Deep DIVE WCIRB Restaurant Class Code Webinar – Great Data Supply
Hot Off The Presses – the WCIRB restaurant class code webinar just finished a few minutes ago. I apologize upfront for any typos as I am doing this live.
First-Ever WCIRBClass Code Webinar Industry Profile – Restaurants
Why did WCIRB decide to start with Restaurants? –
- The restaurant class code is a very popular class code in CA
- Pandemic heavily affected the code
The two main Restaurant Class Codes are:
- 9079 Restaurants
- 8078 Fast Food and others
- There are variations under these two codes
Restaurants are not classified under hotels if one is in a hotel.
- 9% of all policies in California are Restaurants
- Not geographically specific as some Class Codes
9079 Class Code always had higher rates than 8078 due to severity and frequency
Restaurant/Fast Food Class Codes have 300% more claims than average California state Class Code
9079 Class Code has twice the number of claims than the 8078 Class Code
Cut or Burn injuries have the most severity when compared to other industries
Claim Frequencies between 9079 and 8078 are similar. >>I had thought Fast Food restaurants would be higher – not so.
Bars and Taverns have a lower claim frequency than other food establishments
24-hour restaurants with counter services have much higher claim frequency
COVID-19 had a major impact on restaurants
- Higher wages due to labor shortage
- Higher frequency possible due to inexperienced new hires
- The rapid evolution of how restaurants operate in CA
The WCIRB Restaurant Class Code Webinar was a good information source for anyone that has anything to do with restaurants and fast food establishments. I will update and clean this up later this week.
The conclusion slide is below:
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