Catering industry insurance
Insurance for Food & Drinks Retail
Retail food and drinks businesses face many risks, such as glass breakage or building cover (if you own your own premises), property, accident damage, and theft. A Business Package Insurance Policy is suitable for restaurants and cafes. A brief summary of this insurance cover is below.
Insurance for Food & Drinks Retail
This section of a business package insurance policy provides insurance cover for damage to shop fittings, equipment, decorations, work, assets, and stocks from perils such as fire, storm, water damage, earthquake, and malicious damage that happens unexpectedly. It is important to determine the correct total sum insured for all of the assets as this has a significant impact on how a claim is paid. Our experienced brokers can help you to determine this.
This section of policy compensates business owners for the gross profit loss, so that they can pay for rent or wages of permanent employees. If gross profit is adequate, it will compensate the business owner’s net profit. This depends on the sum insured being adequate. This section can only compensate if there is a loss in the property section resulting in the interruption of business.
This section provides cover for loss of assets or stocks from a theft incident.
This section protects against loss of cash due to theft, either while the cash is in the premises, in transit between business and bank, or in an authorised person’s custody.
This section covers accidental breakage of glassware. Although glass in the building usually belongs to the landlord, common lease agreement transfers the responsibility of insuring glass to the tenant (business operator).
his covers damage or injury caused by negligence on the part of the business owner. Common insurance claims in this section are injuries due to food poisoning, and accidents like tripping and falling in the restaurant or cafe.
This section covers the expenses required to repair or replace broken-down machinery or equipment. However, insurance companies do expect proper maintenance of machinery and equipment and may not insure machinery or equipment that is too old or worn out.
This section covers business equipment, such as tablets or iPads, that may be used outside the restaurant or cafe.
This covers loss from legal action taken against the business management’s negligence. A common claim for this insurance section is employment and statutory liability.
Every business with a website or electronic records is vulnerable to cyber-attacks or an accidental data breach – and the consequences of a cyber-incident can be very costly. Cyber insurance can help cover financial losses to your business, your customers and other parties following a cybersecurity breach.