Innovation in Self-Catering Businesses & The Insurance Implications
By Derek Nicol, Private Clients and Hospitality Account Executive
In my role as Private Client and Hospitality Executive at Bruce Stevenson I am in the very fortunate position to be able to travel this beautiful country of ours and visit lots of excellent Self Catering establishments.
Be it loch side in Argyll or the hustle and bustle of the Royal Mile in Edinburgh I am always so impressed with the quality of accommodation we offer to visitors. Not all areas of the country welcome the same type of visitor so it is hugely important that there is something which meets each individuals taste and exacting requirements. With record numbers of visitors looking for the best self-catering experiences, travellers can enjoy everything from a stay at a stately home to a log cabin with outdoor Jacuzzi and mountain views.
Whilst on my travels it amazes me how inventive and creative owners are becoming at ensuring that their properties appeal to as wide an audience as possible. Some have opened little cafés, shops and galleries, others offer craft workshops and cookery experiences and cater for the outdoor enthusiast by providing bike hire, woodland trails and water sports activities.
Encouraging guests to spend as much time and money during their stay is hugely beneficial to the bottom line and can also enhance the overall visitor experience.
One little word of caution to those who have taken the opportunity to diversify. Please do ensure that your insurers are aware of any additional activities you operate from the premises. Offering afternoon tea every Sunday may not seem important but if your insurer is not aware of it then it could prove problematic. Moreover, not having the correct business description on the schedule could potentially affect loss of income claims.
Don’t assume that your insurer will accept the additional exposure, inform them and ensure that your cover reflects the diverse nature of your business as well as the self-catering element. Involve your broker or insurer in your plans for future development and establish good communications to ensure all aspects of your business are covered.
I intend to visit many of the places I have visited with my family over the coming years and to take full advantage of the fantastic array of first class accommodation provided by Scotland’s Self Catering community.
If you'd like to arrange a conversation regarding your current insurance cover or a similar insurance solution, please do not hestiate to contact Derek Nicol on 07786 978240 or e-mail [email protected]