Having the right insurance cover for your nightclub is essential.
Without comprehensive protection, you risk losing vast amounts of money in costly replacements, repairs and even lawsuits. When you’re completing your nightclub insurance application, it is vital that you not only cover every aspect of your business, but you are also honest about your business to ensure you comply with all of the insurance terms and conditions. Without complying with the insurance terms, your insurer may refuse to pay out for any claim that you raise.
To help protect you and your business with the financial help that nightclub insurance can provide, follow these five tips to get your nightclub insurance application right.
Ensure your nightclub insurance application is right with five top tips
- Disclose all activities
Most nightclubs will host a range of events throughout the year to attract clubbers and celebrate the business. With this in mind, it is essential that you disclose all the events that you host at your nightclub. From cocktail fire tricks to circus acts to games for guests, you need to make sure every aspect is covered. If you know the usual activities your nightclub hosts, then disclose it straightaway.
If you do not know what activities lie ahead for your business, then make sure to tell your insurer when you plan the event.They can then check whether the policy covers the event, or may be able to add your event for an additional premium. Whatever the event, you need to make sure that you have the coverage in place to protect your business.
- Have all your information ready
Providing your insurer with the wrong information can invalidate your policy. By having all the information at hand, you can make sure that you can fill out the application quickly and with minimal errors. Before you fill out your nightclub insurance application, make sure that you have the following information at hand;
- Your revenue
- Company history
- Employee information
- Insurance history
- Business practices
- The policies you require.
Before sharing information with your insurer, double check your facts and then you will be able to receive an accurate quote when comparing insurers and to search for a quote. Remember insurers may verify the information you provide elsewhere, such as through your website or financial disclosure, so make sure that you are accurate and honest.
- Budget your excess
To understand an accurate cost for your insurance cover, and to ensure you find the cheapest policies, consider the amount you can afford to pay for an excess in an array of situations. The more excess your nightclub can afford to pay, the lower your premiums will be. It is worthwhile considering what your absolute maximum excess can be to help you find a better deal.
If you are in doubt about your excess, then make sure that you have a low budget for the excess to ensure that you are fully covered for all eventualities. For advice on the lowest premiums with the best deals for excess coverage then it is worthwhile speaking to an agent at Compare Insurance who will search our panel of insurers for you to find the best deal, so you can maintain a low-price policy while having a reasonable excess that works for you and your business.
- Avoid unnecessary disclosure
While it is important to detail all of the activities you run at your nightclub, be careful not to disclose the wrong information. If you have plans to run activities but have not done so yet, and your intentions are not solid, then disclosing these events may increase your premiums.
Only disclose information about activities you know you will carry out at your premises. If you do not have set plans for events, then listing them will be an unnecessary expense. If you are still negotiating activities, then they do not need to be listed until they are finalised.
- Consider all the policies you need
Nightclub insurance can cover many policies, so it is important to make sure your business is covered in every aspect that you deal with. To begin with, you need essential liability insurance such as public liability and employers’ liability. You then need to consider the appropriate policies for buildings, contents and equipment.
Other aspects of nightclub insurance you may need to take into account is protecting your alcohol licence; you may also need to protect against damage from fires, thefts and floods. Another key consideration is business interruption insurance, especially if your business cannot last if it is forced to close unexpectedly. You may also want to add policies such as doorman insurance, personal accident cover and late night venue insurance to make sure that every aspect of your business is protected.