What Insurance Do I Need For My Hospitality Business?

It’s an unfortunate fact that accidents and the need for insurance claims will occur in the workplace, and the hospitality industry is no different. For this reason, it is critical that you have restaurant insurance in Australia to help protect your business from the financial impact of these accidents. Some policies are compulsory, and some are optional, but it’s a good idea to be prepared for all situations. In this blog, we will discuss why you need to insure your hospitality business and how you can find affordable protection for your restaurant, hotel or event venue.

If you are a restaurant owner or business owner, you will be aware of the many risks involved with running your business. The most common types of insurance that hospitality businesses should consider including public liability, business interruption, employer’s liability, and insurance for your building and contents. The first step you should take is to find a good insurance broker. Your broker will help you find the right insurance policy at the best price.

Public Liability insurance

Public Liability insurance is one of the most important policies you need. It provides you with the right amount of coverage so that you can focus on running your business rather than worrying about its financial implications. It offers your restaurant financial protection in case a customer, supplier or any other third-party experiences an injury at your restaurant.

Business Interruption Insurance 

You can feel secure with business interruption insurance knowing your business will still have the capital it needs to continue operating. You can also feel confident about your employees receiving payments for their wages while your business is down. Business interruption insurance covers the financial impact of an event, such as a fire or flood that shuts down your business. You can be sure that your business will not suffer financially if a natural disaster or other unexpected event prevents you from operating or forces a closure due to a covered risk. This will help you to recover your business as quickly as possible.

Workers Compensation

If an employee is injured while working for you, they may be entitled to Workers Compensation. This insurance covers the injured worker and enables them to return to work as soon as possible. Imagine losing one of your best workers for an extended time due to a work injury. This is not only detrimental to the injured worker, but it’s detrimental to the company. The cost of Workers Compensation may take a massive toll on small business profitability. To make matters worse, most businesses don’t even realise they need workers compensation insurance until it’s too late. Don’t let this happen to you; we have the experience and knowledge to get you covered with the right policy.

Food Poisoning Insurance

A food safety plan will help you prevent food poisoning and keep your hospitality business safe. The first step to preventing a claim is to create a food safety plan. This is a written document that outlines the steps you will take to decrease the risk of food poisoning in your establishment. A good health and safety policy should be more than just an idea on paper- it should include things like how often employees wash their hands, what kind of gloves they wear, and how often they change those gloves. It also includes the type of equipment you use for cooking, cooling, and storing, as well as how long you store cooked foods before serving them.

As a restaurant owner, you’ve worked hard to develop recipes and choose the perfect location for your business. So it only makes sense that you would want the same care and attention when it comes to securing your business’s future and making sure things keep running smoothly. It is essential to make sure that you are well insured before starting your hospitality business. In fact, according to statistics, the restaurant industry spends more on insurance premiums than any other leisure or foodservice sector.

Many different insurance policies protect your business from natural disasters, employee theft, property damage, and more. It is essential to consider what type of insurance policy best suits your needs when reviewing the list of business insurance companies.

Get your business protected. Let TBI Insurance help you get the right cover at the right price for your hospitality business, restaurant, event venue, accommodation, bed & breakfast, motel/hotel, Brewery, Cidery, Distillery, pub or nightclub.