What insurance should I consider for my hospitality business?

If you run your own small business in the hospitality industry – whether that’s a local restaurant or a mobile food truck – or are thinking of starting one, then you may want to consider taking out insurance to protect your business. After all, operating your own hospitality business takes time, effort, planning and capital. So why not consider purchasing insurance to protect your hard-earned efforts?

Business insurance pack for hospitality businesses

With so many different options to choose from, it can be a tough choice deciding on the right cover to suit your needs.

At BizCover, you can purchase a business insurance pack, designed for you to “pick and choose” different cover requirements to meet your business’ unique specifications. There are many cover options available through a business insurance pack that can help you manage a range of common risks.

These options can help to protect your small business from material damage, financial loss and third-party claims, depending on the type of cover you opt for. Some of the options you can choose include the following, which may be helpful for those running their own hospitality business. 

Building insurance

If you operate a business that is located outside your home, then you may want to consider getting Building insurance.

This could be something to consider if you run a hospitality business at a specific location (as opposed to, say, a catering business you run out of your own home). Building insurance covers you if the building is damaged by what is known as a ‘defined event’ – such as fire, storm, or malicious activity.  

Theft insurance

This covers you against loss of contents and stock as well as damage to your business premises, as a result of theft or attempted theft involving forcible or violent entry from your business premises.

One of the reasons why many hospitality businesses take out theft insurance is because theft is not generally covered by other types of business insurance. This policy may also cover you for damages caused by the theft; for example, if the thieves have destroyed a lock to access the premises after hours.

Machinery breakdown insurance

What kind of machinery does your business rely on? A patisserie may rely on its commercial oven to produce the goods it needs each day. A restaurant may store stock in a walk-in fridge and freezer. If these pieces of machinery were to unexpectedly breakdown, then the business in question may not be able to operate until the machinery was fixed.

Machinery breakdown insurance covers the cost of repairs or replacement of the machinery following a breakdown. This can help to offset any losses due to

Get your insurance sorted in minutes

Hospitality can be a tough gig. And if you’re managing your own business, then you probably don’t have much spare time to spend wading through complex policy wordings or navigating insurance paperwork.

BizCover makes business insurance easy for Australian small businesses. Jump online today to compare business insurance quotes, buy online in minutes and see how much you could save.

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.

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