There are many things to think about when you run a pub. From the day-to-day running of the business to stock, cashflow and staff, it is quite easy to forget about insurance. However, insurance is one of the most important factors when owning a business like a pub. After all, you don’t want to be left out of pocket, should something go wrong.
Making sure you’ve got the right pub insurance in place to protect you, your business and your customers is critical. Here’s what you need to know.
Pub Insurance prices vary according to many factors. These include the size of pub, turnover, location, years of trading and more. When you are looking at pub insurance, there are 3 other key components that can really influence the price of the policy. Let’s break them down.
1. Licensing hours
Specialist insurers will take the time to understand the specifics of your business. One of these is licensing hours. This is a very important factor in your insurance policy. By letting your insurer know what your hours are and how many extensions you have during the week, will ensure that your pub is covered should anything happen. Standard hours versus extended hours will impact how much you pay. A pub with no late license and standard opening hours will have a cheaper premium than one that has live events or brings in security (assuming both pubs were of similar size and turnover).
2. Live Music
If you have live music or events at your establishment, your insurer will need to know. Covering musicians, equipment or any damage to your pub while an event is happening will only be covered if you are forthcoming with this information.
3. Door Security
If your pub has security at the door, this will affect the cost of your cover. Not all insurance companies cover door security, so you will need to stipulate this up front.
4. Children’s play areas
Another aspect of your pub that could influence your premium is children’s play areas and jumping castles. If you have any of these, it is important to give this information from the outset. Any mistakes or omissions could invalidate your insurance cover.
Buying insurance online
You can purchase this kind of insurance product online however we suggest that you rather do it over the phone to be sure you arrange the correct cover. This will ensure that the full risk details of your pub can be discussed with an expert in this field. That way, nothing is left to chance. Remember that when it comes to insurance, it is better to be safe than sorry. If you’ve already bought pub insurance, then this is something you need to know.
Titan Insurance has been insuring pubs for over 30 years. With a team of experts, we know where the pitfalls can be and what insurance policy is best suited to your pub and pocket. Give us a call on 0207 731 3700 or email us.