The Reality of Insurance in the Restaurant & Bar Industry
The Stats & Facts Behind the Industry
There are about 658,000 restaurant and bar businesses in the US, employing over 11 million people. On average each business is small and has an average of 18 employees. The industry is almost split evenly between male and female workers and the average age is 29 years old.
What percentage of restaurant and bar employers offer medical insurance?
35% offer access to medical insurance. The national average is 69%.
The average monthly employer premium for family coverage is $1,076. This is below the national average of $1,121.
The average monthly employer premium of $467 for individual coverage is above the national average of $458.
What percentage of restaurant and bar employers offer short and/or long-term disability insurance?
16% of these employers offer short-term disability coverage, and 4% offer long-term disability insurance. The national average is 42% for short-term disability and 34% for long -term disability.
What percentage of restaurant and bar employers offer life insurance?
19% offer access to a life insurance plan. The national average is 56%.
Do restaurant and bar employers provide access to paid family leave?
9% provide access to paid family leave. The national average is 20%.
79% provide access to unpaid family leave. The national average is 88%.
35% offer consolidated leave plans. The national average is 44%.
The restaurant and bar industry is under the national standard when it comes to providing employee benefits packages. There are many opportunities for employers to increase their benefits, providing more retirement savings options, improving disability coverage, adding in more paid vacation days, and providing more inclusive access to paid family leave.
As a restaurant owner it is important to have these types of benefits for your employees. It will create an atmosphere of security among employees and incentivize employees to stay longer at their jobs.
Finding great employees isn’t easy, and keeping them is harder!