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Licensed trade cover explained
22 Jul 2009
Licensed trade cover is primarily business insurance that is adapted to suit the kind of licensed trade you operate; whether that is a public house, restaurant, wine bar or hotel or other similar establishment.
Specialist insurance intermediaries like ourselves appreciate that each business is different, and tailor the cover we offer to meet your needs.
The cover is modelled on the standard ingredients of a business policy, which is likely to include the following:
- Public liability insurance - Public liability cover relates to claims made by third parties who have suffered a personal injury or damage to their property (that was your fault or caused by an employee). The value of such claims can be very high, and include the claimant's legal fees which in themselves can run to several thousands of pounds.Because it can be such important protection to have, public liability cover is our core product and forms the basis of all of our business insurance product range. Employers' liability insuranceWhether you employ one barman or have a host of hospitality staff, employers' liability insurance will normally be a legal requirement. You can purchase this as part of a licensed trade cover package.
- Buildings insurance - The detail of buildings cover is really important, which is why it is best to buy licensed trade cover from a specialist intermediary like Your Insurance Group. For example, if you run a pub in a listed building, this will be more expensive to rebuild following a fire due to its listing requirements than a new build. The good news is that we can help find cover for hard to place risks.
- Contents insurance - Subject to certain conditions, standard contents cover usually includes your stock, which takes into account perishables in fridges and freezers. The alcohol you sell is also valuable property. We understand that licensed trade insurance operates in a hospitality environment which will carry extra food and drink at peak times. It is possible to arrange elevated cover for your busiest seasons like Christmas and Easter, to cover extra stock, via our policy. Seasonal increase is standard cover on the policy, increased by 25% for November, December and 31 days before Easter.
So, when looking for licensed trade cover, make sure that you have all the elements of cover you need. That way you can have the peace of mind that you and your business are properly protected.