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Spring cleaning

Does your insurance cover need a spring clean? asks industry insurance specialist Wrapped

With the lighter evenings likely to bring in more customers over the coming months, now is a good time to take another look at your insurance and assess your risks.

Wrapped from Ryan’s is the first fish and chip shop insurance policy designed by the industry for the industry so we can help you take another look at your insurance.

Risk assessment

Risk assessment is about understanding the business interruption risks to which your business is exposed, the likelihood of occurrence and the probable level of impact.

The benefit of carrying out a risk assessment is the assurance that the appropriate loss prevention and damage limitation arrangements are in place should you need to make a claim.

Your risk assessment should include:

Fire Regulations – Your fire risk assessment should be reviewed annually. Paying particular attention to the frying area to ensure there are fire extinguishers nearby. Have you considered installing a fire suppression system? It will protect your staff, your customers and your business. It costs less than you think and it will save you money on your insurance premium.

Equipment - You should ensure that your equipment and the safety elements are all in good working order. Has your range been serviced recently? Has your ducting been cleaned? Has your EICR electrical test been done? If the answer to any of these questions is "no", your business is not as safe as it could be, so now is a good time to get these jobs done.

Sums insured

Have you checked recently that your sums insured are still adequate? 

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.

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.

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.

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 for your personal quotation, talk to Ryan’s today. We can also offer interest free monthly payments to help you spread the cost of your insurance throughout the year.

Ryan’s 0800 093 3018

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