If you’re thinking about buying a bar or already own one, it is imperative that you get the right bar insurance for it. There are many different types of bars in the UK. There are also many different types of insurance. It is important that your insurance provider is fully aware of the type of bar you are running.
If you run a cocktail bar, the insurance for it would be very different compared to a bar/restaurant. If you run a wine bar, you wouldn’t pay the same premium as a sports bar. That’s why it is so important to get the right tavern insurance to make sure that you are correctly covered.
Giving the incorrect information to your insurer could have devastating consequences. Your claims might not be paid. In the worst-case scenario, you could have your insurance invalidated.
What important areas should you watch out for?
The following information is critical for your insurer to know. It will affect whether your establishment will be insured or not and at what premium.
- Standard home insurance will not cover an unoccupied property.
If you’re not living in the property or the property is vacant for more than 30 days, insurers will count it as ‘unoccupied’. To ensure that you’re adequately covered should anything happen, you will need unoccupied property insurance. It’s possible to get 3, 6, 9 or 12-month’s cover, depending on your unique situation.
- The risk for insurers is higher
As you won’t be living in the property, you won’t be there to see to any of the problems that may arise. The boiler could burst and flood the house. Someone could also accidentally drive through your front wall. Your insurer will take all of these aspects into account.
- You will need to check the property
For your insurance to be valid, you will need to check on the property every 7 – 14 days.
- You will need to have security measures in place
Your insurer will request that the property have adequate security measures in place. This will help guard against illegal entry or burglars looking for an easy target.
- Don’t forget to turn the gas and electricity off
As the property will be unoccupied, you must ensure that the gas and electricity are turned off at the mains. An exception would be if you need to maintain heating.
- There are three levels of unoccupied property insurance
Like most types of insurance, you can buy different levels of cover depending on what you require. Titan Insurance offers 3 levels of Unoccupied Building Insurance. All of them insure up to £2 000 000 Property Owners Liability. This covers you if any accidents or loss happens to a third party such as a person or property eg., like the property next door.
What should you look out for if buying insurance online?
If you’re looking to buy bar insurance online, you need to be very careful not to misrepresent the question set. Providing the correct information, the first time, will ensure that every aspect of your business is correctly covered.
If you need any assistance or have a question, please don’t hesitate to contact Titan Insurance. With over 30 years’ experience in insurance for bars and nightclubs, we’re here to help.
Contact our Leisure Team on 0207 731 3700 or send us an email.