Operating a restaurant or a café can prove to be stressful. This is because restaurants and cafés are fast-paced businesses. Even hotel management can prove to be difficult when addressing a guest’s concerns.
Since hospitality businesses have no control over the type of customers they receive, it can be a tough and unpredictable operating a business in the hospitality industry.
From having to deal with rude customers to employees making mistakes that can damage the business’s reputation, hospitality business owners have to face risky situations.
It doesn’t matter whether you’re a small store at the corner of the street serving tea or a famous Italian restaurant; insurance for hospitality business owners is vital.
However, there are different insurance policies that provide different services to businesses. Choosing the right kind of insurance is important but how does one know which policy is best suitable for their business?
Types of Insurance Available:
General Liability: This covers bodily harm caused to a customer/client. If a customer walks in and slips on the wet floor of your store or restaurant, you will be held liable because they were injured on your property.
General liability also covers marketing copyright infringements. Let’s say you’ve hired an advertising agency. They use a third party’s content without permission. General liability insurance covers you legally.
Theft Insurance: If an employee or a customer steals a valuable asset from your shop, you will be compensated for your loss. This also covers break-ins.
Compensation for Injury to Employees: This insurance provides you with assistance if any one of your workers is injured while working at your shop or restaurant. This is mandatory in Australia.
Property Damage: In case your restaurant or store is damaged or by vandalised, property damage insurance will cover the costs. This also applies to property that has been burnt down by natural disasters such as storms and earthquakes.
Stock Spoilage: If you have leftover stock that has been forgotten and is now deteriorating, stock insurance can cover for the loss. This also includes stock that has been damaged because of an equipment breakdown or unexpected power outages.
Getting the right kind of insurance for your hospitality business is essential so that you are not left dealing with financial loss or lawsuits.
Not only will such problems hinder the growth of your business, but it will result in damaging the image of your brand. Therefore, looking into the right kind of insurance is recommended so that you don’t have to worry about risks associated with operating a hospitality business.
If you are looking for general liability quotes or insurance for small businesses, 365insurance has you covered.