Terry Osborne Insurance Services chats to On-Trade Progress about how industry professionals should be protecting their property and themselves, today.
According to the news, Taylor Swift insures her legs for £26.5 million. Jennifer Lopez insures her bottom and even Sir Tom Jones insured his chest hair – why? Because it was their brand, their signature, what they represent.
Business Insurance is all about protection. Protection for your livelihood, for your staff, for your customers and, as a publican or restaurateur, you are quite likely to be living on the premises and therefore it is protecting your home too.
So, do you REALLY need business insurance? Well, if you have employees, then legally yes, but what about the rest of it? While insurance is expensive and certainly takes a chunk out of your budget, being without it could lead to financial ruin
Other than employers’ liability, in the hospitality trade, public liability is possibly one of the most important purchases you can make. With publicans and restaurateurs running establishments where alcohol is consumed, the likelihood of a public liability claim is greatly increased and even a simple slip or trip could run into thousands. Don’t forget about products liability either. One ‘suspect’ prawn or a turkey Christmas dinner not quite cooked correctly could send the cost of a products liability claim spiralling.
Have you taken into account how much you would lose in the event of a total loss? Stock of alcohol, beers, fixtures and fittings definitely have to be taken into account but what about loss of income? Loss of rent? The cost of alternative accommodation? If you are in a city centre have you thought about terrorism cover? Most insurance policies will exclude all cover in the event of terrorism so perhaps this is worth thinking about.
The right people
If you intend on running a successful establishment then you will need a good business insurance policy to cover everything. We at Terry Osborne Insurance offer a range of package policies for the leisure industry. Every business is different and therefore we can build a bespoke package just for you. Quirky is all the rage so if your business is unique, let your insurance policy be unique too. Such a diverse range in the industry deserves a leisure specialist who can tailor make a product to suit your needs and not break the budget. We do not offer a ‘one size fits all’ product, we listen to what you need and build your cover to your business.
Insurance doesn’t have to be an electrifying product to be a necessary and useful one. Sometimes, insurance is the protective vehicle that allows you to run your life while limiting the financial consequences. Because insurance isn’t meant to be an exciting journey in itself, it’s designed to make your life’s journey a little easier and more financially stable.
For more information on Terry Osborne Insurance Services, visit www.terryosborneinsurance.co.uk or call 01622 745 297.