What Insurance Do I Need in the Leisure and Hospitality Sector?

Whether you run a bar or club, a hotel, café or restaurant, or offer bed & breakfast, or are involved in recreation or travel & tourism, you need adequate protection for yourself and any third parties. Each area faces unique risks and challenges, so talk to a broker who can provide considered advice.

Public Liability- protect your business against accidental injury and property damage claims, from customers, the general public, suppliers or visitors. It protects you against compensation claims should a third party be injured, or their property damaged because of the actions of your business. It also offers legal protection against defending a claim against you.

 Note that it does not cover accidents that happen to you, damage to your own property, employee claims, fines or penalties or environmental claims.

Employers’ liability insurance - a legal statutory requirement if you have someone working for you. It provides cover for work-related injury or illness claims from your employees, including temporary staff and volunteers.

As the owner of a licensed venue you require Public Liability Insurance, Employers Liability, Buildings (if required), Contents, and Stock Insurance.

Management Liability Insurance

All types of business are at risk of potentially damaging claims against them. Managers, owners or partners could individually be at risk if a claim is made, which could come from a variety of different sources.

A Management Liability insurance policy can consist of three cover areas: :

• Directors and Officers Liability

• Company Legal Liability

• Employment Practices Liability

Management Liability Insurance is designed to cover the cost of legal action and any civil settlements from allegations of wrongdoing, directed at your company as a whole or any of your managers, directors, and officers.

We also recommend that you consider Loss of Licence Insurance- providing financial cover if your licence is revoked

Product liability insurance – including food poisoning risks

Stock and contents insurance is needed that is suitable for your business- The loss of, or damage to, your stock could cause serious problems with your cashflow

Business equipment – to mitigate losses in the event of damage or theft to machinery or equipment

Cyber- Cyber risk is an exposure that no modern business can escape, large or small. Technology has totally changed how you deal with clients and customers. IT systems and the internet are an integral part of running a business, but what if you had a systems failure due to being hacked? The Government say that over half of Small & Medium Enterprises (SMES (54%) suffered an attack or security breach during 2022. You may not realise it, but traditional insurance policies were not designed with cyber exposures in mind, that is why it’s important to get specialist cover.

Business contents – cover for premises, fixtures and fittings against damage or loss caused by fire, flood, or theft

Business interruption cover in case your business is unable to trade due to specific reasons. Review your insurance documentation, to gain an understanding of what risks you are protected against. If the business interruption insurance is for ‘fire and flood’, then you will not be covered. Similarly, if ‘pandemics’ are an explicit exclusion.

Contingency and event cancellation- will cover any expenses or lost revenue that you might stand to lose if the event you are holding or attending is cancelled, abandoned or postponed for unforeseeable reasons beyond your control.

Non Appearance cover – gives you protection where an event is dependent on the attendance of one or more individuals. For example a Key Speaker at a conference, or singer at a concert.

Motor fleet- if you operate 3 or more vehicles, you could benefit from a fleet policy, insuring multiple vehicles under one insurance policy .

If you want advice on any aspect of accounting and payroll management, give us a call on 0800 056 0558

Financial management in the hospitality industry can be tricky. Whether it is bookkeeping or payroll it’s wise to get expert help. Plus, you need adequate protection for yourself and any third parties, with insurance. Each area faces unique risks and challenges. Read how to protect yourself, your business and third parties here.

The Advantages of Outsourcing Your Business Accounting Needs in the Hospitality Sector

In the hospitality sector, keeping up with the accounting demands of your business can be challenging. From bookkeeping and financial reporting to payroll processing and tax filing, it can be overwhelming to handle all these tasks on your own.

That's where outsourcing your business accounting needs can come in handy. In this article, we will discuss the benefits of outsourcing your business accounting needs, specifically for pubs, restaurants, hotels, and cafes.

