The past three years have been a whirlwind for hospitality businesses. While the pandemic seems to be on the wane, your business should still do everything reasonably practicable to reduce the risks of COVID-19’s spread.
However, there are other risks to your business that you should be aware of too. Whether you own a restaurant, pub, nightclub, café, hotel or resort, these four insurance policies help protect your business against the many risks.
Public & Products liability insurance
Public & products liability insurance offers your business protection against negligence claims from third parties, including members of the public, patrons, visitors and contractors, etc., to your workplace. It does not include you or your staff. This policy can help with legal costs, medical expenses and compensations claims resulting from a workplace accident or third party damage.
Workers’ compensation insurance
Your business must have workers’ compensation insurance whether your workers are unpaid trainees, apprentices, part-time, or casual or permanent full-timers. It means financial compensation is available for staff injured at work or who become ill due to their work. Compensation covers wages, medical expenses and rehabilitation while they’re not fit for work. Work health and safety laws differ in each state and territory, so check with the relevant government authority.
Business interruption insurance
Unexpected interruptions to your operations can hit your company’s bottom line and threaten your survival. Business Interruption Insurance can help manage this risk by covering you in the following ways. By funding your operations if you’re rebuilding, fitting out a new premises, or paying the wages of your key staff until you re-open. Or help when business is disrupted by cuts to your energy supply such as gas or power or your supplier’s inability to service your business.
There is a wide range of insurance policies available. While they may look similar on the surface, delve into the fine print, and you’ll find quite a few differences. If you would like to know more about Top 4 Hospitality Business Risks, please CLICK HERE or contact us for more information.