Hospitality insurance in Australia is specifically designed to help protect small to medium businesses in the food sector (restaurants, cafés, wine bars etc.). It ensures your property and assets are covered in the event of a fire, weather or accidental damage and can protect your revenue in case of business interruption.
PUBLIC & PRODUCT LIABILITY
Public and Product Liability Insurance can help financially cover your hospitality business from costly third-party claims – often issued by a customer claiming they suffered a severe personal injury or had their property damaged due to your on-site business activities or product.
PROPERTY, CONTENTS & STOCK
This insurance helps your business recover from physical loss or damage to your shop building, contents and stock due to unexpected circumstances, such as fire, floods, storms or even malicious damage.
THEFT, GLASS, MONEY
Theft, Glass and Money Insurance can help your hospitality business recover from a physical robbery, including repair costs to any shop windows, glass display cabinets, shelving or signs. It also ensures that your stock, equipment and money are covered if stolen, either externally or via employee dishonesty.
Machinery Breakdown Insurance covers the repair or replacement of your machinery in the event of breakdown. Ie. fridges, freezers, aircons.
DETERIORATION OF STOCK AFTER MACHINERY BREAKDOWN
Deterioration of Stock Insurance covers damage to goods stored in specified cold storage spaces due to a temperature change caused by a refrigeration equipment breakdown or accidental damage.
General Property Insurance covers you for the cost of repairing or replacing property insured, such as your portable equipment (laptops, cameras, mobile phones), that is accidentally lost or damaged.
Some business owners will choose this insurance to help cover the cost of a professional tax audit or investigation.
Business Interruption Insurance can help your business keep running if the insured property is lost or damaged after a catastrophic event (such as a fire) by covering ongoing costs to recover and rebuild. This section gives you a parachute for ongoing expenses that you need to pay while you are not generating any revenue – like wages, supplier invoices, rent, loan repayments, relocation costs of moving to a temporary shop, replacement of machinery.
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Reach out to Kirsty today.
Kirsty is tenacious and driven in both her professional and personal pursuits. She is a go-getter, consistently inspired by the entrepreneurial spirit of Elon Musk. Outside of work, she enjoys yoga, boxing and jet skiing. She placed third in the world for karate at the age of nine, and now holds a Black Belt First dan in Karate.
Why should your business get Hospitality Insurance?
Investing in Hospitality Insurance is essential to your financial and professional success, whether you are a small start-up café or a well-established restaurant or club. The hospitality sector introduces a range of risks, from operating kitchen stoves and cooking equipment to unforeseen malicious damage, theft or natural disaster.
Without insurance, these situations may leave you dealing with costly business downtime, hefty legal fees, or expensive property damage. 25% of small businesses say they would have to shut down if they experienced a business disruption such as a major fire or storm. Ensuring you have the correct cover will protect your business if something goes wrong, helping you get back to business as usual.
At Knightsbridge, we understand the challenges the hospitality industry faces and exactly what cover you need to ensure full protection. Our experienced team will align your business operations and goals with the right policies, identifying potential threats to your business that you may not have considered on your own. Gain peace of mind today – contact Knightsbridge Insurance Group.
How much does Hospitality Insurance in Australia cost?
All businesses are unique, and so the cost of Hospitality Insurance will vary. Depending on the type and size of establishment you run, including its location, contents, machinery, etc. it can be difficult to give a ‘one-size-fits-all’ quote.
At Knightsbridge, we endeavour to provide a comprehensive and cost-effective solution. We take the time to understand your business inside out to match you with the right plan – saving you time, stress and money in the long-run.
Reach out today to receive bespoke advice and organise a non-obligational quote.
How often should I review my Hospitality Insurance?
Generally, you should review your Hospitality Insurance annually. However, if you undergo business growth, operational changes, industry updates, service expansions or additional locations, we strongly recommend reviewing it even if it’s not yet been a year.
What’s the difference between Public Liability and Product Liability Insurance?
If an accident or unforeseeable incident causes damage or injury to someone (other than your employees), you may be found legally liable to cover the costs. Public Liability Insurance can help protect your business from the financial risk of liability claims – giving you the certainty you need to trade confidently.
In contrast, Product Insurance relates to injury or property damage/loss caused by your company’s products (manufactured, distributed, supplied, imported or installed). No matter how stringent your company is, mistakes can happen. For example, you may design or sell a product that causes a customer harm. Even if you’re not at fault, you could risk severe financial damage through legal and court costs if a customer decides to sue you.
While Public and Product Liability Insurance isn’t mandatory for most businesses, it’s strongly recommended for all companies. That’s because the unpredictable nature of accidents makes them hard to prevent – and the costs of being sued can be extraordinarily high.
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Why work with Knightsbridge Insurance Group?
Knightsbridge Insurance Group is an Insurance Broking Business with over 70 years of collective insurance experience and is founded on generational values that make you feel secure, protected and cared for. As we grow and expand the Knightsbridge Family, we continue to have a deep understanding of your desire to innovate and be extraordinary — both in business and in life.
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