If you are lucky, running your own cafe may be very profitable. However there are downsides that come with all businesses and these are the outlays. One of the outlays you may wish to count in your budget is cafe insurance. Here are some of the benefits to taking out insurance to protect your business.
Protection for the premises
Without your business premises you do not have a business. With this in mind you may wish to give some thought to:
- fire damage to the building;
- water damage due to burst pipes;
- flooding due to inclement weather;
- damage to the premises caused by vandalism;
- breakage of glass windows.
Any of the above may affect your business. In some cases your business may have to close down for some time and this might lead to a severe loss of earnings. Cafe insurance may provide protection against the above and more.
Protection for the interior
Just as important as the exterior of your business premises is the interior. This typically includes the fittings and fixtures within your business and the stock, but will vary among the different business insurance providers, so always check the small print. You may wish to consider how the following might affect your business;
- damage or destruction of the fittings and fixtures inside your cafe. For instance fire or water damage to the flooring, tables and chairs, along with the kitchen equipment;
- third party claims that may arise from members of the public being injured or even killed while on your premises as the result of your fault. Legal costs may be astronomical and in some cases might close your business for good;
- third party claims from staff members who suffer injury due to a fault of your premises.
Cafe insurance may provide protection for the above, depending on the policy taken out. When considering a business insurance policy, do bear in mind that cover typically differs between insurance providers and the level of protection taken.