Pub insurance - inner city cover
There are four main factors that a business insurance company will consider when looking to provide you with a quote
. These are the type of business, the location and the sums insured. There are of course dozens and dozens of other factors that they will consider, but these three can have a huge affect on the pricing.The geographical location will have a different effect, depending on the type of business. For example, a basic public liability insurance policy for a plumber is rated the same whether they are in the Outer Hebrides, the middle of London or deep in the English countryside. This is because the risk is the same, because it is all about causing damage at clients premises. Other businesses though, such as pubs, will find that the pricing factors are very different, depending on where they are.
Most of the business insurance companies that underwrite policies for the licensed trade love pubs that are in the countryside. As long as they are not too remote, or have a decent full or retained fire brigade nearby, this is their Holy Grail. Most of these businesses are family owned and occupied, are in village locations (so anyone snooping around is noticed) and have usually been claims free for donkeys years.
But, the problem is, that a lot of these businesses are finding times tough and are closing, so they are chasing an ever decreasing pool of customers. Step in the inner city pub, for one reason or another, over the past 10 years in the UK we have not only seen a boom in outer city shopping, there has been massive growth in inner city pubs. These businesses are suffering as well and are undertaking many different steps to try and draw in the punters. The World Cup has helped, but this does not stop them needing to open later, offer promotions and have many different types of entertainment or functions. This means that the liability risks are increased as customers are in these premises for longer. doing different things and possible drinking a lot more.
The rise of the no win, no fee solicitor has made it so much easier to make a claim. Visiting a pub and you slip over at the end of the night? Then there will be a solicitor somewhere telling you that someone is liable, whether or not you were drunk or not.
Whether they will admit it or not, the solicitors hope that the insurers will settle any claims quickly and out of court because it is cheaper that way. This causes insurers not to want to cover many inner city establishments. But, you can get the cover and you can get the right price, it is just a case of looking in the right place. The right place is a business insurance broker. They have a detailed knowledge of which insurers are happy to cover these businesses, to save you the trouble of searching for hours and hours and being faced with unrealistic quotes from most people you speak to.
Pub insurance - inner city cover
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