What are the main features of a Bars, Pubs & Restaurants Insurance Policy?
Whether you’re an independent establishment or have a chain of bars or eateries, there are flexible cover options to suit every business. Most packages start with the basics of public liability, employers’ liability, contents and stock cover. From there we can build in additional options such as loss of licence cover, business interruption insurance and personal accident to tailor the policy to your individual budget and requirements.
Main Features
- Public liability insurance will cover the legal fees and settlement if a member of the public is injured or their property damaged on your premises. The chances of a slip or trip are even more likely where alcohol is involved, so this cover is highly recommended for bars, pubs and restaurants.
- Products liability should be considered where you sell or distribute any pre-made products such as packets of crisps, as you can be held as accountable as the manufacturer for any issues.
- Employers’ liability insurance is a legal requirement in the UK and your business could receive a hefty fine if you do not hold a valid policy. Cover yourself against claims made by employees (including temps), with legal fee assistance and compensation payouts.
- Building insurance is a must if you own your premises. In the event of a fire, flood or malicious activity, you may need to repair or rebuild your property – and that’s where premises insurance becomes worth its weight in gold.
- Contents insurance will also be vital to cover valuable kitchen equipment, POS and sound systems and furniture in the event of damage, theft or vandalism.
- Stock cover is often included in these types of policies, with the option of seasonal increases for busy periods such as Easter and Christmas. You may wish to also consider stock deterioration should anything go amiss. Eateries have strict regulatory criteria to adhere to when it comes to the food they serve and even the smallest power outage may mean that refrigerated or frozen food becomes unusable. Having to waste a large amount of food can have a big impact on your wallet, but with this cover option you can seek compensation from the insurer.
- Loss of licence cover is something that is designed solely for your industry. If, you lose your licence through no fault of your own, you may be entitled to compensation, loss of revenue and in some cases the difference in the value of the business if this is affected by the loss of licence. Please note that loss of licence cover can only be taken where you also include business interruption insurance.
- Business interruption insurance can be a lifeline if you are unable to trade due to a catastrophic event such as a fire or flood. Not only can you be reimbursed for lost revenue, you may also get assistance with any expected outgoings such as staff wages, taxes, etc.
- Money cover can be a useful option, as handling cash brings its own level of risk. Whether it’s kept in the till, safe or in an on-site ATM, money can easily be lost or stolen, so should the worst happen, you have peace of mind you’re covered.
- Other cover options include, but are not limited to, personal accident and directors and officers insurance. Our advisors will be happy to talk through all the aspects of cover that you may find useful so that you can make an informed choice on how best to proceed.
