Pub/bar business involves considerable risk because of the very nature of the business, the people and consequences involved thereof. All this will impact the business with adverse repercussions in the form of loss resulting from accidents, vandalism and so on, leading to financial liability. In this context, having an insurance policy that is specialized to cover all the risks faced by pubs or bars plays a significant role.
What does pub insurance cover? Pub business, like any other physical business, needs insurance for building, stock and equipment. Additionally, this business is at great risk of facing liabilities from public and employees. Hence, a specialized pub insurance policy should cover all these risks.
• Public liability: Pubs are greatly frequented by public, especially during nights. As people who visit pubs are mostly in enjoyable mood and many times under the influence of alcohol, it is the responsibility of the pub owners to keep their premises as safe as possible. In any event of accidents, caused due to the negligence on part of the pub employees, the owners may face huge legal liabilities and compensation claims.
• Employer's liability: Employer's liability involves the compensation that has to be paid by the pub owner in the event any of his employees gets injured while on duty. To cover employer's liability is mandatory to every pub business. Every employer is obliged to purchase this insurance under law. This insurance protects the owner of the pub/bar from such liabilities posed by employees to employers.
• Stock and contents of the business: Your pub/bar deals in food, beverage drinks and other non-durable goods. Combined with this is the equipment like fixtures, furniture, electrical equipment, etc. Any damage to these would impact your business considerably. Pub/bar insurance protects your business against such losses caused to your stocks and contents due to theft, fire, vandalism, floods, lightning and so on.
• Covers pub/bar building: Besides covering these losses and liabilities, pub insurance covers the damage to the building that houses the pub/bar. This is important from the standpoint of time-lags involved in the turn-around of the business. The sooner your building is repaired, the sooner can you resume your business. For this, pub/bar insurance would be of great help to you.
Additional covers can be included Another advantage of this insurance is that it is flexible enough to accommodate any of your needs, other than those covered under the insurance. For example, if your business is seasonal, and is operational during a particular month(s) of the year, the premium could be adjusted to that.
Given the risk involved in pub/bar business, it is sensible to buy the insurance. Pub/bar insurance is easily purchasable from brokers. While doing so, you should consult reputed brokers. Browse the Internet and research thoroughly. You can even give the details of your business, like size, type, preferred types of premiums, etc. on an insurance brokerage website. Doing so, you can get approximate insurance you need to purchase for your pub/bar business.
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