Leisure and Hospitality Industry

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The Leisure & Hospitality industry is all about the experience.

How a company delivers that experience can determine its long-term success and the importance of risk mitigation together with controlling costs is paramount to keeping the business going. We understand the numerous risks and challenges facing the Leisure & Hospitality industry.

From the historical risks, for example, fire or flood, to emerging issues such as customer allergies; a bespoke insurance programme is necessary to protect the business. As an insurance broker with particular expertise in the Leisure & Hospitality industry, we are ideally placed to assist and find the right insurance products for your requirements.

A Customised Insurance Solution that is comprehensive and competitive

Unlike comparison websites or some of the biggest brokers, we don’t use a “one-size-fits-all” approach to your leisure and hospitality insurance. We take the time to listen to your needs and shape the relevant covers for your requirements, including a discussion on optional extensions that may be prudent to consider.

Effective Risk Management can reduce the cost of your premium

A sensible approach to risk management can not only protect your customers from accidental injury or damage, it can also help to reduce the cost of the insurance you need. If you are responsible for visitor attractions, an entertainment venue or a gym, why not let us assess areas of potential risk and come up with ways to reduce the likelihood of an accident happening? Our experienced, highly skilled team are able to suggest innovative solutions that can make you appear a lower risk to insurance companies (who you’re asking to carry the burden of the risk for you), without compromising your customers’ experience or placing onerous demands on your staff.

The Leisure and Hospitality Insurance industry covers various sectors which can be divided into:

Hotels and Accommodation

As a hotel or B&B owner, it is your responsibility to look after your guests and there are key risks that can affect your business.

Brand:

Your hotel brand is very important as society increasingly uses social media and sites like Trip Adviser to see if the accommodation is suitable. Brand loyalty is important, therefore insuring risks to your business can minimise interruption and maintain the integrity of your brand.

Compliance:

The hotel and accommodation sector may not have stringent industry-specific regulations but the global business environment is continually changing with new legal regulatory and ethical compliance being introduced regularly.

Technology and Cyber Security:

Most accommodation relies on technology for booking, distribution and logging guests’ details. The failure of these systems can have an adverse effect on the business, and it is important to maintain and insure the infrastructure. Furthermore, threats to guests’ details and sensitive information are increasing with potential fines being imposed for data breaches. Recent issues have emerged regarding free Wi-Fi and the security around this within accommodation. It is important to have adequate security but also Cyber Liability insurance to provide cover.

Food Safety:

The preparation and storage of food and associated products is more important than ever, with an increase in food poisoning and allergen related claims which can have an adverse effect on your reputation.

Pubs, Bars, Cafes and Restaurants

There are many risks affecting this sector which owners need to consider. As a Leisure and Hospitality Insurance specialist, we can advise on the threats:

Cost Inflation:

The ever-increasing cost of labour following the minimum wage increase in the UK, together with recent spikes in food costs can have an impact on profitability.

Health & Safety:

This is a priority, as protecting your customers wellbeing is necessary to avoid serious injuries and consequential business interruption and damages to your reputation.

Compliance and Fraud:

Managing compliance in this sector and following the relevant laws and regulations is important as otherwise there can be an adverse effect on reputation, with potential financial penalties and criminal action brought against companies and its directors.

Food Safety:

The preparation and storage of food and associated products is more important than ever, with an increase in food poisoning and allergen related claims which can have an adverse effect on your reputation.

Consumer Taste and Brand Management:

Continuing social and demographic changes can have an impact on the growth of your business. Whilst the public are eating out more, there has been a steady decline in sales of on-trade drinks without food. Together with changes in consumer taste, it is important to have a strong brand and to anticipate changes in consumer behaviour.

Entertainment Venues, Visitor Attractions, Health, Fitness and All Sports Clubs

From sports clubs, entertainment venues and visitor attractions, the Leisure industry in the UK is growing as we all want to enjoy our free time. There are various identifiable risks that businesses in each of the sectors face:

Regulations:

Changes in legislation continue to represent a significant risk.

Reliance on Technology:

The reliance on technology can reduce costs thus increasing profitability but should the technology fail, reputation may be harmed and customers deterred from using the services in the future. It is important to address this risk from the outset.

Safety:

Serious accidents to guests or staff members at clubs, visitor attractions and entertainment venues can cause harm to the confidence of the businesses brand.

Weather and Seasonality:

Adverse weather is a risk with certain attractions being seasonal.

Wage Rise Inflation:

The ever increasing costs of labour following the minimum wage increase will impact the operating results.

Over the last year, there has been a significant escalation in claims against directors and officers of businesses in the Leisure and Hospitality industry, together with increasing employee fidelity or financial crime. Having a robust insurance programme together with good risk management procedures will mitigate these risks in your business.

With products suitable for Caravan & Leisure Parks, Pubs, Restaurants and more, we use insurers who have specifically-designed policies which cover the types of everyday risks which are becoming increasingly common. With ever changing legislation, some insurers have adapted their policies quicker than others and it is important to know what you are being covered for. If you are responsible for visitor attractions, entertainment venues or a gym, why not let us assess areas of potential risk and come up with ways to reduce the likelihood of an accident happening? Our experienced, highly-skilled broking team and health and safety associates are able to suggest innovative solutions that can make you appear a low risk to insurance companies (who you are asking to carry the burden of risk for you), without compromising your customers’ experience or placing onerous demands on your staff.

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Identifiable Hazards in the Hotel and Restaurant / Catering Industry

Hazard Control
Burns, cuts, slips, trips, falls and manual handling.
  • Only trained staff to operate in kitchen areas. Training should be documented.
  • Floor surfaces to be maintained in good condition with a ‘clean as you go’ policy enforced and monitored.
  • Issue of non-slip footwear for staff is considered a positive feature.
Risk of fire.
  • Fire risk assessment completed.
  • Staff trained and fire drills completed and reviewed.
  • Control systems (e.g. fire alarm) maintained and tested.
Violence to staff and lone working.
  • Staff training and third-party monitoring and control procedures to be put in place.
Third party slips, trips, and falls at front of house.
  • Clean as you go policy/monitoring and staff training.
Food safety and hygiene.
  • HACCP policy with prompt investigation following complaints/notification.
  • Traceability of food/product.
  • Staff trained to appropriate food safety and hygiene levels.
  • Allergen policy and control.
  • Correct food storage arrangements and stock rotation.

To find out more and to discuss your needs, please contact us on 01274 515 747 or email us at mail@lwood.co.uk

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