As a pub owner, you can never predict how many risks and challenges your premises may face. You will always need to consider the safety of your staff and your customers. Maintaining your stock and working with suppliers is also a key aspect of the job.
This article will look at how insurance can protect you and your pub from any unexpected worst-case scenarios.
What insurance cover do I need to run a pub?
If you employ anyone, the only insurance policy you are required to have by law is employers’ liability insurance. This policy will help you pay any compensation if someone you employ is injured or develops an illness as a result of their work.
You could be fined £2,5000 for every day you operate without this policy in place.
What other forms of insurance can help?
Business insurance is important for all pub owners, but the type of cover you need is dependent on your requirements. There are specific pub insurance policies that can provide the protection you need.
Accidents are likely to occur in pubs, whether that’s from slipping on a wet floor to stepping in some broken glass. Public liability insurance protects you if a member of the public is injured or their property is damaged while on your premises – which is an increased risk when under the influence of alcohol.
Your pub stock is valuable and can be attractive to criminals. Contents insurance can protect you from theft and any accidental damage. This can also cover any fixtures, fittings and equipment against a range of threats and risks. This could be anything from explosions, fires, storm damage or violent entry and malicious intent.
If you are legally responsible for your building, this will need to be insured too. Having building insurance in place will provide a level of financial protection against any structural damage and help pay for any required repair work.
Why do I need pub insurance cover?
As mentioned, employers’ liability insurance is required by law. Also, if you don’t have other relevant covers in place, you could find yourself seriously out of pocket should the worst happen.
Insurance is very important even for small business. You should always obtain the relevant insurance for your exact needs to ensure that a potential claim won’t be damaging to you and your business.