If you own your premises, you should make sure that you have buildings insurance. You should make sure that your buildings insurance is adequate enough to cover the cost of rebuilding your property in case of an insured event.
There are different types of businesses in the hospitality sector which means that the level of content may vary. For example, pubs, restaurants and hotels may all have roughly the same equipment, but a hotel is likely to have more rooms with furnishings, which could increase your insurance premium. Whatever type of establishment you run it is important to insure the furniture, carpets, computers and the like for their 'replacement as new' value.
Stock insurance will cover you in the event that your stock becomes unusable. Stock in the hospitality sector could include drinks, food and other wet and dry stock, which may become damaged in the event of a disaster.
Whilst these covers will help protect you in the event of an incident, you will most likely not be covered if you are unable to trade. Business Interruption cover will make sure that you still have a source of income for the amount of time that you need to get your business back up and running.
Loss of Licence
UK law requires a business to have a licence to be able to legally sell alcohol. Whilst restaurants and hotels may rely on the sale of alcohol as a source of income, a pub would likely close down if it lost its licence. Loss of Licence insurance will help to cover the cost of losing your licence if circumstances are beyond your control, however if you lose your licence through carelessness or because of hygiene, you will not be covered.
- Legal Expenses – Legal expenses will help you cover costs in the event that you become involved in legal battles.
- Glass – Glass, such as your windows, may not be covered under your buildings insurance so get in touch with your provider to check what is covered. Sanitary ware, such as toilets or basins, may be covered under glass insurance, but again it is worth checking with your insurer.