Just like wildlife, there are many different shapes, sizes, and characteristics with Pubs and Restaurants—and with this being said there are many different things that can affect the cost of a Pub and Restaurant Insurance premium! If you have ever gone through the underwriting process with a hospitality establishment you will know that there are a lot of questions that go into the insurance company’s decision, but each of these questions serve a purpose to find the right level of coverage for you!
Things like your establishment’s location, volume of business, what kinds of activities are being offered (Like a mechanical bull, or other entertainment), the hours you are open, and even the amount of alcohol that is sold are all huge factors in the price of your coverage! Just think of it this way, a bar and grill type restaurant that closes at 10 PM will have a much lower premium than a bar that hosts concerts and stays open until 2 AM every night due to the difference in risk and clientele!
If you are trying to cut costs on your premiums, always remember that there may be a requirement for the minimum amount of coverage if you lease a space or if you are in a franchise agreement! It really helps to check with your lease or agreement before deciding on what is the right coverage for your pub or restaurant! It is always better to be prepared than to not—you should never pinch pennies by skipping out on insurance or by getting insufficient coverage, you will always thank yourself for having it when trouble comes knocking!