A Guide to Covering Your Assets

In the hospitality industry, one thing is for sure: if anything can go wrong, it probably will!

So, hoteliers and restaurateurs will be pleased to know that RSM Tasmania can provide the best small business insurance Tasmania needs to stay ahead of the game.

Today, let’s dive into the wonderful world of the hospitality industry where every day is an adventure.

Public and Products Liability – Taking Care Of Business

This versatile policy is like the Swiss Army knife of insurance,  protecting you and your business in the event of accidents, injuries or damage to property owned by someone else in the course of your business.

Public and Products liability insurance covers all those little moments that are part of a day in the hospitality industry, like when a guest slips on a rogue olive or a waiter accidentally turns a glass of water into a makeshift shower.

We all know alcohol can make a party come alive, but it can also lead to some seriously regrettable decisions. So when a tipsy patron tries to recreate that one scene from Dirty Dancing and ends up with a face full of floor you can go ahead and pour another round, but remember to serve responsibly at all times.

Food poisoning is to be avoided, but even the best venues in the world can get hit. Public and product liability insurance will help you cover the costs associated with an unfortunate outbreak or other nasty surprises.

Aside from this important policy, there are others that you need to be aware of.

Workers’ Compensation – For When Employees Take a Tumble

This is compulsory in Australia, so, when the hustle and bustle of the hospitality world causes employees to get a few bumps and bruises along the way, Workers’ Comp insurance is here to ensure they’re taken care of when the going gets rough. This policy covers medical expenses, lost wages, and even vocational rehabilitation, so your staff can get back on their feet and back to providing that world-class service your guests love.

Property Insurance – Because Buildings Have Feelings Too

Let’s face it: disasters happen, whether it’s a small kitchen fire or a lightning strike that turns your sign into a smouldering heap of neon. Property insurance is here to help you rebuild, repair, and replace everything from the bricks and mortar to the artwork on the walls. So next time a storm threatens to give your building an unscheduled renovation, you can rest easy knowing you’re covered.

Business Interruption Insurance – For When Disaster Strikes

If your hotel gets swallowed by a sinkhole or your restaurant is overrun by a swarm of locusts and you need help to keep the lights on, Business Interruption Insurance helps you by covering lost income, operating expenses, and even the costs of setting up a temporary location.

In conclusion, the hospitality industry is filled with unexpected twists and turns, but with the right insurance policies, you can keep your business running smoothly and your sense of humour intact.

Roger Hosie from #RSMTasmania will be happy to explain what you need.
Please call (03) 6244 7854, or email rogerh@rsmgroup.com.au today!

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