that come along on a day-to-day basis it is easier to think “what can we do to save money” instead of executing a plan.
What if we told you that we have done that work? Throughout our years of experience with working with food industry establishments, as well as working with our strategic partners we have compiled the top three ways to help you save money and have the best of the best in regards to resources in order to make that happen!
Three Ways to Save
Merchant Savings
Have you optimized your merchant accounts? We are not switching providers. However, we are reviewing, negotiating and monitoring your current program.
The goal is to increase bottom lines by protecting you and your customers, from unfair rates, fees, as well as hidden costs. There is a three step process to achieve this goal…analyzing, adjusting and auditing. This all starts with going through your statements to uncover hidden fees and inflated rates. Negotiating with your current processor on your behalf in order to assist in the reduction of your rates and while also exposing and eliminating hidden fees. Keeping a careful eye out and monitoring your statements to catch any rising rates and/ or additional fees that you might not pick up on.
The hidden fees and inflated rates are found across businesses of industry type and size – from small businesses/ start-up/ mom and pop shops all the way to multi-billion franchised enterprises. You work hard for your money and want it to end up in your pocket rather than in the pocket of someone else.
Payroll Savings & ERC
Have you received your money back for employee retention credits? Even if you got a PPP loan, there is still money out there and we can help you find it.
Employee retention credits, a refundable tax credit that was designed for businesses who paid their employees through the shutdown due to the COVID-19 pandemic or had noticeable declines in gross profit from March 13, 2020 – December 31, 2021. If you have yet to collect this money back; you need to as soon as possible, it is your money.
By upgrading to a processing system that does it all you can expand your profit margin as well as saving money on different processing for POS, Payroll, etc.
Worker’s Compensation
Are you maxed out on worker’s compensation credits or dividends? If you are on pay as you go, you are possibly being charged extra fees by your current payroll company for a service that we can set you up with for free! We can often optimize your worker’s compensation without changing providers.
. In the state of New Jersey, worker’s compensation is required; it also is a reflection that you, as the owner, are an advocate for your employees, management and your establishment by putting the proper protection in place – just in case you ever have to use it.
A way of saving money with your worker’s compensation is by bundling it with another policy. Popular insurance policies to bundle that we have seen are:
Workers comp claims are an easy way for businesses to lose a lot of money in a short period of time. Although you cannot stop an employee from filing a claim there are preventive measures and practices to train your employees on, so they can be avoided.
- Educating your staff on workplace safety
- Introducing, practicing and giving access to proper safety gear
- Encouraging and/ or mandating the use of gloves and goggles when coming into contact with chemicals or other potentially harming substances
- Ensuring that the proper uniform dress codes from how hair is done to the non-slick sole shoes per safety measures
- Fire extinguishers are new, accessible and working; along with working fire alarm systems and training the staff on routine fire drills.
Just as businesses have risks, contracts have loopholes – as a business it is a priority to do your best to eliminate those. Important risk management steps are in place in order to protect the safety of you, your employees and overall business; saving money on the cost of claims the company could face.
We are here to be an advocate for you and a pillar in the success of your business! If you are looking for assistance in saving money for your business, want an assessment on your statements, looking to renew your insurance and want to maximize your policies for a price that fits your budget – give us a call today 877-288-7169! Please reach out to LG Insurance if you have any questions!
