How To Run A Bar and Get The Best Public House Insurance
It may be a dream job for many, but running a public house is not always plain sailing. What does it really take to run a pub or bar successfully? As well as passion and a love of beer, a good dose of reality and forward planning is the key.
Media reports have been full of the decline of the British pub. In 2015, pubs were reported to be closing at a rate of 29 a week, although that trend does appear to now be slowing. But it’s not all doom and gloom. Whilst pubs are closing, plenty are also opening their doors for the first time, and turning a healthy profit too.
Best things about running a pub
- You get to be your own boss
- You become a hub for your local community
- You can enjoy working in a social environment
- It can be very profitable
A love of beer and a friendly personality will definitely come in handy when it comes to running a pub. But if you want to really make a go of it, you’ll need to be prepared to work hard and get very organized too.
Prepare a comprehensive business plan
Running a pub well doesn’t happen by chance. You’ll need to put together a business plan, which outlines what you want to achieve and how you intend to achieve it. This will help you to focus your mind on the tasks at hand, so nothing gets forgotten.
Your business plan isn’t a one-off task but will need to be regularly reviewed and updated. Part of your business plan will also look at the various risks involved in your business – from theft to being sued by one of your customers. Mitigating these risks will be central to your success, and can be achieved with comprehensive public house insurance.
Public house insurance solutions to overcome the many challenges you’ll face every day
1) Being sued by a member of staff
All employers are required by law to take out employer’s liability insurance. It pays your legal fees and any compensation costs if any member of your team is injured at work. You need to do this even if your staff members work part-time. There are hefty fines for any businesses that fail to take out this essential insurance.
2) Being sued by a member of the public
With drinks that can be easily spilled and lunches and dinners being served in many venues, it’s no wonder that the thought of being sued by a customer keeps many pub managers awake at night. Comprehensive public liability insurance can help give you peace of mind that if something does happen to a member of the public and they take you to court, your legal fees and any compensation payouts will be paid for. It covers you for accidents on your premises, such as slips and trips as well as claims for food poisoning or allergic reactions. With extreme cases resulting in death, financial payouts, and legal fees can run into the many £thousands, making public liability insurance a really sensible part of any business plan.
3) Damage or theft to business buildings or contents
Even if you live in your pub, you’ll need to take out specialist commercial building and contents insurance. Add-ons like money cover and stock cover are also available. Choose an insurance provider you can count on to deal with claims swiftly and effectively, so you can get back to running your pub as quickly as possible for minimum disruption to your business.
4) Business interruption insurance
No matter how profitable your business, if your cash flow is interrupted because your business has to close you won’t be able to pay suppliers and you will go bust. Don’t put all your hard work at risk, but take out business interruption insurance. This will pay out if you’re unable to trade for a period of time, keeping your business afloat.
Follow your dream
If you’re following your dream to run a public house, talk to a public house insurance broker like Park Insurance, which has specialist understanding of your business’. Whether you have a thatched ‘ye olde pubbe’ in a quaint village in the charming Cotswolds or a slick inner-city cocktail bar, we’ll find insurance ideally suited to your needs.
Our expert team has been helping pub owners for 30 years and can guide you through all your options. Tailor-making your policy to suit your specific needs means you’ll only pay for what you need. And because we’re experts we’ll make sure nothing is left out, so there will be no nasty surprises in the small print.