What optional covers should I combine with my Pub Insurance or Restaurant Insurance policy?
Do you have employees?
If you employ anyone outside of your immediate family, including casual or part-time workers and temporary staff or trade as a limited company, then the law requires you to have Employers Liability.
Cover provided is for injury or sickness claims made by employees against you as a result of your negligence; the law requires that you have cover of at least the minimum level of £5 million our policies provide £10 million as standard.
You should check carefully if you need it, because you can be fined up to £2,500 for each day you do not have suitable cover in place.
Do you have contact with third parties?
Any business which involves contact with customers should consider Public Liability cover. If you or your business ends up being responsible for injuring someone or causing damage or destruction to their property as a result of negligence during your day to day business activities, then Public Liability insurance can cover the costs related to someone making a claim against you.
Do you sell products to consumers?
Many businesses take our Product Liability insurance to protect them from legal costs and damages awarded as the result of claims made against them under product liability laws.
If your business supplies products to consumers, you need to make sure that they are safe. Most of the responsibility falls on the manufacturer, importers or those businesses that supply own-brand products; including those that change, customise or service the commodities as the modification can affect the safety of the product. Pubs and restaurants however, also have legal responsibilities for all the products that they stock and sell.
Anyone who is harmed by an unsafe or contaminated product that you have sold can place a claim against you. You can be sued by an individual who is injured or by an unsafe product that you have supplied even if they didn’t buy the product themselves.
Do you have stock as part of your business?
Stock is unique to every business, for pubs and restaurants it will be mainly made up of food, drink including alcohol or both that needs to be considered. Insuring your stock with stock cover is vitally important as it will help to cover the cost of replacing your stock at cost price if it is damaged, destroyed or stolen. Because loss of stock can cripple a business, it’s important to ensure it is fully protected.
Do you have business premises?
Buildings insurance covers the cost of repairing or rebuilding your business premises if they aredamaged or destroyed by an unexpected crisis such as fire, flood or theft damage. For a pub or restaurant, ensuring that you can get your business premises up and running after an unexpected insurable event should be a key consideration.
You should insure your business premises against the cost or rebuilding the property, not against its market value or sale price.
If you own your business property, then you should consider buildings insurance to cover you. If you rent your business premises, then buildings insurance is your landlord’s responsibility – but you should contact your commercial landlord to make sure they have not made you responsible by contract.
You may also want to consider taking out Contents cover which can include your fixtures and fittings this provides the funds after the deduction of the policy excess to replace your business’ equipment and permanent fixtures if they are damaged or stolen.
For more information about available additional policy covers, get in touch with our insurance specialists.