Covers
Licensed venues can be insured for claims by injured customers, damage to the building and stock, lost trade, stolen takings and claims against their owners.
Say a customer falls down a broken step in the beer garden, or a meal gives someone food poisoning, and they blame the venue. These covers are for claims like that, though the insurer only pays if the claim fits the terms of your policy.
A fire or storm can damage the bar and cellar, and burglars can steal stock. If the kitchen cool room breaks down overnight, the food in it can spoil by morning.
A serious fire or storm can close a pub for weeks while its costs continue. If the cellar cooler or kitchen oven breaks down, machinery breakdown can pay the repairer, or for a new unit if it's beyond saving.
Theft, money and glass cover can help when cash, stock or alcohol is stolen, or someone puts a brick through a front window. Ask your broker about cyber cover as well, including what a policy would and wouldn't pay for.
Almost every employer has to carry workers compensation by law, with details that vary across Australia. Management liability deals with claims that directors or managers ran the venue badly.
Being underinsured means your cover falls short of the real cost of rebuilding or replacing what's been lost. The Insurance Council of Australia says guessing those costs is a leading cause, and it suggests using a calculator instead.
Which covers make sense depends on things like whether you serve meals, how much cash goes through the till and who owns the building. Your broker explains each one in everyday words, including its limit, or how high a payout can go. They'll aim for 2 to 12 quotes from different insurers.
Whether your policy is up for renewal or you've just taken over the venue, a broker can get insurers quoting on your cover.
