Things to Know About Business Insurance

Insurance is one of the most critical products in today’s economic climate.  Irrespective of whether it is by law or obligation, individuals still have health, life, phone, house, car and a myriad of other various types of insurance.

This is also true for business owners, who must also take insurance policies for their business, regardless of the size of the business, and the industry it finds itself within.  Given the horrendous floods that have caused major disruption in towns and cities this year, it is easy to see how one disaster can wreak havoc on your business regardless of how much time, hard work and money you have invested into it.  Business insurance is an exceptionally valuable tool that will help you to safeguard and protect your business from unexpected losses and unforeseen risks.

The following guide provides an insight into three different types of business insurance that are individually tailored to the most common leisure industries in the UK, pub insurance, hotel insurance and restaurant insurance.

PUB INSURANCE

Pub Insurance is highly critical in helping you to run a successful business, as this type of environment has a propensity to carry the danger of rowdy behaviour with it.  This presents a risk of accidents andinjury to both staff and customers.  Moreover, furniture and fittings could also be susceptible to damage, which can be incredibly expensive to replace. In addition, the dramatic increase in personal injury claims means that if a customer is hurt in your pub, they may attempt to claim.  This could leave you liable for the costs incurred if you do not have adequate pub insurance.

RESTAURANT INSURANCE

As is with the case with public house and hotel insurance, restaurants are also susceptible to public liability claims.  A restaurant can accommodate hundreds of individual customers each day; this means there is a large threat of someone falling ill due to food poisoning, having a hot meal spilled on them, or choking.  An insurance claim from one of these individuals could incur serious costs for your business if you do not have adequate restaurant insurance, which could damage both your reputation and your long term profitability.

Moreover, it is also your responsibility to provide a clean, healthy and safe working environment for your chefs, waiters, waitresses and greeters.  A similar claim from one of your staff who has suffered an injury due to unsafe working conditions, could also seriously damage your business if you do not have adequate restaurant insurance.

HOTEL INSURANCE

There is a wealth of privately owned hotels across the UK, which means that hotel owners should safeguard their assetsby ensuring that their hotels are adequately insured.  In a similar vein to pub insurance, a single insurance claim from a hotel guest that sustained an injury on the premises could seriously damage the business.  If an accident occurs on hotel premises, it could signify that a hotel has not been stringent enough with risk assessments and health and safety issues.  Accordingly, if a hotel isn’t adequately insured, then financial difficulties will subsequently follow.  Most hotel insurance packages provide a wide range of protection, such as insurance for accidental damage, fire, flood damage, theft, vandalism, contents, stock and electronic equipment.

However, the proverbial minefield that is business insurance can be avoided by contacting an online corporate insurance broker, such as Todd & Cue Insurance.  Firms such as these have a team of highly skilled insurance specialists and risk consultants, who will be able to discuss relevant pub, hotel, and restaurant insurance policies with you.