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Cafe and Restaurant Insurance

September 16, 2019

What are the key risks in the café and restaurant sector?

In what is such a dynamic sector, cafe and restaurant owners and operators face a myriad of potential risks that are associated with such a fast-moving industry.


The potential for risk can be linked to all settings in this industry – cafes, restaurants and catering businesses, for example. All of these workplaces face a multitude of risks, including;

  • protecting your staff from workplace accidents
  • protecting your property and business assets from theft
  • accidental damage
  • fire and weather related risks
  • safety of your customers at your premises, including the safety of the products you’re serving them

Depending on the conditions of your lease, you may require a minimum level of cover for public liability and glass.


Who should consider insurance?

There should be a strong consideration for all businesses in the industry to take out insurance, to ensure they are protected from the multitude of risks associate with the industry.


Whether you’re running a small café or a restaurant chain, as an industry with complex risks where no two businesses are alike, a range of flexible and customised insurance covers are required to protect your business, staff, assets and customers.


What insurance should you take out – and what can it cover?

A business package insurance policy can protect you and your employees at the workplace and on the way to work.


A business pack helps safeguard your business premises and contents against:

  • damage caused by fire, storm or accidental damage
  • equipment or machinery breakdown
  • business interruption
  • employee dishonesty
  • glass damage
  • legal issues, such as public and products liability
  • tax audit
  • theft, and theft or loss of money.
  • Public and Products Liability


Public and Products Liability insurance is designed to cover claims made against you if it is deemed that a negligent act by your business or its products result in personal injury or property damage.


Commercial Motor Vehicle Insurance

Commercial Motor Insurance is designed to cover loss or damage to your businesses vehicles, such as:


if you or your staff damage another person’s vehicle

repair your vehicle after an accident or replace it if it’s written off

replace a lost or stolen vehicle

safeguard you against legal liability.

Limits, excesses and exclusions

Policy exclusions, the excesses you need to pay and limits of liability can vary greatly depending on your insurer and the requirements of your business.


A Wymark representative would be happy to discuss your needs. To contact Wymark Insurance Broker please see our contact us page.


Important note – the information provided here is general advice only and had been prepared without taking into account your objectives, financial situation or needs.

Cyber Insurance

September 16, 2022
What is insurance for cyber protection? The purpose of cyber protection insurance is to lessen the financial impact that computer hacking or a data breach might have on your company. Who needs to think about it? If your company has a website or keeps documents electronically, cybercriminals could target you. Your company will probably experience a cyber attack at some point. Your company could incur extra expenses as a result of a cyberattack. Additionally, it might endanger your intellectual property and jeopardise the privacy of your clients, harming your reputation. What can it cover? Cyber insurance policies vary in the benefits they provide. First party losses Business interruption losses – Covers financial loss you may suffer as a result of a cyber attack. Cyber extortion – The costs of a cyber attack, such as hiring negotiation experts, covering extortion demands and prevention of future threats. Electronic data replacement – The costs of recovering or replacing your records and other business data. Third party losses Security and privacy liability – Damages resulting from data breaches, such as loss of third party data held on your system. Defence costs – Funds the legal costs of defending claims. Regulatory breach liability – Covers legal expenses and the costs of fines arising from investigation by a government regulator. Electronic media liability – The costs of copyright infringement, defamation claims and misuse of certain types of intellectual property online. Extra expenses Crisis management expenses – Provides cover for the costs of managing a crisis caused by cyber hackers. Notification and monitoring expenses – The costs of notifying customers of a security breach, and monitoring their credit card details to prevent further attacks. What usually isn’t covered? Exclusions and the excess you need to pay can vary greatly depending on your insurer. Policies generally won’t include cover for: Damage to computer hardware. Criminal actions committed by you or your business. A cyber attack based on facts of which you were aware. Criminals using the internet to steal money from you. There are other exclusions which your insurance broker can outline. Call or email Wymark Wollongong to discuss your requirements.

Underinsurance

June 30, 2022
Are you underinsured? Make sure you have the necessary level of protection. It makes sense to protect your business in both good and bad times because it is likely one of your most valuable assets. Inadequate cash flow is the main cause of small business failure in Australia. The correct amount of insurance can make all the difference in this situation by ensuring that your company keeps running smoothly even if the unexpected occurs. The danger of inadequate insurance. Unfortunately, 1 in 10 insured Australian firms do not have enough protection to safeguard themselves against interruptions in business, legal liabilities, or loss or damage to their assets. This is known as “underinsurance,” and it significantly raises the possibility that a company will have to shut down if something goes wrong. Why are so many companies underinsured, then? Some business owners are motivated by inexpensive rates and neglect to ensure they are sufficiently insured following an insurable event. As a result, the amount insured could not be sufficient to cover losses; alternatively, the policy’s conditions might place a cap on the amount that can be recovered. It’s also typical for business owners to underestimate the expenses of replacing or restoring their company’s assets following a disastrous incident like a fire or storm. The owners will be underinsured and may incur significant out-of-pocket costs if they need to file a claim if the sum insured does not reflect a current reinstatement or replacement cost. How can you tell if you have inadequate insurance? If any of the following apply to you, you run the danger of being underinsured: You haven’t updated your insurance coverage to account for the expansion of your business. Your insurance is calculated using an out-of-date replacement cost for your company’s property. You have insurance to cover damage to your company’s property, but you haven’t thought about other types of financial loss like management responsibility and business interruption. How can Wymark Specialty advisor assist? Sorting out your insurance coverage frequently falls to the bottom of your never-ending must-do list when you own a business. Here is where we can be of assistance. We perform the labour-intensive task of analysing your insurance plan, modifying your coverage as your company changes, and providing you with the assurance that your company is adequately protected. Contact a team member today to discuss.
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