FREQUENTLY ASKED QUESTIONS Our most asked questions
How can I protect my pubs stock?
If you are looking to protect your pub from loss of stock due to damage or theft, contents cover policy is ideal. Every pub owner knows how important stock is to trading successfully. Without it, your business will likely suffer a large loss in profits. In an event such as a flood or fire your insurance policy will make it possible for you to replace your stock along with covering any damaged contents.
Can you cover me if I lose my licence?
If you lose your licence to sell alcohol due to a circumstance outside of your control, our loss of licence cover will provide you with adequate protection. As licensing laws become more detailed it can result in increased risks for pubs, which could end in a licence being revoked. It is possible to take out insurance which will cover your business against losses from the revocation of a licence.
How much should pub insurance cost?
We know that every pub is different, which is why our insurance allows you to tailor your cover to suit your exact needs. Our expert pub insurance team will ensure you have a business insurance policy which is competitively priced yet offers comprehensive cover. We understand that pubs face a variety of risks, so will work hard to arrange a cost-effective policy.
Can I protect my guests and employees personal possessions?
There is an additional option available to provide cover for loss or damage to your guests and employees personal possessions. This will ensure any valuable items held on the premises such as computers, jewellery, money and sports equipment are adequately covered. Levels of cover differ for the various effects and we will be happy to talk through the options with you.
What level of buildings insurance do I need?
Buildings insurance will provide protection for your bed and breakfast against unforeseen events like fires, floods and storms. The building insurance will cover permanent fixtures such as the roof, walls, ceilings, door, windows, floors, kitchens and bathroom suites. The policy level should cover your bed & breakfast for the cost of rebuilding, rather than its market value.
How does theft of takings cover work?
Takings on the premises are covered by money insurance, which includes cash, cheques, postage stamps and other non-negotiable money. Personal assault cover is often included, to provide compensation to you or a member of your staff following injury from a theft or attempted theft of money. Any damage to the building during a theft will normally be covered by your contents insurance.
Can I protect my money while in transit?
A money insurance policy will provide cover when cash is being carried to or from the bank by a business owner or one of their employees. It will also provide sufficient cover for storing a small amount of cash at home or on the business premises, both within and outside of normal business hours. The cover often extends to include personal assault cover to the business owner or member of staff if injured during a robbery.
Should I get loss of licence insurance?
If there is a circumstance outside of your control which results in you losing your licence to sell alcohol, loss of licence insurance will provide the cover you need. A bar selling alcohol requires a licence by law, so if the licence was revoked it would have a detrimental impact on the business. The loss of licence insurance is an optional extra, designed to address the reduction in turnover and the costs incurred during the process of regaining a licence.
Is employer’s liability insurance required for bars?
If your bar has one or more employees, by law you need to purchase employer’s liability insurance. The insurance will protect your business from any claims made by the staff which may injure themselves or become ill during their time working for you. This is set to a standard level of £10m, which should be a sufficient amount of cover you in the event an employee makes a claim which results in a large settlement figure, please note higher limits are available as required.
How much does hospitality insurance cost?
Hospitality insurance is based on the individual needs of your business, so a personalised policy is necessary. Here at The Insurance Octopus, we will work with you to discuss the various options, so that we can provide the most cost-effective business insurance, which will efficiently meet the requirements of your business and ensure you are adequately covered against any loss.
Can you cover me if I expand to another location?
Yes we can arrange cover for additional locations as your business grows. Speak to one of our customer service team to discuss your needs.
Explain Business Interruption Insurance for hospitality businesses
If your premises suffer from an insured loss such as a fire, business interruption cover will protect any resulting reduction to your gross income. The cover limit is usually provided in set blocks of either 12, 24 or 36 months, which depend on the length of time it would take for your business to recover from the insured incident. This will ensure your business is able to return to its financial position.
Why is Hotel Insurance necessary?
Hotel Insurance provides protection and covers you against the legal liabilities and risks that running a hotel, bed & breakfast or guest house can bring. It is important that both your business and your guests are protected.
Hotels are not the only business that can take advantage of specialist Hotel Insurance policies; most businesses in the leisure industry can take advantage of the policy if they provide accommodation.
These include establishments such as Bed & Breakfasts, Guest Houses and more.
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