It’s no secret that the hospitality business is difficult to succeed in. The entire industry, from pubs, hotels, and restaurants to bars, bistros, and B&Bs, is going through some extremely difficult challenges. COVID was more than enough for all hospitality businesses, but with current levels of food prices remaining high, rising energy bills, and a chronic shortage of staff, many businesses are barely hanging on. That’s why having the correct level of insurance in place is vital to your business’s survival, and in the current climate, it has never been more important. Even if your business is performing exceptionally well, you don’t want anything to ruin all your hard work.
Contents Cover
The last thing you need is for your equipment to become damaged or stolen. Meaning you must fork out thousands to replace it. The fixtures and fittings of your premises are just as important. Insure everything from plates to light fittings and help secure your business.
Employers’ Liability Insurance
You don’t want expensive legal fees if one of your team members falls and injures themselves. One slip of a knife or heavy lifting deliveries can cause serious injury. You don’t want compensation claims to cause your business to go down the drain. Accidents in the hospitality industry are frequent, so it’s a case of when they happen, not if.
Product Liability Insurance
With so many paying customers suffering from allergies to certain ingredients and the permanent risk of food poisoning or illness from the consumption of food and drink, it’s essential to have this cover in place. A broken piece of glass found on a plate of food could be enough to end your hospitality dreams.
Public Liability Insurance
Injury to guests, visitors, and other third parties can also lead to expensive legal costs, and your business could close. With your doors open to so many people enjoying your venue, this type of insurance is intrinsic to the hospitality industry.
Business Interruption Insurance
This is another fantastic feature of modern insurance. If your venue closes due to fire, storm, or flood damage or suffers a major breakdown of essential equipment, you can claim for shortfalls in profits. Increases in costs due to these unforeseen circumstances can also be compensated. This means that your business can close while refurbishment or repairs are carried out, then reopen again and not disappear overnight while still maintaining healthy profit levels.
Tailor your policy by talking to your broker
Your broker will spend time getting to know your business’s individual requirements so that you can get the cover that allows you to sleep soundly at night at a price you are happy to pay. In the frantic world of hospitality, there are never enough hours in the day to get everything done. That’s why it’s important to allow your broker to do all the hard work for you. A good broker will search through the thousands of products available at a great price. Then all you have to do is concentrate on developing your business, safe in the knowledge that you have the right cover in place.
Browse our website and find the right deal to protect your business today.