Chip Shop Insurance and Business Tips – 5 things you need to know
Battered or bare. With ketchup or soused in vinegar. Us Brits chomp our way through a staggering 382 million portions of fish and chips every year.
Steph Celik is a Guinness World Records holder for wrapping five portions of chips in just 58 seconds. Speedy service will help fill your tills quickly. But taking your time to find the best value fish and chip shop insurance could have a greater impact on your profits. How do you do it? Follow our top five tips:
1) Don’t leave your business open to unnecessary risk
The nation’s enduring love affair with this traditional favourite is great news if you run one of the UK’s 10,500 fish and chip shops. But margins are tight and succeeding in the world of fish and chips requires a strong business sense. From raw ingredients to insurance, the best value doesn’t necessarily mean the cheapest. And the biggest mistake you can make when it comes to insurance is under-insuring. A few pennies saved now could become a huge expense, and even cost you your business, if you do need to make a claim.
Carefully consider the real value of replacing items if they are damaged and don’t be tempted to skimp on things like public liability insurance and legal cover. In today’s no-win, no-fee world it’s easier than ever for the public to make a claim against you. With legal costs quickly mounting up, it pays to be fully protected with comprehensive insurance.
Need a great deal on your fish and chip shop insurance? Contact our expert team for a free, no-obligation quote today.
2) Shop around for the best prices
The success of your fish and chip shop depends on one thing – profit. Delicious batter recipes passed down through the family and great service will get customers coming back for more – but that means nothing if you’re not making enough to cover all the bills. The best way to boost profits is to make sure you’re not forking-out over the odds for any of your essentials. From paying the best price for your fresh fish and potatoes to seeking out the best deal on fixed costs like electricity and insurance, every penny saved here can really mount up over the course of a year. Call up specialist fish and chip shop insurance providers, or use an expert broker, like Park Insurance to do the ringing around for you.
3) Tailor your insurance to your individual needs
From street corner family takeaway to larger chains of fish restaurants, you’ll need insurance tailored to your exact requirements to protect your business and your livelihood from whatever fate throws at it. A standard policy might not give you the level of cover that your chip shop needs or you might find you’re paying out for things you don’t require. Choose an insurance provider that allows you to tailor your cover for the best value prices without compromising on cover. Areas of insurance to consider include:
- Public liability insurance
- Employer’s liability insurance (a legal requirement if you employ any members of staff, even if they are family)
- Vehicle insurance – if you run a mobile van business as well or offer deliveries
- Commercial buildings and contents cover
- Stock cover
- Legal cover
4) Think about the unthinkable
If you want to run a successful business there’s no point burying your head in the sand about what might happen in the future. How would your business cope if you get injured or become unwell? And do you have enough savings put by to see you through a period of forced closure, for example, if you have a fire? Insurance products like business closure and personal liability insurance pay out if your business is forced to close or you are unable to work. With this cover, you’ll have peace of mind that the essential bills, like wages, can still be paid until you’re back up and running again.
5) Take your time to find the best value insurance (or get someone else to do the legwork for you)
Paperwork can seem like a real headache. It’s easy to put it off until another day or to simply accept your insurance renewal quote. But taking the time to look for a better deal could make all the difference to the success and profitability of your business. Fish and chip shop owners have trusted our friendly team at Park Insurance for 30 years to find them the right policy at the right price. We understand the unique needs of every different fish and chip shop business. And we have close working relationships with a number of the UK’s biggest insurance providers to help us to negotiate the best value, individually tailored policies.
If you want a better deal on your fish and chip shop insurance, contact our expert team for a free, no-obligation quote today.