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What is Restaurant/Bar Insurance?
Whether you own a Restaurant, Bar, Pub or Nightclub, you’re going to need insurance.
Restaurant/Bar Insurance includes a combination of various policies, each addressing certain types of losses, and each having its own coverage limit. So instead of having one insurance policy here, and another there, you have everything in one place.
What can Restaurant/Bar Insurance cover?
Restaurant/Bar Insurance can include any of the following policies:
- Public Liability Insurance
Public liability is a worry for all businesses that open their doors to the public. However, if you own a Restaurant, your greatest exposure area is liability. This involves lawsuits by customers who are injured while at your facility, or who become ill as a result of eating the food you’ve served. Public Liability Insurance can cover the cost of compensation claims should a member of the public incur an injury on your premises and attempt to sue you.
- Product Liability Insurance
Product Liability Insurance covers damages that are a result of products you have sold. For example, if a customer suffers food poisoning subsequent to eating at your premises. Product Liability Insurance will cover the resulting compensation and legal costs.
- Employer’s Liability Insurance
Employer’s Liability Insurance will insure you against any compensation claims should an employee deem an accident to be your fault, this includes anything from slips to burns, or anything in between.
- Legal Expenses Cover
It may also be worth adding Legal Expenses Cover which is used to cover legal costs if a claim should arise.
- Building Insurance
Should your premises face damage from an accidental fire, the result of a break in or due to the weather; these policies will protect the value of your property. This will allow you the finances to repair or rebuild your property.
- Contents & Stock Insurance
Contents Insurance will cover any assets on your premises that you have declared in your policy against accidental damage and theft (provided there is evidence of forcible entry).Stock Insurance (& Deterioration of Stock) will cover your stock should an accident occur. For example, if your Restaurant holds a large quantity of frozen stock and a power cut causes it to defrost; your stock would be covered. Your stock should be insured at cost price, not the profit you would have earned.Money Insurance can also be included in the policy. This covers loss of business money on your business premises, or when carried by the insured or other employees. It will also cover a small amount of cash at the home of directors or employees, both during and after business hours.
- Loss of License
In order to sell alcohol, your business needs to have an appropriate Alcohol License. However, if you end up losing your license for one reason or another, Loss of License Cover can protect your loss of earnings over that period.
- Business Interruption Cover
Business Interruption Cover can protect your loss of earnings if your business has to shut its doors for a period of time. This might be included as part of your Building Insurance, but if it’s not, make sure to get it so that you and your employees aren’t out of pocket.
- Personal Accident or Assault Cover
Unfortunately business owners are often the target of assault as they are believed to be holding a key to the premises or large amounts of money. Personal Accident or Assault Cover will ensure that the business will be able to continue to operate in your absence.
With Find Insurance NI, our Restaurant/Bar Insurance Packages are tailored to meet your specific requirements. Your insurance package may or may not require all of the above, but our Insurance Advisors will advise you on which policies are best for your business.
Need help or have any questions? Our local & expert Insurance Advisors are on hand to help! Contact us here.