A pub isn’t like most other businesses, and has specific problems that may arise that are unique to it, such as loss of license, damage caused by customers, and potential injury to members of staff. Ideally, these types of incidents will be few and far between but, if they do occur, it will be important for you to have sufficient insurance to lessen any financial burden that may arise from them so that you don’t have to take out a short term cash loan.
Pub insurance is a specific type of business insurance that is specifically designed for the issues that pubs might face. When dealing with the public, and serving alcoholic beverages, certain insurance needs arise. For example, getting a standard buildings insurance policy will not be enough, nor will getting contents insurance be sufficient.
There are various things covered by you pub insurance policy, such as:
- Loss of license
- Employer and public liability
- Business contents
- Loss from theft
- Damage to sanitary fittings and fixed glass
- Business interruption
- Personal accident
- Claims from employees
And the list goes on. Naturally, as an employer with staff, any pub needs to take out employers liability insurance. When shopping for a pub insurance policy, this may be included. However, you will need to make sure that this is the case, or whether it is added on as an optional extra. This form of insurance will protect you against claims made from a member of staff, should they be injured on the job. Without the right cover in place, such claims can prove to be extremely costly, and can be financially destructive to any pub.
Naturally, providing protection against claims from the public is also very important. This is where public liability insurance comes in, and will help to protect your business against claims made due to poor service, malpractice, or negligence. For example, if someone fell down a broken step when heading to the toilet, they would be able to claim. Without a suitable policy in place, your costs could run into the thousands or more.
Of course, pub insurance will take things a lot further than this. It is important that you take into account the different services that you offer, such as providing food, hiring out function rooms, letting bedrooms, providing a beer garden, or a children’s play area. All services need to be factored into your business insurance policy, and all possible eventualities and risks need to be considered.
When it comes to securing the right policy, you may want to consider using a specialist pub insurance broker. Since all pubs are unique, and all have their own specific needs, using a broker will help you to determine your exact needs. This is a better alternative to using a general insurance broker, and will help you find the most appropriate, and affordable, policy available.
Be aware that, as with any type of insurance, there will be an excess to consider. As a rule of thumb, the more you are prepared to risk yourself as part of your excess, the less the burden of risk will fall on the insurer. As a consequence, your premiums will generally be lower. As such, increasing your excess is a sensible option in helping you save a bit of money. If you take this action, just make sure that you are in a position to cover said excess should you need to file a claim.