Restaurant Insurance: Special Considerations
Here’s a tricky question to answer: what does ‘business insurance’ mean? ‘Business insurance’ isn’t a financial product. You can’t approach an insurer and ask for ‘one business insurance, please’. Instead, business insurance is made up of a wide range of different products and policies that can be combined, mixed, and matched to create comprehensive cover for your business. At the most basic, business insurance should include Employer’s Liability Insurance (a legal requirement), Public Liability Insurance, and Professional Indemnity Insurance, but there are some industries that may need extra cover.
One such industry is the hospitality sector. There are very unique aspects to running a restaurant or pub that means that you may need additional insurance products to make sure your restaurant insurance is adequate to provide financial protection should the worst happen. But what should hospitality managers be looking for in terms of restaurant insurance? What makes ‘good’ restaurant insurance?
Unlike an office that may contain a few computer chairs and desks, restaurants are more likely to opt for the ornate… and the expensive. It’s all about customer comfort, after all. Business contents insurance protects against loss or damage to furniture or linens in the restaurant, and to any loss or damage to items within guest rooms, if you operate as a restaurant with rooms.
Back in 2009, Heston Blumenthal’s restaurant, Fat Duck, was found to be responsible for at least 500 cases of norovirus, caused by undercooked and contaminated shellfish. However, while his reputation took a bit of a hit, his finances didn’t. Product liability insurance for restaurants can offer financial production for any illness directly caused by food served in the restaurant or bar.
If you live above your bar or restaurant, home contents insurance becomes an integral part of your overall restaurant insurance. Because this will be determined to be private living quarters, your business contents insurance won’t cover any loss or damage relating to personal property. It’s a criminal offence to provide incorrect information when making a claim – don’t risk it.
Having a valid alcohol license is more important than ever before. Statistic show that the number of licenses across England and Wales grew from 198,000 in 2009 to 204,400 in 2013, and it’s estimated that around 12 percent of pubs and 45 percent of hotel bars and restaurants have a 24 hour license. Insurance can cover your business should you lose your alcohol license.
Restaurant insurance helps to ensure that you and your business are protecli>ted against events that are largely unique to the restaurant industry. Should the worst happen, restaurant insurance can help you to get back on your feet, and reopen your venue, without the financial worry. So complete our simple online form and find the right restaurant insurance policy for you, and the best rates. It’s worth it!