New business insurance policy launched

Tue, 02 Jan 2007

A new business insurance policy has been launched that aims to provide cover for firms operating in the entertainment industry.

On November 24th 2005, the Licensing Act 2003 officially came into force and changed the operating rules for businesses that offered late night entertainment, such as comedy clubs, late bars and nightclubs.

The change meant all businesses that wished to serve alcohol on their premises had to reapply for a new license.

More specifically, the act enabled 24-hour drinking at establishments that had successfully applied for the correct license, sparking concerns that it could leave some venues more vulnerable to damage necessitating a building insurance claim.

Now, the British Insurance Brokers' Association has introduced a business insurance deal for its members, which involves discounted rates and the potential for three-year long-term policies.

Graeme Trudgill, technical services manager at the British Insurance Brokers' Association, explained the necessity of offering new lines of business insurance cover.

"With the modern, extended licensing hours there are more venues offering late night entertainment," he said.

"This new scheme gives BIBA [British Insurance Brokers' Association] brokers the opportunity to generate new business."


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