The hospitality industry is one of the most diverse. Fast-paced, creative, and people-oriented, the scope for unexpected issues that could cost you eye-watering amounts of money is huge.
What kind of hospitality business do you run?
Hospitality businesses are as unique as the people who run them. Whether you run a pub, club, hotel, café, spa, outside catering company, restaurant, bed and breakfast, guest house, or multinational franchise, having the right level of coverage is essential.
Core ingredients of a good hospitality insurance
With a huge footfall of people walking through your premises, it’s vital to have this cover in place, which will protect you against claims due to injury or damage.
Product liability
Your hospitality business will undoubtedly serve food and drink, and if one of your customers becomes ill or injured after the consumption of your product, then your business is covered.
This is a legal requirement and protects your business from claims made by your team and any other employees if they become ill, have an accident, or injure themselves while at work.
Buildings, contents, and stock
It’s important to protect arguably your most expensive assets, from your premises to your stock. The cost of replacing or repairing these due to damage or theft can be huge.
Business interruption insurance
If your business is forced to close, your profits will be adversely affected. For example, a flood, fire, or other unforeseen events could mean delays in reopening as repairs or refurbishments are carried out. With this type of insurance, you can claim for losses in profits.
Equipment breakdown
If any of your equipment breaks down, then your business could grind to a halt. From computing systems and kitchen equipment to security. Insuring these could save your business from closure and loss of revenue.
Cyber-insurance
It’s important to protect your online business activities today. Small and large businesses are at risk from dodgy links or emails that could result in hackers damaging your computer systems or gaining sensitive information.
A huge variety of products
There is a vast range of insurance products available on the market, and different insurers have different titles for their products. From restaurant insurance to venue insurance. But the core ingredients remain the same.
You can insure against almost anything
It’s worth remembering that there is very little you can’t insure against. Perhaps you are interested in damage to reputation cover or the loss of your business’s alcohol licence. It could be that, due to circumstances beyond your control, your alcohol licence could potentially be removed. This type of policy covers your legal fees and could prevent you from losing your licence.
Speak to your broker
Your business is unique and, in other ways, will have similar insurance needs to those of others. Therefore, there will be many core ingredients to creating the right policy, but the difference is in the detail. This is why it’s vital to talk to your broker to find a tailored policy that protects all your hard work from going down the drain.
Browse our website to find the right level of cover for your business.
