In such a diverse and wide-ranging industry, it is incredibly important to ensure that your insurance coverage reflects your operation. Whether you are a hotel, bar or seasonal premises, Clegg Gifford are able to assist with your insurance requirements. In this blog we will be providing some detail surrounding the potential areas of exposure and the corresponding insurance coverages available:
What insurances do those in the hospitality sector need?
Public & Products Liability Insurance: Public liability insurance is an essential insurance product that protects you and your business against compensation and associated legal costs from damage to the public whilst on your premises. It can also cover damage to third party property whilst conducting working. We are also able to provide a ‘products’ extension which covers harm or injury as a result of, in this case, food or drink.
Employers’ Liability: A legal requirement should you be employing staff of any kind. As a standard limit, we are able to provide £10,000,000 coverage to protect you against claims made by staff whilst under your employment. It is worth noting that businesses found to be operating without employers’ liability cover are liable for up to £2,500 a day in fines.
Property: A wide ranging ‘product’ that covers the building and its contents, but also contains additional optional coverages available for stock of goods, money and electronic equipment – should it be necessary. We are even able to arrange cover across multiple sites under one succinct policy.
Business Interruption: This type of insurance covers loss or decline in gross income due to loss or damage at the premises. i.e. a fire leading to a 24 month rebuild of the site. The length of cover is dependent on how long it will take the business to recover from potential damage. That being said, it is available in 12,24 & 36 month increments.
Loss of licence: Hospitality specific cover that provides indemnity should your licence be revoked or cancelled due to factors beyond your control.
Motor: If you operate a vehicle on public road, you will require motor insurance by law. As proclaimed motor insurance specialists, we are able to provide flexible cover on a range of vehicles and occupations under the ‘hospitality umbrella’, we are even able to accommodate ‘any driver’ policies.
What sort of hospitality businesses can you provide cover for?
As a Lloyd’s broker we have access to a wide range of specialist insurers, meaning that we are able to provide terms on a variety of bespoke occupations and industries. That being said, our current portfolio of hospitality clients is predominantly constructed of:
Why chose Clegg Gifford for your hospitality requirements?