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Practical Steps for the Hospitality Industry during Covid-19

The hospitality industry has been hit hard by Covid-19. Venues are shut, customers are staying away, casual staff have been stood down or let go. During this time, Hospitality Venues need to review their insurance coverage as part of their management processes.

Here are three key areas to consider.

Liability Insurance Discounts
The team at Clear Insurance have been successful in negotiating good premium discounts for our hospitality clients by amending their public and products liability policies to "non-operational".
Amending public and products liability policies to "non-operational" is being agreed to by some Insurers on the provision that when the hospitality venue is operational in the future, the policy is reverted to "operational" and an additional premium is payable when trading commences.
Note: various Insurers have differing premium discounting abilities however, the specialist hospitality underwriting agencies have a more positive approach to allowing this discount at the moment.
 
Business Continuity Planning & Risk Management tips for non-trading licensed venues
We recommend that all licensed venues review their business continuity plan (BCP) to ensure it is current and update delegated roles in the BCP, given that many staff have now been stood down.
Key points of consideration in your BCP:
  1. People first! look after your key assets
  2. Assemble your BCP team
  3. Communicate, communicate, communicate
  4. Review existing plans
  5. Prioritise Key Business Functions
 
Property Risk Management
Managing your property risk exposure is crucial now that licensed venues are non-operational. Advice received from Chubb Insurance for our hospitality clients is below.
Recommended property risk management action items:
i) Minimum 1 person to remain on-site during normal business hours;
Note: If this is not feasible recommend minimum twice daily visits and inspections conducted at the insured premises
ii) Main Gas supply shut off (if cooking not being performed or gas not used for power/heating etc);
iii) Other utilities remain connected;
iv) All alarms, smoke detection, sprinkler systems to remain activated; v) Cash removed from the premises.  
   
Feel free to contact Lisa Carter  for further assistance.

General Advice Warning: This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is appropriate for you and your personal circumstances. Before you make any decision about whether to acquire a certain product, you should obtain and read the relevant product disclosure statement.

Management Liability insurance is designed to provide protection to both the business and its directors or officers for claims of wrongful acts in the management of the business.

A business insurance pack can provide cover for your business premises and contents, against loss, damage, theft or financial loss from an insured interruption to the business.

Purchase up to six products under one Business Insurance Package. 


General Advice Warning: This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is appropriate for you and your personal circumstances. Before you make any decision about whether to acquire a certain product, you should obtain and read the relevant product disclosure statement.

Clear Insurance Pty Ltd. ABN. 41 601 916 689. AFSL No. 548953.

General Advice Warning: This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is appropriate for you and your personal circumstances. Before you make any decision about whether to acquire a certain product, you should obtain and read the relevant product disclosure statement.

All information above has been provided by the author.


Lisa Carter, Clear Insurance, ABN 41601916689, AFSL 548953

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