Business insurance

[jpastalker]

I've just acquired a pub, and am looking into obtaining business insurance (covering employers liability, public liability, contents insurance etc). The quote I've received from the insurers recommended by the bank is for �1939 per year. This does cover quite a fair amount - does anyone know if this a reasonable amount, or is it a bit over the top and could I get the same cover elsewhere cheaper?

[Oneeyedvic]

Sorry, but insurance is going to depend on your area, number of employees, turnover, whether you are a freehold / tennancy / leasehold and 1000 other things. Without a full picture, no one can give you a sensible response.

Personally speaking, i would open up the yellow pages and ring a few brokers and get quotes from them.

[Buenchico]

About �37 a week doesn't seem particularly high but I'd echo OneEyedVic's advice and suggest that you need to make at least a dozen phone calls to companies listed under "Insurance - Commercial, Property & Liability" in Yellow Pages.

Chris

[point&push]

Is it possible to talk to the previous licensee and ask him/her or have you or your accountant examined the books prior to taking over the business which may give an indication in the profit and loss account? Failing that are there any other pubs in the area who's landlords you know and would give you a sensible answer and maybe even point you at a company they use? How about the local licensed victuallers association - do they have any schemes with insurance companies for their members?

Failing any of those I'd go with the previous suggestions of lots of quotes - who have you dealt with in the past for home, life, motor etc, do they underwrite commercial risks? And talk to the accountant as well!

[muses_queen]

Hi, just wanted to add (as I work at an insurance brokers) it really is worth getting loads of quotes. We do this type of insurance and it really can vary but the amount you quoted does sound like other quotes I have seen.

I agree with Point, get the previous owner to tell you who they were with.