Premierline Issues Reminder to Check Seasonal Cover

The latest from Premierline for you;

For UK industries like hospitality, trading activity is set to ramp up, thanks to this summer’s predicted hot weather and the World Cup, which is expected to generate an additional £989 million in revenue. However, insurance experts are warning businesses to review their insurance cover sooner, rather than later – before the busiest period of the year begins.

New guidance from business insurance experts Premierline highlights how seasonal demand can leave businesses vulnerable to issues such as theft, accidental damage, stock loss, fire and liability claims if adequate protection is not in place.

The key covers businesses are being urged to assess include:

• Public liability insurance, which helps protect against customer injury or property damage claims

• Employers’ liability insurance is particularly essential for businesses taking on seasonal or temporary staff

• Commercial property insurance is also important, covering buildings, equipment and stock against risks such as fire, theft or accidental damage

• Business interruption insurance, which may help businesses recover lost income following unexpected disruption.

Rebecca Leversidge, Marketing Manager at Premierline, comments: “Summer can be one of the most profitable periods of the year for many businesses, particularly across hospitality, retail and leisure, but it can also bring additional operational pressures and risks. As footfall peaks, opening hours extend and temporary staff are hired, the likelihood of accidents or stock losses naturally increases.

“At the same time, ongoing supply chain uncertainty means businesses are operating in a high-risk, high-cost environment. Reviewing your insurance now, ahead of summer ensures that your cover reflects the current realities of your business – protecting your revenue against unexpected setbacks and the growing danger of being underinsured during your busiest trading period.”

For hospitality businesses in particular, summer often represents one of the most important trading periods of the year. Increased footfall, longer opening hours and temporary staffing can all heighten the likelihood of incidents occurring, particularly during major events and holiday periods.

Meanwhile, ongoing disruption to critical shipping routes, such as the Strait of Hormuz, continues to drive up the cost of raw materials and imported goods. For SMEs this is a logistics headache and a major insurance risk. If a business suffers a fire or theft this summer, the cost to replace stock and equipment could be significantly higher than when their policy was first written. Without a pre-summer review, businesses risk being ‘underinsured,’ leaving them to foot the bill for the gap between their old policy limits and today’s inflated market prices.

The warning comes as businesses continue to face rising operating costs, including increased wages, utilities and supplier expenses, placing added pressure on already stretched SMEs during the summer season.

Reviewing cover before peak trading begins can help businesses identify gaps in protection, reduce potential financial exposure and ensure they are better prepared for unexpected setbacks during one of the busiest times of the year.