Lwood & Co Insurance Brokers Bingley

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 and controlling costs keeps the business profitable. We understand the numerous risks and challenges facing the Leisure & Hospitality industry.

From the historical risks for example, a fire or flood to the new emerging issues for example, customers 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.

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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 a suitable product for your requirements, bit by bit. Our brokers can look at improving your existing cover, enabling you take out a completely new policy, or even find ways of allowing you to ditch some of the insurance you're currently paying for without compromising the level of your cover.

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 are 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 as:-

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 Trip Adviser to see if the accommodation is suitable. Brand loyalty is important therefore insuring risks to your business can minimise interruption and keep your brand's longevity.

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.

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 is increasing with potential fines being imposed for data breaches. Recent issues have occurred regarding free Wifi and the security around this within the accommodation. It is important to have adequate security but also a Cyber Liability insurance to provide cover.

Food Safety: The preparation of storage of food and associated products is more important than ever with 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 very important to avoid serious injuries and consequential business interruption and damages to your reputation.

Compliance and Fraud: Managing the compliance in this sector and following the 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 of storage of food and associated products is more important than ever with 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 business 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.

During the last year, there has been significant increase 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 alleviate these from 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, certain 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 visitors attractions, entertainment venue or a gym, why not let us access 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 & 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 the risk for you), without compromising the customers experience or placing onerous demands on your staff.

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 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.

Source: http://www.axaconnect.co.uk/vantage-risk-management-hotel-and-restaurant-guide.pdf/

Get in touch now by filling out our call back request form to find out more and start enjoying a comprehensive insurance program from a leading broker.

Bespoke Insurance Solution

Every company is different and requires a Bespoke Insurance Programme to be suitable for their needs.

Risk Management

Our Health and Safety consultants can advise on managing your risks which in turn can reduce insurance costs.

Expertise

With over 50 years in the Leisure and Hospitality industry we can advise on the key risks that face your business and what you need to do to reduce them

The ever changing world of insurance is complex and L Wood & Co Ltd have consistently provided the correct advice on the levels of insurance required for many years together with an excellent claims service. Being a family business gives them a “down to earth” approach and their assistance has been greatly appreciated. We are more than happy to recommend them.


Roger Thompson

In an industry that is somewhat confusing with ever changing regulations, Tom and Kevin at L Wood & Co Ltd have consistently provided excellent advice on the levels of insurance we require. As a global company with offices across the world, our insurance requirements are specialised and they have always provided excellent service and good advice. I have no doubts in recommending L Wood to anyone that requires a tailored insurance programme.


Vicki Horsfield

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