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Insurance: are you covered? |
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While it may seem an expensive but necessary evil, protecting your property and business is extremely important. But there's a bewildering range of policies out there. Mark Whiteman from Reid Hamilton starts you thinking about the questions you need to ask.
 What's the best insurance for your hotel, restaurant or pub? There are
plenty of providers of specific hotel insurance, and most of these
policies will provide all-risk cover for buildings and contents,
business interruption, loss of money, employer's liability, public and
products liability, loss of licence and legal expenses. While there may
be small differences in the detail of cover, most policies are very
similar - so should you just buy the cheapest available cover?
What will a good broker ask?
A good independent broker will go into lots of detail to ensure they pick the right policy for you, including questions about:
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Your business property
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The number of diners and residents you can accommodate
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The stock and contents you hold there
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Your turnover, gross profit and book debts
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Where you keep cash
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Live entertainment
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If you use a deep fat fryer
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How your premises are secured and alarmed
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Your recent history of insurance claims.
Insurance provides no value at all until you come to claim, and that’s
the point at which you need to see real value for money. An incident
at your guest house or hotel, such as a burst pipe, storm damage or
small fire, may well result in a total or partial interruption to your
business and that is when you need help to ensure that you can claim
for all that you are entitled to.
If you buy online, or from a direct insurer, you’ll have to present
your own claim and will need to fully understand your policy to do so. However, if you have used the services of a good independent insurance
broker, the process will be much more straightforward as you will have
someone working for you, dealing with your claim from start to finish
and ensuring that your expectations are fully met.
Reid Hamilton, independent insurance brokers based in Lancaster, have
over 25 years experience of arranging specialist cover for hotels and
guest houses and were the first broker in the area to promote a
specialist hotel scheme for the Lake District National Park, launched
in 1988. To obtain competitive and comprehensive cover, you can contact
Reid Hamilton on 01524 39939 or visit their website.
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Last Updated ( Thursday, 17 September 2009 )
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