Pubs were among the many businesses forced to shut their doors when the pandemic hit, and it’s been a rocky couple of years for landlords since. In 2020, almost 10,000 licensed premises closed permanently in the UK. This figure accounts for nightclubs and restaurants, as well as pubs. Those who have been fortunate enough to stay open throughout the turmoil of Covid have had to think outside the box to find new ways to operate successfully.
With pubs across the UK now hosting corporate events and offering menus to rival any restaurant, being a landlord has changed significantly. Gone are the days of simply pulling pints and talking football with the regulars. Now, proprietors are wearing many different hats – from barman and boss to event manager and party MC.
These changes to your services are likely to influence the type of cover you need for your establishment. Here, we explore all things pub insurance and what you need to know.
Why do I need pub insurance?
Taking out insurance for your pub will protect you financially in the event of something going wrong. Busy establishments take in large amounts of cash which, coupled with all the alcohol and expensive equipment on site, makes them a common target for thieves.
Another reason to invest in pub insurance is to protect your business and its contents from accidental damage. This could be caused by a fire, storm, flood or in extreme cases even an intoxicated patron.
What does pub insurance cover?
What your pub insurance covers will depend on the type of policy you take out. Your needs may vary based on the additional services that your venue offers. For example, if you host weddings or events, you may need to factor this in when scouring the market for the right cover.
Insurance for a pub can protect against malicious damage, accidents, theft, water damage. You may also need additional business interruption cover – for example if you lost your liquor license and had to close temporarily.
Important things to know about pub insurance
Legally, you must have employers’ liability insurance to protect your business if a member of staff falls ill or is injured as a result of working for you. It would also be sensible to take out public liability insurance, which will protect you in the event that a member of the public is injured, or their property is damaged while on your premises. It’s a good idea to speak to an insurance specialist to ensure your pub insurance policy covers everything you need it to.