Have you got the right amount of cover for your business, asks insurance provider Wrapped?
A common question insurance provider Wrapped from Ryan’s is asked by fish and chip operators is “How do I know how much to insure my business for?”
Taking out insufficient insurance cover will essentially mean any claim will be insufficiently covered. For example, if the cost to rebuild or replace your property or contents is £100,000 but you have taken out insurance that will cover you for £50,000 then you would effectively be underinsured by £50,000 or 50%.
Any claim you make will only be paid on the basis of the amount of cover you chose, based on what is called the ‘average clause’ – so in this example your insurer would only cover 50% of any claim, no matter the size of that claim. This would leave you needing to pay the remaining costs yourself.
This is clearly a concern for operators so it is important that you check that your sums insured are adequate. Seeking expert advice from a chartered surveyor will ensure that your property is insured for the correct amount.
In respect of your contents, including equipment and stock, you should take a proactive approach by keeping a record including receipts.
Remember, that some changes to your business might not just relate to contents or building insurance. If you have, for example, bought specialist equipment that takes time to replace, this will impact the amount of time it might take for you to get back on your feet after say, a fire. Therefore, this might impact the amount of business interruption insurance you need.
Make sure you let your broker know about any changes to your business. Ask them to help you understand how you should assess whether your cover is sufficient for your needs and what professional help may be available.
Our aim is to understand your requirements and to provide you with cover and added benefits that offer value for money but also gives you the peace of mind in knowing that your business is properly protected should the worst happen.
For more information about Wrapped or a free no obligation quotation, talk to the Ryan’s team today. We will happily review your current insurance arrangements to ensure that you are properly covered to meet your insurance requirements.
Wrapped 0800 093 3018 www.ryans.co.uk/wrapped