By: Guest Author Nimisha Lotia, Sea Castle Insurance www.seacastleins.com
Get ready, restaurant and bar owners! California's Workers' Comp Insurance Board (WCIRB) is shaking things up to make things fairer for businesses like yours.
The WCIRB replaced the broad "Restaurants or Taverns" classification (9079(1)) with six more specific codes:
9058: Hotels, Motels, or Short-Term Residential Housing – food or beverage employees
9080: Restaurants – full service
9081(1): Restaurants – N.O.C. (Not Otherwise Classified)
9082: Caterers – not restaurants
9083: Restaurants – fast food or fast casual
9084: Bars or Taverns – not restaurants
Why the Change? For years, all kinds of food and drink businesses, from fine dining to fast food, were lumped together. But that's changing. The WCIRB realized that a one-size-fits-all approach wasn't cutting it.
What's Happening? Starting September 1, 2024, the WCIRB split up the old "Restaurants or Taverns" category into six new, more specific ones. This means:
More Accurate Pricing: Your insurance costs will be based on the specific risks of your business, whether you're running a high-end restaurant, a bustling bar, or a quick-service joint.
Better Safety Tips: The WCIRB will be able to tailor safety advice to your specific needs, helping you keep your employees safe and reduce accidents.
What Does This Mean for You? If you're a business owner, don't worry too much. For now, your rates won't change. The WCIRB is still gathering data to figure out the best way to adjust rates for each new category.
What You Can Do:
Stay Informed: Keep an eye on updates from the WCIRB and your insurance agent.
Prioritize Safety: Continue to invest in workplace safety measures.
Consult Your Insurance Agent: Discuss your specific business needs and how the new classifications might affect you.
The Bottom Line: This change is all about creating a more level playing field for California's food and beverage industry. By better understanding the risks associated with different types of businesses, the WCIRB can help you keep your workers safe and your costs down.
At SeaCastle Insurance (www.seacastleins.com), we pride ourselves on being a distinguished, full-service, independent insurance agency. A proud family-owned business headquartered in Sunny Southern California, we partner with carriers, clients, and markets all over the US. With a combined experience of over 25 years in the industry, we have forged our reputation as a trusted partner in safeguarding our clients’ assets and trust. Our foundation is built on a long-term vision, emphasizing cultivation of meaningful relationships and unparalleled service. Insurance is not just about policies; it’s about building enduring partnerships. SeaCastle provides business, personal, and health insurance.
Nimisha Lotia, AINS, PMP - 0K35645 can assist you with all of your insurance needs. Contact her for a quote. Please email her at nimisha@seacastleins.com to set up a meeting.
To learn more about this topic, check out the news source at https://www.wcirb.com/research-and-education/food-and-beverage-service-industry-classification-changes.
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