Words of Wisdom

By smei

Posted 24/04/15

Some common questions and points to consider when looking at your insurance policy for your fish and chip shop:

1) Fish and chip insurance policies usually require 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 needs to be displayed clearly in order for your insurance policy to be valid.  Fire claims and compensation costs can be significant, so insurers are generally placing higher stipulations on this aspect of the policy. Failure to comply with these requirements and protect the building occupants could result in a prosecution for you.

2) Business interruption is the next area to consider. What would you do if you have a fire or are affected by the storms? How would you manage if your business was out of action for a period of time? Business interruption, covering loss of income during periods when you cannot carry out business as usual due to an unexpected insured loss, may be included in the policy package but as it may not be, make sure you discuss what you need when purchasing your policy.

3) Public liability insurance. Although it isn’t a legal requirement, it may help make potential claims brought against you by your customers easier to manage. It may only take a customer to slip on your freshly mopped floor and you could find yourself with a claim against you.

4) Changes to your shop. If you make any alterations, for example to include a sit-down area, then ensure you notify your insurer as this may affect your cover. Have you created an outside seating area in anticipation of a summer? If so, your local authority may require an increase in your public liability amount, or at the least to have sight of your cover so it’s worth checking.

5) Seasonal trade increases. This is particularly relevant for certain areas, for example if you trade in a busy holiday resort, you may need to increase your stock during bank holidays and summer periods for instance. Whilst most business insurance policies typically take seasonal stock increases into consideration, you must check with your insurance provider and make sure it’s noted in your specific endorsements or terms and conditions.  The average increase is usually 25% above your normal stock, which is often more than adequate, but if you need it to be higher than this – again check with your insurance provider.

6) Documentation. Do keep all your certificates, maintenance agreements, and policy documents in a safe place that is accessible, as it may make the process of making a claim easier for you.

7) Ask questions. When it comes to taking out an insurance policy the key is to always check and question what you do not understand. Don’t be afraid to ask, as failure to do so could result in an invalid policy or cover not being as you had expected. In any case, your insurance provider is likely to have heard most questions before now.

SME Insurance Services is more than happy to answer your insurance related questions. When you contact us, rest assured we will make you aware of the important points and considerations discussed in this article.

Please call us, or email us using NewBusiness@smeinsurance.com.

Posted 24/04/15

Author: smei

Want more? Subscribe to our bulletin

Feefo Reviews
92%

of our customers would recommend our service based on Feefo

Provided by Feefo
Customer Testimonials
Fullers-Action-810x810.jpg
Fullers Bakery has used smei for the last 3 years for business premises insurance. The changeover from our previous insurers was seamless and efficient with queries and special requirements all handled very professionally.

George Fuller, Fullers Bakery

Read more
Log your renewal
Need a reminder?

Fancy a friendly reminder?

If you want one less thing to worry about, simply log your renewal and we’ll remind you nearer the time.

Log your renewal
Latest News
What’s the secret to sustaining a popular high street independent bakery for 41 years?

Anne Lev, founder and owner of Dafna’s Cheesecake Factory in Liverpool took the time to give us the low down.

Read Article
A shining example of an independent furniture store

Live Like the Boy is a shining example of an independent store helping to revitalise its local high street, bringing colour and individuality to the…

Read Article
What does it take to run a busy hairdressing salon?

We met with Iain McIntosh from Salon M who helped us delve into the world of running a busy hairdressers. A thriving hair salon and a high street…

Read Article
The 10 Most Haunted Hotels in Britain 2018

The UK is home to many old and unusual hotels, so it’s no wonder some of them are reported to be haunted. Here are some of the most haunted hotels in…

Read Article
Quotes from well-known and specialist insurers, including