During a recession, fast food always makes a profit, as consumers cut back on expensive items and seek cheaper alternatives. Fish and chip shops have become a popular place to pick up a tasty treat for the family, with more opening every week. Insurance is vital, especially for a new business, where there has not been enough time to build up cash reserves against slow seasons or unforeseen happenings like fire, theft or flooding.
Insurance companies are not put off by the size of these risks, in fact, they will help you by offers of staff safety training, once you find the right company and policy, your risks becomes theirs, and they like to help protect it, which is good for both parties.
Reconstruction and repair costs after a fish and chip shop accident can be a really expensive affair. If that is not enough, theft and vandalism in damaged infrastructure is commonplace. Depending on whether the owner has brought in a fish and chip shop insurance, it can mean survival or annihilation. With this in mind, numerous insurance companies have developed industry-specific packages to deal with the special needs of fish and chip shops.
Various associations like Nationwide Caterers Association have competitive packages in fish and chip shop insurance. Some insurance companies offer a 30% discount on the premium after three years of claim free insurance. National Federation of Fish Friers members can avail discount of 10% on premiums along with discounts on renewal. The premiums for a medium sized fish and chip shop can range from 100 ($166) to 1000 ($1660) depending on the insurance coverage.
One good reason to update your coverage, frequently, is to get all the extra information to safeguard your investments, and make sure if an accident or fire happens, you get back on your feet as quickly as possible, and the shop either stays open or closes for the minimum amount of time for repairs. Starting again after a fire is hard enough, without having to come up with the same or more cash than you needed for the initial start-up.
The fish and chip shop insurance will differ from the regular shopkeeper’s insurance as it has to specifically cover the deep frying fish range. Oil being a highly flammable substance, fires that break out from this source has to be extinguished carefully to avoid explosions or any other untoward happenings. Hence the policy is built around this potential risk factor. The insurance will also have an overall cover for other equipments, records, furnishing and items inside the shop. It would be wise to check if the policy also covers outdoor signs, windows and store fronts.
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