It came as a welcome relief to the UK hospitality industry when the Government lifted Covid restrictions for businesses in July.
Update from Hodgson Insurance – Hospitality Specialists.
With many obstacles still in place for worldwide travel ‘staycations’ is the buzzword, major cities are perhaps still slowly recovering but scenic getaways like Cornwall are taking advantage and thriving.
There are still challenges, getting quality staff is an issue, guests feeling more comfortable self-catering has also seen some guest houses re-think how they operate.
Many are starting to introduce self-catering facilities, maybe adding a kitchenette.
This brings up new insurance related issues.
If the way you operate your B&B or guest house changes then you should make sure you discuss this with your insurance provider.
Holiday letting instead of standard bed and breakfast is rated completely different as they have their own risks.
How much you insure your buildings for is another current challenge.
Insurance is based on the full rebuilding cost of your property in the event of a total loss from insured peril e.g. a fire.
According to the Builders Merchants Federation (BMF) prices for materials and products in 2021 alone have risen by up to 15% and by as much as 50% for timber, caused by huge demand following Covid lockdowns plus EU import issues since Brexit.
Insurance prices are on the increase, partly due to the £1+ billion the industry are paying out to over 40,000 customers from Business Interruption related claims.
Just before and just after Christmas is often a good time to review your insurance needs and make sure you are adequately covered, a month before renewal time is also a good time.
Speak to your insurance provider, discuss any required changes, and get that peace of mind you’re still adequately insured.
