If you are the owner or running a busy pub, hotel or restaurant, you’ll understand that there are so many risks that could jeopardise your business. Your extended opening hours, late closing times, potential overcrowding and customers who are under the influence of alcohol are all potential risks that you might face at some point.
For the best hospitality insurance, speak to our team at BIS. We can find you the best bespoke package to cover all of your business insurance needs.
What Insurance Does My Hospitality Business Need?
In the hospitality business, you may need to be covered for the following:
- Liability Insurance; including public liability, product liability, and employers liability.
- Building & Contents insurance; including stock insurance, business insurance, contents insurance, buildings insurance, and loss of license insurance.
We explain these in more detail…
Public Liability
This covers your business against injury, damage and loss that may occur to customers visiting your premises. If they injured themselves through the business’s negligence, you’ll be covered.
Product Liability
If anything you serve or sell at the business’ makes your customer unwell, this will cover you.
Employers Liability
This insurance is required by law if your business has employees or casual staff. This will cover you if any of your employees suffer an injury whilst working, or becomes ill as a result of working at your business.
Buildings Insurance
If you own the premises you are running your business from, you should always have buildings insurance. This needs to be adequate to cover the cost of rebuilding the property.
Contents Insurance
There are different types of business under the hospitality industry, so the level of contents insurance a business will need will vary. For example, pubs and restaurants may have similar stock, whilst a hotel will also have all the furnishings for each room – which would increase the premium. It is important to cover everything of value, so you can get a replacement if needed.
Stock Insurance
If your stock becomes unusable, for example, getting damaged in a disaster, you can be covered by stock insurance.
Business Interruption Insurance
Whilst the others will cover you in an accident, you may not be covered if you cannot trade. Business Interruption insurance will cover your source of income if you cannot open the business.
Loss of License
If you want to legally sell alcohol, you will need a license for this, and the business may rely on the income from this to stay open. A loss of license insurance will keep you covered if you were to lose this alcohol license in an incident that was beyond your control.
