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Have you checked your business insurance list twice?

19th December 2016


The fridge is stocked, the bar is full, and the rails and shelves are groaning under the weight of a pre-emptive Christmas spending spree, and then, disaster strikes in one form or another.  Works down the road cut off your power supply and all the food in the freezer spoils.  Heavy rainfall floods your beer cellar, leaving you with a batch of undrinkable guest Christmas ales or thieves take advantage of your extra merchandise.

H&H Insurance Brokers, who operate across the north of England, Wales and Scotland, recognise that these are just tasters of the kinds of misfortunes that can hit a business at any time, but those which are generally amplified during the festive season.  Not only will you have more to lose in the run up to Christmas as a shop, restaurant or pub, but any lost business hours, days or even weeks could cost you far more than it would in the rest of the year.

This fact is not lost on insurance providers, and there are many policies available in the markets that have been created specifically with shops and restaurants in mind.  They cater for the problems business owners might face, not just over the Christmas period, but for the duration of their policy.

“Before you plan your Christmas menu, roll out the extra stock, or gear up for the month-long party that is December, it is important that you check that your business policy is working in the way it should be.  It is wise to make sure that there are no unpleasant surprises if you do need to make a claim at such a crucial time in your business,” says Alan Green, Senior Commercial Executive at H&H Insurance Brokers.

Alan adds, “It is worthwhile checking factors such as:”

  1. Stock Increase
    Many insurance policies for retail outlets, restaurants and bars will account for the fact that Christmas is a busier time, and will automatically increase cover for stock by 25%. If it is the case where the insurance policy doesn’t, it would be prudent to enquire as to whether this is available as an optional extra.
  2. Public Liability
    Ice, wet floors and increased footfall make for a perilous Christmas cocktail that could easily lead to accidents. This is when your public liability insurance really shows its worth, providing everything has been done to minimise the risk of injury to customers.
  3. Business Interruption and Lost Revenue
    Cyber Monday is prevalent for online retailers, whereas for restaurants and bars, it’s Black Friday. These are days where you don’t want to be losing business if it can be at all helped, but sometimes it simply can’t be.   At these times, insurance can help your business regain lost ground, by reimbursing for irrecoverable revenue, and even funding alternative premises where needed.
  4. Product Insurance
    Imagine your most popular product is selling like hotcakes, and then it needs to be recalled. If you’ve rebranded the packaging in anyway, or the manufacturer can’t be sourced, you might find your business becomes the first point of contact for compensation.
  5. Vacant Premises
    It may be that you just want to escape the peak of the Christmas flurry by shutting up shop. You should inform your insurer if you’re planning on doing this for any significant length of time. It is also important to ensure that your security is up to the task of protecting your premises when it’s not under the watchful eye of yourself and your employees.

For many of us, Christmas is an extremely busy period, and we can become completely embroiled in all of the Christmas planning.  However, checking your insurance adequately covers your operations during the festive period is just too important a task not to check off.

By making sure all of the necessary cover is in place you can face the New Year with a positive business outlook.