If you own or run a fish restaurant or takeaway, you will know that many insurers find fish and chip shop insurance difficult to “plaice” (OK – we know, you’ve heard them all before.)
The good news is that by shopping around, managing and understanding where risk exists, we can “hake” your fish and chip cover much more affordable.
/We’ve put together some of the critical areas of cover along with some tips which could help you “net” a better deal.
Let’s start with the obvious, in the same way, that the best cod supper comes from your local chippy, dealing with a specialist take away insurance broker will provide you with access to specific schemes and facilities.
They can compare fish and chip shop insurance from a “range” of insurers who really understand your business.
Public Liability and Product Liability Insurance
Most chip shop policies are now sold as packages which include all your key requirements under one simple policy.
This should include your Public Liability Insurance, protecting you against slips and trips and other legal liabilities emanating from injury or damage to property, either from customers or members of the public.
Products Liability insurance is commonly found alongside Public Liability, protecting you against claims for injury, illness or damage as a result of a product you have supplied. For example, a potential food poisoning allegation or a cut lip on a can of cola.
Employers Liability Insurance
If you have any employees, no matter how infrequent or casual, you are required by law to purchase Employers Liability cover, this will indemnity you should an employee be injured during, or as a result of, their employment.
For example, hot fat from the fryer spills onto your assistant's arm causing severe burns.
Warranties and Conditions
Understanding your policy terms and conditions is absolutely critical in ensuring that your business is adequately protected.
The most common condition found on a fish and chip shop policy is a “fish frying warranty”.
This may differ from insurer to insurer, but will typically require your frying range and ducting to be professionally cleaned and serviced every 12 months.
You should take some time to review each warranty or condition carefully as failure to meet policy requirements could invalidate a claim.
Cover “All Risks” or “Specified Perils”
More modern insurance policies are written on an All-Risks basis, what this effectively means is that any potential claim is covered unless it is expressly excluded.
This provides a broader offer than some more basic specified perils contracts, whereby only claims under the specifically agreed named sections of the policy will be honoured.
Specialist equipment and frying ranges can be challenging to value, your sums insured must accurately reflect the reinstatement cost of your contents and fixtures and fittings.
If you are in any way unsure, it is worth considering a professional valuation or seeking some expert advice. Should a claim occur and you are underinsured, your insurers could reduce any claim settlement in direct proportion to the level of underinsurance.
Sums Insured for money, stock and frozen foods also need to be accurate, making allowance for busy periods and bank opening times during holidays.
Whether it is a fire protection system, grills or an alarm, any increase in security standards could represent an opportunity to obtain a premium discount.
Make sure your insurers are fully aware of what is in place, but also remember that a security warranty may apply which needs to be adhered to.
Insurers / Claims Service
Due to the perceived higher risk, some more obscure insurers have moved into the takeaway insurance market.
As an insurer is only as good as their claims service, we would recommend taking some time to review the individual claims service standards and getting some feedback before accepting any policy. Otherwise, you “cod” be in for trouble further down the line.
Glass / Signs
Glass breakage and damage to signage is another common area for claims. Make sure cover is operable and your sums insured are adequate.
FREE Business Insurance Review
Insync Insurance is a digital broker providing access to several unique restaurants and takeaway food insurance schemes for fish and chip shops.
You can arrange a FREE Business Insurance review at a time that suits YOUR diary directly from our website. Alternatively, call one of our Insurance Guru’s on 0330 124 0730, we would love to hear from you and you "cod" save you a “portion” of your current premium!