Protect Your Business

Posted 31/07/17

Some business owners may consider insurance to be a minefield – possibly not fully knowing what they need, the difference between the types of covers, and whether to use a price comparison site, direct insurer or specialist insurance broker.

Like other businesses, fish and chip shops have to consider the importance of insurance to protect their business and livelihood. Therefore, before taking out your first insurance or renewing your existing policy we would advise you to read this useful guide. 

Consider the Risks to Your Business.

The first step in considering what insurance you need is to determine what assets or property you own or have responsibility for. These may include:

  • The building your business is located in.
  • Fixtures, fittings, or equipment.

Next consider what would happen if you didn’t have insurance and an incident occurred – whether it’s fire, theft, or damage – would you have enough money to cover the costs and get the business back up and running again?

In addition to the risks associated with your assets, you need to think about the risks to your employees and customers. As a fish and chip shop you will typically own a range of equipment and also likely to employ a number of staff. These two factors combined may mean the risk of injury to these employees could be high.

Without customers you wouldn’t have a business, so therefore you should think about an insurance policy which can protect you against injuries or illnesses to a customer – because not having the right cover in place could result in an expensive legal claim.

Top Tips for You to Consider

When searching for your insurance here are some top tips for you to consider:

  1. Speak to a fish and chip specialist insurance broker

As a business owner you’re likely to be bombarded with sales messages about buying insurance “direct” through an insurer or using a price comparison site to potentially save you money ‒however this could be a false economy.   

Comparison and buy online websites often require you to sort everything out for yourself and typically work by asking you minimal questions to offer you a quick quotation. But if you don’t understand the intricacies of what cover you’re after or you’re getting, then this could leave you without the adequate cover you need.

This is where a specialist insurance broker should be able to help. Typically, you will be asked relevant questions to assess your needs and provided with advice and guidance throughout the process. They will then search for the most appropriate insurance to satisfy your needs and present you with relevant options and prices so you can make an informed choice.

  1. Review before you renew

If you already have insurance, it’s advisable to review your sums insured to ensure you have the right level of cover.

 

  1. Professional cleaning

Fish and chip insurance policies usually require all ductwork systems and grease traps to be professionally cleaned on an annual basis as a minimum, by a third party and the fire safety certificate to be displayed clearly in order for your insurance policy to be valid. Fire claims and compensation costs can be significant, so insurers tend to pay particular attention to this aspect of the policy. Failure to comply with legal requirements and protect the building’s occupants could result in a prosecution for you, and may affect the validity of your insurance cover.

  1. Business interruption

What would you do if you have a fire or are affected by a storm or flood? How would you manage if your business was out of action for a period of time? Business interruption can usually be included in the policy package, so make sure you confirm your needs when purchasing your policy.

  1. Public liability insurance

Whilst not a legal requirement, public liability cover will make any claims brought against you by your customers, easier to manage. All it may take is a customer to slip on the floor that you’ve freshly mopped and you could find yourself with a claim against you.

  1. Seasonality

If you trade in a busy holiday resort you will need to increase your stocks at certain times of the year, and many insurance policies will take this into consideration. You must make sure this seasonal increase is covered in your policy. The average increase is usually 25% above your normal stock sums insured.

  1. Changes to your shop

If you change your premises, such as by adding a seating area, then ensure you notify your broker as this may affect your cover.

  1. Documentation

Keep all your certificates, maintenance agreements, and policy documents in a safe place as it will make the process of making a claim so much easier should you ever need to.

  1. Ask questions

Always check and question what you don’t understand, don’t be afraid to ask. Failure to comply with a condition that is stipulated in your policy could result in a claim not being paid.

Business owners buy insurance to protect their business, employees, the public and themselves and expect claims to be paid when a loss occurs. Making sure you do more to consider what may affect a claim being paid, and acting upon it, will often go far beyond saving a few pounds on the premium in the first place.

 

Original content located at http://www.federationoffishfriers.co.uk/pages/latest-fish-frier-review-592.htm

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