Increased stock cover and Money Cover: let’s make sure you’re compliant before the big weekend

You may have already noticed, but we’re pretty excited about the Easter Bank Holiday weekend here at Club Insure. And that’s because we’re confident that our 4000 clients are going to show why the club scene is thriving in this country.

With lots of people choosing to stay at home rather than venture abroad during Brexit uncertainty, this bank holiday weekend is set to be one for the ages, with more pints served to more people than ever before.

But from an insurance point of view, the large number of extra customers expected by clubs between the 19th and 22nd April can cause issues. Especially if you haven’t properly altered your risk management and compliance plans accordingly.

If you’re unsure on how extra customers might affect your policy, it’s important that you contact your Club Insure representative to discuss. We’re here to help and make sure you aren’t facing unnecessary claims.

But for now, here are two ways that increased footfall might affect your premium.

Money Cover

On a weekend like Easter Bank Holiday, it’s normal for standard business practices to change, or go out the window completely.

But before you get too caught up in the occasion, you should remember that your insurance policy requires certain conditions to be met in order for you to remain compliant.

Some of those conditions are placed on the money held at your venue.

We can’t speak for each individual policy, but chances are that your insurance will place limits on the amount of cash kept in the venue overnight or at any one time. The policy could include conditions on how the money is stored and how/when it can be transported.

It’s important that if you think bar takings will increase significantly, you contact Club Insure to find out how this could affect your policy. You should also discuss how your business practices may change for Bank Holiday weekend.

NB: Key Conditions

Please note that if you’re keeping money in a locked safe, there are conditions in place for where you keep the keys. Storing them in a key box will most likely see you breaking your insurance conditions, as the boxes aren’t considered strong or durable enough.

Instead, to meet key and money conditions, you should store keys within another safe and keep that safe in a different room from the original safe. If you can’t keep to those conditions, keys should be housed off the premises.

Increased Stock Cover

An increase in visitors may mean an increase in stock kept on the premises, especially if you’re hosting a fun day event. If the increase in stock is substantial compared to your normal level, you must contact Club Insure so that we can review your sums insured to ensure they are still adequate.

In fact, we’d advise that you contact us before any event or big weekend to ensure that your risk management and compliance plans will help you stay claim free. As a responsible broker, we’re not just here to put insurance in place. Our remit is to ensure that you avoid unnecessary claims and save your business time, money and effort.

For more information, or to discuss your bank holiday weekend plans, call 0844 488 9204.

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Sam Humphrey

Sam Humphrey

Sam is Club Insure's Digital Communications Manager. It's his job to make sure that our readers are getting the information they want in the ways they want it.