Batter Down Your Fish and Chip Shop Insurance Premium!
Sorry – we couldn’t resist the pun, but 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, but if it makes insurance a bit more interesting.....we’ll keep the puns going!!)
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 key areas of cover together 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 takeaway 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.
But insurance is not all about price and you will often find that a bespoke policy can be tailored to improve your cover as well as saving you money – “wrapping up" a great deal you might say!
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 assistants arm causing severe burns.
Warranties and Conditions
Understanding your policy terms and conditions is absolutely critical in ensuring that your business is properly 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 specifically excluded. This provides a wider 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 difficult to value, it is important that your sums insured 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 underinsurance is discovered, your insurers could reduce any claim settlement in direct proportion to the level of underinsurance which exists.
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, else 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 a number of unique restaurant 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!
- 5 Myths about Public Liability Insurance
- What is Products Liability Insurance?
- Top Tips to SAVE on your Fast food Takeaway Insurance
About the Author
I’m passionate about family, sport, technology and business.
In fact, I have always been fascinated by business, whether it was running the school tuck-shop or my Saturday job in the local store, I was always looking for ways to improve or view things differently.
I have enjoyed an amazing career fast approaching 25 years in the insurance industry, which has given me real insight into the challenges and opportunities faced by SME businesses in today’s ever-evolving marketplace.
I co-founded Insync Insurance, to offer companies a new way to buy and manage their business insurance. A synergy of digital servicing and personal expertise - utilising the latest technology to enhance relationships, not to replace them.