Fish and Chip Shop Insurance
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Low-cost fish and chip shop takeaway insurance
In comparison to your standard car or life insurance, finding insurance cover that is as specific as fish and chip shop insurance can be quite the task.
Unbeknownst to many, fish and chip shop insurance is offered by several companies, but finding and comparing them is hard. Here’s our comprehensive guide on fish and chip shop insurance, why it matters, and where you can get it.
What is fish and chip shop insurance?
Fish and chip shop insurance is insurance that provides fish and chip businesses with tailored cover. It is specifically designed to cover the various requirements, risks, and potential incidents associated with working in such an environment. The vast majority of fish and chip insurance policies will cover incidents related to both the kitchen and members of the public.
Why do you need fish and chip shop insurance?
Most fish and chip shop owners face a wide range of risks and incidents daily that could be extremely costly to their business. This is where fish and chip shop insurance comes in handy.
Besides getting appropriate fish and chip business insurance being a wise choice, it is also a legal requirement. According to the Employers’ Liability Act, business owners are required to ensure the well-being and safety of their employees at all times and provide them with comprehensive insurance. This also makes paying out a hefty compensation claim less likely.
The chances of injuries, machine faults, and workplace fire damage or flooding are substantially higher with fish and chip shops. Malicious property damage and theft are also additional risks, so having an insurance policy that comprehensively covers these aspects is key to reducing the likelihood of business interruption.
What does fish and chip shop insurance cover?
What an insurance policy will cover primarily depends on the requirements of your business and personal preferences. Knowing the extent of an insurer’s coverage is key to you getting comprehensive fish and chip shop insurance quotes.
Business Interruption Cover
Business interruption insurance keeps your business covered for the loss of income during periods in which you cannot operate as normal. This can apply to unexpected events such as power cuts or flooding.
The objective of business interruption cover is to ensure your business can return to where it was financially before the event occurs.
Legally and morally speaking, temporary workers require coverage the same way permanent ones do. If you already have cover for your permanent staff then it is worth checking with your insurer to see if it also covers temporary staff.
The policy may cover a certain number of personnel, so the addition of temporary staff may mean a temporary increase in your insurance premium.
To avoid legal stresses and to ease the claims process, it is always good practice to let your insurer know when you are taking on temporary staff.
Generally, legal expenses insurance will cover common legal disputes related to, but not limited to, unfair dismissal, discrimination, and workplace injuries.
Goods in Transit
Often referred to as ‘GIT,’ goods in transit insurance covers goods that are being transported from one location to another. GIT insurance can cover both domestic and international trips. This can be viewed as an optional extra by some insurers but the majority offer it as a standard package feature.
As the title implies, stock insurance or loss of stock insurance covers goods, materials, and works in progress in the event of them being damaged, lost, or stolen. For this type of cover to be effective, fish and chip shop owners always need to ensure that they’re fully clued in as to how much stock they have to avoid being underinsured.
Public and Products Liability
Fish and chip shops and their employees always run the risk of causing damage to other people’s property and injuring people. This can land them in immense legal trouble so public liability protects your business’s legal liability for damage inflicted.
On the other hand, product liability insurance covers damage or injury caused by the failure of your product.
Employers’ liability insurance is a legal business insurance requirement, regardless of the nature of your company.
In the event of an employee being injured within the workplace, employers’ liability insurance can cover the compensation costs.
The loss or damage of stock can seriously hamper your business’s ability to make money. Stock damage insurance covers the cost of valuable goods that have been damaged or stolen. Sometimes this could also cover the replacement of locks and the addition of extra security.
This type of insurance isn’t always covered by your typical commercial building insurance.
Because of how common this issue is and how debilitating it can be for commercial businesses, the majority of insurers will offer cover for burst pipes. Water damage can lead to another set of bills, so always check with your insurer to verify whether their fish and chip shop policy covers this.
Accidental damage cover is a standard feature of most fish and chip shop insurance policies. Building damage typically occurs accidentally so having this as part of your policy can be of great help if you ever need to do a rebuild.
What types of fish and chip shop insurance are available?
Buildings cover insurance is specifically designed to give your business financial protection in the event of there being accidental damage to the property. This, depending on your policy, could cover events such as fires, explosions, subsidence, fallen trees, and vehicle collisions.
This type of cover is particularly useful for fish and chip shop owners as a lot of the kitchen equipment they use comes with a great amount of risk.
This type of commercial cover functions to protect equipment stored on the company premises in the event of loss, damage, or theft.
