As a landlord, buying insurance might not be your favourite task, but we can help you understand what’s involved and how to choose the right policy at the right price.
There are some 50,000 pubs in the UK. If you run one of them, there are a few types of insurance you’ll need to think about. These include:
- public liability insurance - this could protect you if someone has an accident, is injured or their property is damaged on your property. If a customer slipped on a wet floor and broke their arm, you’d be liable as it’s your responsibility to make sure your property is safe. Public liability insurance could cover the cost of any legal fees or compensation.
- employers’ liability insurance - if you employ anyone who isn’t a family member, you’ll need employer’s liability insurance – that’s the law. Employers’ liability insurance means you could be covered if one of your staff members gets sick or injured because of their work.
- buildings insurance - buildings insurance is designed to cover any damage to the building itself. If you’re a tenant, that may not be your responsibility – it’s typically down to the owner to sort out buildings insurance. But if you own the pub, you should work out how much it would cost to rebuild the property, should the need arise, and take out buildings insurance for that amount. Remember, you don’t need to insure the building for its market value, or how much you paid for it.
- contents insurance - covers everything inside the building in case of theft, vandalism or damage caused by fire or flood. Insurance providers often describe it as everything that would fall out if you turned the pub upside down. So that means glasses and furniture, while fixtures such as toilets and kitchen cabinets usually come under your buildings insurance.
- Stock insurance - for a pub, stock insurance covers all the items you sell, including wines, beers and spirits, and food – which are going to be valuable.