Insurance renewals come around with great regularity, so why does it always feel like you’re dealing with it last minute? Many owners are missing an opportunity and increasing risk of underinsurance by letting their cover simply ‘roll over’ year-on-year.
As a specialised hospitality broker, we partner with limited insurance companies that provide cover for pubs and other hospitality venues. And as hospitality experts, our singular focus on one industry gives us much deeper insight into what you do and don’t need for your hospitality insurance.
Before you renew, or let your policy run over into another year, here are some things you should be considering:
1. Are your property ‘declared values’ correct?
62% of Australian SMEs are thought to be underinsured, and this was made worse by both the skills shortage and COVID. As a result, large increases in labour and materials have meant that the cost of rebuilding your venues could be more than they used to be.
So, when was the last time you reviewed and increased your property declared values? The best time to do this is before you renew your policy, so you know you’re fully covered.
2. How are you calculating your gross profit?
Does your gross profit calculation match what is on your policy? And are you calculating it in the same way your insurer does? Following COVID-19 it may be time to make sure you’re insured correctly if the unspeakable happens and trading slows or stops.
3. Is your incident management approach serious enough?
How you manage onsite incidents can affect your premiums, demonstrating a serious approach to incident management, including digitally capturing incidents complete with supporting evidence.
4. Can you prevent a claim?
Having regular risk management surveys at your venue can help you identify any shortcomings. This gives you advance notice to avoid preventing future claims and keep your premiums down, and your coverage options open.
5. Are you partnering with the right insurance broker?
Every venue and hospitality business is different, which means a blanket one-size-fits-all policy and risk management strategy won’t be effective. And it can unnecessarily cost you. Just as you would use an accountant for financial strategy, the right insurance broker acts in your best interest to find the right coverage and strategy for you. This should also be a process with regular engagement, rather than a once-a-year, one hour meeting.
Renew Your Hospitality Insurance Through Quantaco
At Quantaco, we not only help you get the right price with insurance companies, but help you organise exactly the coverage you need. We can help create risk management strategies to reduce the need to make a claim and protect yourself in the event that you do.
Want to get the right insurance, for the right price? Get in touch with a member of our insurance and risk team here: https://www.quantaco.co/insurance-and-risk/