Business Insurance For Your Shop, Bar Restaurant Or Cafe
Running a business in the UK is hard work these days. In times of economic austerity and unpredictable retail sales, most businesses need to keep a close eye on sales, cash-flow and marketing.
So it is hardly surprising, that business insurance may be the last thing on your mind.
But that's not to say that it is not important. In some instances you legally need to have insurance. Employer's liability Insurance is compulsory in England, if you employ staff. Ireland and Scotland have their own laws, which need to be followed. There are various definitions of who is an employee or member of staff. Have a look on the Business Link website for proper definitions.
If you are a shop owner you need to carefully think about the type of insurance you might need. For example, if you own a shop, which employs staff, which handles cash, make deliveries and has a glass shop front you could consider the following;
If you are worried about the loss of money or stock due to dishonest employees you could consider a Fidelity guarantee.
When it comes to insurance business premises shop owners need to consider premises insurance. There is a difference between rented and owned properties, so ask you broker which policy applies. Also, most shops have glass fronts with signs, so it could save you money and cash-flow problems if you consider covering for replacements due to malicious or accidental damage.
If you have customers coming into your shop you might consider public liability insurance. This form of business insurance aims to cover your liabilities against damage to the public for things like injury or death or to their property as a result of business activities. Legal expenses and costs are usually covered.
If your shop handles money, you may consider insuring against its loss. Different limits apply, so you should check with your broker.
Every business lives and dies by its cash-flow - it's the life-blood of every business. So you can protect your cash-flow from interruptions such as bad debt due to the insolvency or default of your suppliers.
Product Liability Insurance may not be the first thing you think of when opening a restaurant or a bar. But if you produce food on the premises then this is considered a product. Illnesses in members of the public as a result of food or drink are possible and legal challenges can be covered.
If you operate a bar, it is not a stretch of the imagination to consider that your patrons may become rowdy. Protecting your staff from assault and harm should be a priority. If the worst were to happen you can insure against medical costs or legal challenges.
If you run a bar or restaurant additional business insurance cover may include, freezer cover, along with contents insurance for coffee-machines, furniture or snooker tables.
It is important to remember that you do not need all these different types of insurance for your business or that you require separate policies to cover each risk. Some insurance companies will offer a complete package for your business. I simply wish to highlight that you have various insurance options for your business.
by: Barry Shereston