The leisure sector is in many ways the perfect example of insurance risk. Perfect in the sense that leisure businesses often have significant assets to insure, employees engaged in physical and manual roles, large numbers of the public on their premises, and have numerous peripheral risks for money loss, licence indemnities, fidelity cover, contingent business interruption, and cyber liability issues.
The broker’s role for the leisure sector is broad ranging. Experience with the sector is crucial. Many of the sectors’ risks are classically high consequence events. Leisure businesses, from theme parks, to restaurants, pubs, sports parks, gyms and clubs, all expect a total service – from placement and administration of insurance, to management of claims.
This is a competitive market with large numbers of insurers vying for the relatively high premiums for this business. Robust claims control, and prevention and management of incidents is essential to keep premiums down.