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Additional fish and chip shop insurance
Other insurance cover you should consider:
Tenants’ improvements insurance covers your business when cosmetic or structural changes you’ve made have been damaged by incidents such as a fire, flooding, or vandalism. These changes covered by this type of insurance are ones that become part of the property and thus can’t be taken with you when you leave it, so furniture, for example, wouldn’t count.
Mechanical breakdown cover
Mechanical or equipment breakdown insurance is a good optional extra for a chip shop as it adds an additional layer of protection.
This will cover the unexpected costs whenever your equipment has a sudden mechanical or electrical failure.
Because we live in an age where most things are done digitally, an increasing number of businesses are falling victim to cyber-attacks. These attacks generally happen to large-scale businesses but can still happen to businesses of any size and industry.
It’s always a good idea to consider finding a policy with a cyber plan that can keep your business covered in the event of data loss or unauthorised access.
What are the typical fish and chip shop insurance exclusions?
Exclusions are provisions in commercial insurance policies that eliminate coverage for certain types of properties, situations, and hazards.
Chip shops generally don’t have any specific exclusionary criteria where getting insurance is concerned. So, you can expect that the exclusions would be the same as that of your standard commercial property. Here are a few examples:
- Maintenance-related damage.
- Intentional or illegal activity.
- Dock, wharf, and pier properties.
- Your business property’s foundation.
- Animals that aren’t classified as stock.
- Walkways and roads associated with the commercial property.
What affects the cost of fish and chip shop insurance?
Like most insurance policies, the amount you pay will depend on a variety of risk factors and what the policy will actually cover. These factors include but are not limited to the following:
The nature of the businesses
Fish and chip shops, like a lot of food-related businesses, hold a great number of potential hazards which primarily stem from the general kitchen equipment. Businesses with a lot of potentially dangerous equipment, like deep fat fryers, will typically have to fork out more on their insurance than a business which is considered safer.
The size of your business
The size of your chip shop will have a direct impact on the cost of your insurance. When comparing quotes, always bear in mind that a larger shop will cost more to insure than a smaller one.
Your shop’s location
This is a factor that has a great impact on the price of many different types of insurance policies; fish and chip shop insurance is no exception. Commercial insurance premiums are largely determined by how risky it is for your business to operate within a certain area.
If your business is operating within an area with a high crime rate then your insurance will naturally cost more as the chances of property theft and damage will be significantly higher.
The number of claims you’ve had
If your business has had what an insurer may view as a substantial amount of claims over the past few years then you may be viewed as much riskier to insure.
Disclosing claims to your insurer is also very important for the sake of transparency and avoiding being denied future claims.
Why compare fish and chip shop insurance with Utility Saving Expert?
Protecting your company against any potential losses or threats is an essential part of being a business owner.
If you need fish and chip shop insurance, compare quotes with Utility Saving Expert today to find the right cover for your needs.
Utility Saving Expert’s online system provides you with a convenient and cost-effective way to compare quotes from the best insurance policies in the UK.
Our comparison tool utilises the latest technology to source insurance policies that are tailored to the needs of your fish and chip shop. The best part about this tool is that it does this at an incomparable speed so that you don’t waste precious time scouring the internet for a suitable option.
Be sure to take advantage of our free comparison service to find the right insurance for you!
This will vary from insurer to insurer. Most insurers will only cover one fish and chip shop per policy. However, some insurers can cover other fish and chip or fast food shops under the same policy, for which you may even be able to negotiate a competitive rate.
This is why it’s always important to read the fine print before signing, or use our comparison tool to find an insurer with a policy that suits your needs.
It is extremely rare for a fish and chip shop insurance policy to cover your business’s vehicle. You will more than likely have to get separate commercial vehicle insurance coverage.
Employers’ liability insurance covers damages, compensation costs, and legal expenses that a current or former employee is entitled to following an injury caused within the workplace or an employee becoming ill. This type of insurance can pay the compensation and legal costs in the event of a claim.
Employers’ liability insurance is a legal requirement, as per the Employers’ Liability Act 1969.
Public liability insurance covers the cost of claims made by the general public for incidents that occur in direct relation to your business operations. This type of insurance covers the compensation costs for personal injuries, property loss or damage, and death.
In the context of owning a fish and chip shop, food poisoning also counts as a personal injury and public liability cover can help with this. This doesn’t necessarily have to have taken place in your shop.
Public liability insurance does not cover current employees, temporary staff, or people on work placements.
For fish and chip shop insurers, the risk of a fire is a huge concern. Because of this, their policies will contain a warranty that outlines the procedures for cleaning and maintaining freestanding ranges.
Fish and chip shop owners need to be aware of and comply with these procedures in order to avoid any future claims being deemed invalid. Any issues related to this should be raised with the insurance company as soon as possible.