Pub owners have recently been warned by industry experts to ensure they have adequate levels of commercial insurance in place to protect their business.
The current economic landscape has led many businesses to analyse every one of their outoings to look for ways where they can cut costs. However experts say that cutting corners on business liability insurance cover is the worst kind of false economy – especially when an unforeseen accident occurs at work could result in serious legal costs.
Many companies have begun to offer business insurance online recently, which can lead pub owners to believe that cheaper deals are waiting to be found after a bit of shopping around. Yet the majority of these offers are not specific to the insurance needs of a typical pub and can result with large holes in a pub owner’s insurance cover. This can result in an increase in liability along with a reduction in premium price.
Experts say that trying to save an additional £100 here or £200 there truly isn’t worth it when full insurance on a standard pub can come in at no more than £1,000. One insurance broker director stated that the cheapest quote a pub owner can find will not necessarily provide them the best cover for their business.
Pub owners need to cover the basics, experts say. In addition to the legal requirement for every business in the UK to have employers liability cover, making sure the buildings themselves and the contents inside have adequate cover is simply an essential. Insurance for such events as losses related to the contents of a freezer, money, earnings, and business interruption, is something the savvy pub owner shouldn’t be without.
Experts recommend enlisting the services of a broker with specific knowledge of the needs of a pub is one way to get the proper cover required to protect against any eventuality.