Homeowners! Beware Opportunistic Burglaries This Summer, Plus More

In this month's edition, we share a guide to Restaurant, Pub & Bar insurance and homeowners are being warned about opportunistic burglaries this summer.

Also this month, we explain why travel insurance should always be a holiday essential and we reveal why not being specific enough when buying car insurance could be costing you money.

A Guide to Restaurant, Pub & Bar Insurance

 

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.

A Guide to Travel Insurance

 

As we head towards the summer and the holiday season, if you’re planning on taking a trip or two, getting your travel insurance right could not only save you a headache but also a considerable amount of money.

To help make sure you’re suitably covered when you’re abroad, we’ve put together some helpful tips on some of the things you should consider.

Single-trip vs multi-trip
Depending on how many trips you plan on taking in a 12-month period, it’s worth considering whether it may be more suitable to purchase a multi-trip policy. If you’re positive that you’re only taking one trip this year, then a single-trip policy will, of course, be the best choice. However, if you’ve got two or three trips planned over the course of 12 months, a multi-trip policy could be considerably cheaper when compared to the collective cost of individual single-trip policies. This is especially true if your holidays are lengthy breaks or quite a far distance to travel e.g. outside of Europe.

The cover limits
Unfortunately, even when you're on holiday, things can go wrong. It’s important that you read the fine print and ensure you are adequately covered for certain eventualities such as illness, accident, injury or even cancellation of the trip. For medical expenses, most insurance experts would advise cover of £2 million, and for personal liability, it is recommended your cover limit is £1 million. While some policies may offer a higher limit for these expenses, this will most likely raise the price of your premium, so you should consider if the higher limit is excessive in order to avoid paying over the odds.

The excess
Following on from cover limits, checking the excess of your cover is also vital. The excess of your claim is the amount you will be required to pay before the insurer pays out. Some policy premiums will look cheap at first glance, but it may be due to a large excess. It is possible to adjust your excess on some policies to a price you feel you are prepared to pay, however, keep in mind that this will have an impact on the premium. It is also worth remembering that some policies will include separate excess charges dependent on the incident. For example, a mugging could fall under medical costs and loss of personal belongings and result in excess being charged for both, so take an extra bit of time to read through all the details.

Your baggage
Baggage cover means that you are covered if your baggage is lost, stolen or damaged, with the average policy paying out in the region of £1,500. Before you add baggage cover to your travel policy, it’s worth checking if your possessions aren’t already covered under your current home contents policy. You should keep in mind that many insurers will have a limit on the payout for individual items such as phones, laptops or cameras. At times, it can be quite difficult to claim for items lost when abroad so, if possible, keep any receipts or evidence that you took the item(s) with you.

What else should you consider?
• Missed departure: A travel insurance policy will cover any additional expenses that are incurred by missing your flight, due to events outside your control.

• Loss of passport: Covering you for additional travel expenses as a result of replacing a lost passport.

• Delay: Covering you against any delays due to adverse weather, technical issues or industrial action, however, planned strikes will not be included.

• Scheduled airline failure: Covering you in the event of the airline going out of business.

• Cash: Covering you for loss of or damage to money held as cash.

Homeowners Should Beware Opportunistic Burglaries This Summer

 

 

Now that the clocks have gone forward, we can all look forward to longer days and (hopefully) nicer weather. However, the results of a recent study discovered that homeowners should take extra precautions during British Summer Time (BST).

According to data collected by the Co-op, the number of opportunistic break-ins over the last four years increased by 23% when the clocks go forward.

During the summer months, opportunistic burglaries account for nearly two-fifths (37%) of all break-ins. In comparison, during the winter, opportunistic thefts only make up 30% of all break-ins.

The study also revealed the day that homes were most vulnerable, with the majority of break-ins taking place on a Friday. Sunday is the safest day with a reduction of 13% in break-ins occurring on the last day of the week.

The average cost of break-in costs the average homeowners £1,208.

David Huse, OBE, chair of the Neighbourhood Watch Network, said: “Police records indicate that burglary is on the rise. Now, more than ever, people should do what they can to secure their home and possessions. Joining or starting a Neighbourhood Watch scheme is one way you can help reduce your own risk and support your neighbours to do the same.”

Top tips for securing your home:

• Use strong padlocks to secure shed doors.
• Whilst away, ask a neighbour to check in or set lights to a timer.
• Keep windows and doors locked.
• Don’t share your whereabouts on social media.

Not Being Specific Enough When Buying Car Insurance Could Be Costing You Money

 

When shopping around for a policy for our customers, we always ask them to be specific and honest, so that we can find them the perfect policy. Whilst outright lying on a policy can see you failing to claim money for an accident, not being specific enough can see you paying more money than is necessary.

With car insurance premiums reaching record highs in 2017 and the average UK premium now reaching a high of £574, it is important that you take the appropriate steps to keep the cost of your policy down.

A recent study found that some drivers are paying over £700 more than they should, due to not being specific enough about their job role – more specifically, those who consider themselves unemployed.

For example, whilst studying for A-levels or a degree might not be employed work, you can still list your occupation as “student” rather than “unemployed”. You could make a 51% saving on the cost of your policy.

At the other end of the age spectrum, older drivers are also listing themselves as “unemployed” meaning they are paying 37% more than those who said they were “retired”.

To get the best possible quote for an insurance policy, it is vital that you give the most precise answer you can. Here at West Craven, we can assist you in breaking down your situation to find the best policy for the perfect price.
 

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