1. Cost-Effective Solution

Outsourcing your business accounting needs can be a cost-effective solution for small and medium-sized businesses in the hospitality sector. Instead of hiring a full-time accountant or bookkeeper, you can outsource your accounting needs to a professional accounting firm. This can save you money on salaries, benefits, and overhead costs.

2. Access to Expertise

When you outsource your business accounting needs, you gain access to a team of accounting professionals with expertise in the hospitality sector. These professionals can provide you with valuable insights and advice on financial planning, tax compliance, and business strategy specific to the hospitality sector.

3.  Improved Accuracy and Compliance

Outsourcing your accounting needs can help ensure accuracy and compliance with financial regulations specific to the hospitality sector. Accounting firms have a team of professionals who are up-to-date with the latest accounting standards and regulations, ensuring that your financial statements and tax returns are accurate and compliant with the specific regulations of the hospitality sector.

 4. More Time to Focus on Your Business

By outsourcing your accounting needs, you can free up more time to focus on your core business activities in the hospitality sector. This can help you grow your business and improve your bottom line. You can spend more time on product development, marketing, and customer service, which can ultimately help you gain a competitive edge in the hospitality market.

In conclusion, outsourcing your business accounting needs can provide numerous benefits for your hospitality business, including cost savings, access to expertise specific to the hospitality sector, improved accuracy and compliance, and more time to focus on your business. At Carroll Accountants, we specialize in providing accounting and bookkeeping services to the hospitality sector. Contact us today to learn more about how we can help your hospitality business grow.

Five Ways To Get Your Kids Excited About Their Dental Care

Usually, it is critical in maintaining routine dental appointments of our health, especially for kids. However, it is essential that parents instill this habit in their children at an early age, as a lot of children have dental cavities by the time they reach kindergarten.

Making your kids brush their teeth can feel like a daily struggle. However, helping to promote healthy dental hygiene practices is necessary given the prevalence of pediatric tooth decay. Some parents may think incorrectly that dental care for baby teeth isn’t as important because they are going to fall out anyway. If bad dental hygiene habits are allowed to develop at a young age, it may result in many severe and costly oral health issues down the line.

There are six creative ways to get your kids excited about dental hygiene:

Brush and Floss together:

A way to make your child interested in oral care is to brush and floss together. Children mimic what their parents do. Show your children excellent brushing technique, like your excellent tongue brushing skills too! After cleaning, floss your child’s teeth or help them to floss if they are old enough to do it on their own. To make routine brushing more exciting for kids, make up a rhyme about keeping teeth clean or sing a fun song.

Special toothpaste and toothbrush:

Buying him/her a new fun colorful, soft-bristled or child’s favorite cartoon character toothbrush and a kid’s fruit flavored anti-cavity fluoride toothpaste is another way to keep your child’s interest alive.

Books and Videos:

Find out a children’s book from the library that encourages healthy oral care habits. Also, you can show your child a fun video about dental hygiene for kids. Videos and stories that are designed for children are great for teaching kids how to look after their teeth and for making oral health something that they can relate to.

Gold stars:

In order to make brushing twice a day and flossing more enjoyable, create your own gold star reward system. Your kid and you can decorate a poster with teeth, healthy snacks, toothbrushes, and other oral health themes to represent the days of the month. Provide your child a sticker to put on the poster every time they brush their teeth.

Explain that Dentists are the “Good Guys”:

Kids must know that a dentist is a superhero for their teeth. Explain to your kid that they only get two sets of teeth, and we have to take great care of them because they have to last a lifetime. Tell them that similar to brushing and flossing, visits to the dentist are part of that routine to grow big and strong. These visits must start when your child begins getting his/her teeth.

Conclusion:

Teach your children to learn the importance of a proper oral hygiene routine. It will ensure their smiles stay happy and healthy for years to come by making dental hygiene fun for your kids. Making regular brushing, flossing and dental check-ups a positive experience can assist to keep your child excited about proper oral care. Doing so will not only help them grow up with a beautiful smile but also with healthy habits, which can last a lifetime.