Beat the Break-in

By SME Insurance

Posted 08/03/16

Given that there are approximately 10,500 specialist fish and chip shops in the UK*1, like most businesses there will risk of break-ins. Where there is risk, no matter how small, it pays to be prepared.

For one thing, break-ins and robberies can have serious knock-on effects, potentially even forcing shops to close for a period of time, which leads to loss of revenue.  Equally, any shop that is not properly protected by insurance could find itself out of pocket if the worst happens.

Prevention and Protection

Like any business, it makes sense for fish and chip shops to focus on preventing break-ins and making sure they have the right insurance cover in place.

Most insurers or insurance brokers specialising in cover for fish and chip shops will advise you on the specific physical security measures that are required of you. In fact, you will usually find the requirements also detailed within the policy documentation.

Be Secure

Each fish and chip shop will face its own specific risks of course, but physical security measures are likely to include fitting five-lever mortise deadlocks to doors, windows locks, and alarm systems – and could extend to CCTV, shutters, and grilles for larger shops or those in high risk areas.

Similarly, some insurers may allow a small cash float to be kept on the premises out of business hours but larger sums of money should be removed overnight.

Get Protected

In most cases, except for some of the largest fish and chip shops, insurance will come in the form of a “packaged policy”– that is a single policy providing a range of insurance covers designed to meet the typical needs of the industry.

That said, not every packaged policy will be identical and provide the same features or levels of cover. Typically, it should provide protection for theft or attempted theft of equipment, stock and money, whether by break-in or robbery – as well as cover for business interruption following a theft.

Your starting point is to work out how much cover you would need to replace equipment as new, plus stock and money if it were stolen. The amount needs to be based on the cost of brand new replacements, not refurbished or second hand.  Failure to get that could lead to underinsurance – a serious issue that could see claims declined or pay outs reduced, leaving businesses out of pocket.

Get Specialist Help

In truth, one of the ways to avoid having inappropriate cover for your needs is to work with an expert.  An insurance broker specialising in fish and chip shops should provide independent guidance on everything from insurance cover to any special policy requirements, but also be there as an advocate for you in the case of a claims dispute with an insurer.

Sources:
*1 http://www.federationoffishfriers.co.uk/pages/facts-and-figures-603.htm

Posted 08/03/16

Author: SME Insurance

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