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INSURANCE

The majority of insurance Brokers and Companies have specific tailor made packages for each type of business in tourism from Hotel to Activity Operation.
These packages should include the following as part of the cover:

Business assets
Loss of revenue
Public and Employee Liability
Business Interruption
Cash
Guests Personal Effects

Each package is tailored to specific categories e.g.
Restaurants/Hotels should include cover for loss of frozen food, food poisoning and for larger establishments -damage to cars in your car park.

Amount of Cover
This will vary dependant on the value of your business. Excess will vary but are usually £200+ on most policies.

Public and Employee Liability Cover
Most policies now provide cover of £2 million for public liability and up to £10 million for employee liability

Additional Policies
Legal Expenses Cover
This is worth considering as it covers the costs of employee legal cases, VAT/Revenue investigations and contractual disputes.
Loss of Liquor Licenses
In the unfortunate event that you may lose your license this can be insured against.
Other Insurance
The following are other policies a small operator should consider
Health Cover
Key man Cover
Cancellation Insurance

Who do I ask about Cover?
Insurance Brokers are usually the first port of call. The British Insurance Brokers Association (BIBA) has a searchable database at www.biba.org.uk. Follow the link and click on "Consumer" in the menu.

Complaints and Appeals
If you have had a problem or wish to complain about any insurance matter, BIBA is able to help you with anything to do with their members – phone on 020 7623 9043. BIBA cannot help directly with anything not involving a BIBA member, neither can they help with miss-selling of financial services products.
The list below offers you some useful contacts for non-BIBA matters.

If you have had a problem with an Insurance Company or a policy arranged by an Insurance Intermediary or by a broker who is not a BIBA member, contact the Consumer Information Department at the Association of British Insurers, 51 Gresham Street, London EC2V 7HQ, Tel 020 7600 3333, fax 020 7696 8996, website www.abi.org.uk

If you have had a problem with insurance arranged by an Insurance Intermediary with an Underwriting Syndicate at Lloyds, contact the Complaints Department, 1 Lime St, London, EC3M 7HA. Tel 020 7327 5693, fax 020 7327 5225, e-mail complaints@lloyds.com, website www.lloyds.com

If you have had a problem with insurance arranged by a Financial Adviser, contact the Personal Investment Authority, 25 The North Colonnade, Canary Wharf, London E14 5HS, Tel 020 7676 1000, fax 020 7676 1099, website www.fsa.gov.uk

The Financial Ombudsman Service is the ombudsman scheme for unresolved financial services disputes. They were set up by law to help settle individual disputes between consumers and financial firms. You must complain to the company first, before the Financial Ombudsman can look at your case. Visit www.fsa.gov.uk

If you want to download this answer please click on one of the links below:

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You should have insurance if you are running a tourism business. Specialist packages are available. Make sure that you have the cover that you need for your business



Read The Small Print Check that all the elements you need are covered in any tailored policy suggested to you



Use Your Local Tourist Association Most of the Local Tourist Associations and trade bodies have negotiated packages with insurance companies particularly relating to Cancellation Insurance. If using an insurance brokers try and find one use to dealing with the Tourism and Hospitality sector