In a similar fashion to the world of taxes, insurance can seem very daunting to business owners who are putting all their savings into a venture. Starting anything this big comes with myriad of risks that often do more to discourage potential start ups.
We spoke to the qualified team of brokers at iCorp Insure for some advice on what insurance policies are integral to a new venue/business. iCorp who have a multitude of hospo venues as clients know what they’re talking about when making sure disasters have minimal impact.
If you’re unsure about where to start with insurance, or if you’ve got a business already and you want to be covered for the essentials, we’ve compiled a list of policies for you:
Fire (Material Damage Cover)
If you’re thinking about risks associated with restaurants, pubs and bars you know a big one would be the hazards that a kitchen can produce. This covers the property and fit outs within the venue so fears of huge rebuilding costs can be alleviated.
Business Interruption Cover
You’re covered for a fire and the damage that comes with it but it’s not a quick fix, your business might be unable to trade for weeks if not months. iCorp Insure have clarified for us that for a lot of businesses, the rent, wages and fixed costs are entirely reliant on the consistent flow of income. If your business can’t survive with no income as repairs proceed then Business Interruption Cover is an absolute necessity.
This ones a biggie, especially if you’ve got a liquor licence. Liability policies are there to cover the business in the case of a personal injury or property damage to third parties. A great example is if a customer slips in the venue and sues the owners for their medical bills and loss of income.
Machinery Breakdown Cover
Not only does this cover machinery but it also takes into account the spoilage of goods. For example, a constant fixture at hospitality venues is a cool-room and if it were to breakdown overnight and ruin the stock within it, this policy would cover the repair of the machinery and the cost associated with the loss of stock.
A super important one for owners of a business in the hospitality industry, it can cover for a variety of things such as wrongful dismissal, bullying/sexual harassment, fraud or dishonesty by employees, tax audit costs and protection against workplace safety fines and penalties.
Where iCorp Insure comes in is by visiting the client and tailoring insurance to their specific needs. The brokers at iCorp not only find the best prices between insurance companies, they also ensure that the policies are bundled together with similar due dates. Once all types of policies are found and an insurance program is produced, they will visit the client and thoroughly explain their recommendations.
Insurance covers a huge breadth of unknowns when venturing out with your own business so it’s handy to have an idea of where to look. This guide is a fantastic place to start but we’re going to point you in the direction of the qualified insurance brokers who can elaborate on these policies.
Address: Level 1, 147 Pirie Street, Adelaide, SA 5000
Contact: 1300 426 774