Just like your menu and venue need an occasional refresh, your insurance is no different. As risks in hospitality evolve, it’s a good idea to review your insurance policies and ensure you’re still adequately covered. Risks aren’t static. A policy that suited your business last year might not provide adequate protection today. This is why a spring clean of your insurance can help make sure you’re not caught off guard. Here are three risks to consider before summer peak trading begins.
1. Public liability risks
The summer rush often brings an increase in both customer numbers and temporary staff. More people on the floor means more chances for slips, trips and accidental injuries to occur. Seasonal hires, while essential, may not always have the same level of training as permanent staff, which can elevate workplace risks.
This is why public liability insurance is often an essential policy for many hospitality businesses – whether you operate a mobile food truck, fine dining restaurant or a beachside coffee shop.
Public liability helps protect your business from claims if a customer, supplier, or member of the public is injured or their property is damaged as a result of your business activities. As your venue gets busier, it’s worth checking that your policy limits cover you for potential accidents.
2. Property and equipment damage
From cool rooms working overtime to espresso machines running non-stop, summer can be tough on your equipment. A breakdown, fire, or even accidental damage could put your operations on hold and result in costly stock losses.
Policies such as machinery breakdown, business interruption, and content insurance are all available as part of a Business Insurance Pack. These kinds of insurance policies can help give you peace of mind that your building, contents and stock are adequately protected should something unexpected happen.
3. Cybersecurity and digital bookings
The risks of cyberattacks continue to rise, and scams are costing Aussies more money than ever before.
It’s not uncommon for many hospitality businesses to offer online table bookings, digital menus or online deliveries. However, it’s worth remembering that while making products and services available online is convenient for customers and staff, it can open you up to cybersecurity breaches.
And, as trade picks up over the summer months and your business becomes busier, you and your staff may not be as focused on potential scams. A fake invoice or a dodgy email could slip under the radar and cause serious financial and reputational damage.
Cyber liability insurance helps to covers losses from claims arising from data breaches, business interruption and remediation costs following an actual or threatened data breach.
BizCover makes insurance easy for hospitality businesses
As someone running a hospitality business, you probably don’t have much spare time to dedicate to reviewing and updating your insurance policies. That’s why BizCover makes it easy for hospitality professionals to quote and compare multiple policies from leading Australian insurance providers in minutes.
Compare insurance quotes today and discover how much you could save by visiting BizCover online or calling 1300 805 821.
This information is general only and does not take into account your objectives, financial situation or needs. It should not be relied upon as advice. As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording or Product Disclosure Statement (available on our website). Please consider whether the advice is suitable for you before proceeding with any purchase. Target Market Determination document is also available (as applicable).
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