Running a business within the hospitality sector comes with its own set of unique trade risks and challenges. To ensure that your customers, employees and business are protected, it is vital that you have a comprehensive business insurance policy that can protect you against your unique risks.
A Restaurant, Pub and Bar Insurance policy differs depending on the provider. Like most policies, it incorporates elements of many standard business policies, whilst also covering you for your industry-specific risks.
So, what is included in a Restaurant, Pub and Bar policy?
The first protection that is included in a Restaurant, Pub and Bar policy is Employer’s Liability. The hospitality sector relies on an eclectic mixture of staff, from management to temporary and part-time workers. This has led to the misconception that due to the ever-changing and often temporary nature of their workforce, business owners aren’t required to insure their employees. In fact, it is a legal requirement for all businesses with an employee to have an Employer’s Liability policy.
A standard Restaurant, Pub and Bar policy will also include Public Liability cover. Should a customer or a third party (for example, a delivery driver) injure themselves on a hazard on your premises – such as a loose step or wet floor – then you could be subjected to a personal injury lawsuit. Public Liability can assist in covering the costs of the case.
What are the extras?
Depending on your situation, you may wish to consider additional coverage for your business.
If you own the premises that you operate out of, you might wish to consider a Buildings Insurance policy, especially if you are concerned about flood or fire damage.
Your premises will be filled with furniture, decorations and fixtures, which can be costly to replace if they are damaged. A Contents Insurance policy can assist with the cost.
Should you have a good deal of stock such as food, beverages and alcohol, you might want to purchase protection – for both when it is in storage and when it is in-transit. These two covers can also be upgraded to include cash when it is on the premises and in-transit.
Losing your liquor licence could spell the end of your business – especially if you are operating a bar or pub. It is possible to get loss-of-licence insurance, which (depending on the circumstances) can compensate you until you get your license back.