What You Need to Know About Pub Insurance
The business of running a pub comes with its fair share of challenges. If an unfortunate event should occur at your establishment, your top priority will be to safeguard your business by ensuring that you’re protected against legal liability, as much as possible.
Throughout this article, we will discuss the various types of public house insurance available in Ireland, as well as give advice on how to choose the right and the most comprehensive insurance policy that is best fit for the needs of your business.
Pub Insurance Options
When seeking out pub insurance quotes, it may initially feel somewhat overwhelming with so many options available. The most important thing to remember is the type of cover you will need depends on your circumstances and the type of business you have. Consult a pub insurance broker, like Campion Insurance on 0818 300 302, so you know exactly what you need to run your pub safely.
Here are some of the most important pub insurance options to consider:
Public Liability Insurance
This type of insurance covers legal liability when a third party or a member of the public is injured or their property is damaged. Public liability claims may occur from a variety of causes, the most common of which is negligence. For example, a customer slips and is injured on a wet floor that was inadequately mopped. In this case, the establishment would be held liable due to negligence.
Employer’s Liability Insurance
Employers’ Liability Insurance protects a company that is legally obligated to pay compensation and legal expenses when an employee suffers an injury while working. For example, an employee receives an electric shock from a work area that has been poorly maintained, due to an unattended spillage that seeped into a plug.
Note: Although Employer’s Liability Insurance isn’t mandatory, employers have a responsibility to ensure that the workplace is as safe as possible for their employees.
From furniture to cold rooms and product inventory, your pub contains many valuable items that need to be kept safe. That is exactly what Contents Insurance can do. For example, flooding has destroyed your carpets, furniture, and some of your inventory. These damages would be covered if you have the appropriate content insurance. We recommend speaking with one of our expert team members to better understand your needs. The last thing you want is to discover that your pub insurance policy does not cover everything you own.
Building Insurance is usually only necessary if you own the building and are not simply renting the commercial space. Building Insurance covers any damage to the structure. For instance, weather damage, fires, vandalism or a break-in. If you have any concerns as a tenant, check with your landlord to see what insurance cover the building has. If you own the building, you should consider purchasing a comprehensive building insurance policy.
While it is impossible to predict the future, you can take steps to protect your business against unexpected events by ensuring that you have the right insurance in place. Business Interruption Insurance is one type of insurance that can help you weather the storm if you are forced to close your doors due to an unforeseen event.
Important: Increase in construction costs
There has been an unprecedented increase in the cost of building materials and labour over the past number of years, exacerbated by Brexit and Covid-19. This presents a significant threat to policyholders if it transpires at the point of claim that your buildings are underinsured as the average clause will be applied. We therefore strongly recommend sums insured are reviewed at renewal to ensure that policyholders have adequate insurance in place and avoid being at risk of financial distress due to implications of underinsurance.
Here are some examples:
- Natural Disasters such as extensive flooding and high wind damage
- Fire Damage caused by an incident and accident
These are some of the insurance options you can choose from to keep your business protected. Nevertheless, a number of other features may be beneficial for your particular establishment, including
- Event insurance
- Loss of Licence
- Legal Expenses
- Money Cover
Benefits of Having the Right Pub Insurance
1. Protects Your Business
Having the right pub insurance will give your business the best chance of success. At the end of the day, you never know what’s around the corner. Knowing what insurance is available, and selecting which will provide you with the best protection, is the best thing you can do for your business.
2. Protects Your Employees
It is your responsibility to protect your employees. There are numerous hazards that could potentially injure a member of staff, especially in a public setting. If you have the right insurance policy, you will be able to adequately cover your employees if problems arise.
3. Protect Your Customers
Under many circumstances, you’re liable for the safety of your customers. Not only will having the right pub insurance protect them, but it will also protect you from costs pertaining to any claims you may be liable for.
So, what is the average cost of pub insurance?
This will all depend on the amount of cover that you need. Not the most straightforward answer, we know! The best way forward is to contact us and walk through your business needs. We can present you with a range of options to consider, which will help you to determine how much on average you will spend each month or year on pub insurance. One piece of advice that we would have for you now: spending a little more to have the most comprehensive cover possible could save you substantially down the line.
Why Choose Campion for Public House Insurance?
At Campion Insurance, we prioritise our customers above everything else. We understand that each case and situation is unique, which is why we offer personalised care to ensure that you receive the most suitable coverage for your business.
As a business owner, you face various obstacles regularly. With Campion Insurance, you can find comfort in knowing our pub insurance will provide you with the right coverage in case of any financial losses or liability. Not only that, we strive to offer the most competitive prices in the market.
Campion Insurance, through their collaboration with the Licensed Vintners Association (LVA), and the Vintners’ Federation of Ireland (VFI) offers specialised insurance solutions tailored specifically for pub owners and operators.
Get Started with Campion Insurance Today
Option One: Give our team a call on 0818 300 302
Option Two: Visit our website to learn more