In recent years, businesses in the hospitality sector have faced rising costs, which includes an increase in the cost of insurance cover.
In this post we will look at the factors that can affect the cost of your takeaway insurance, and explore some strategies that can help you reduce your takeaway insurance costs.
If you run a takeaway of any kind, specialist takeaway insurance can give you all the cover you need at a competitive price.
What Affects The Price of Takeaway Insurance?
A number of factors can affect the cost of your takeaway insurance, including:
- The size of your shop. The bigger your shop, and the more staff you employ, the more you will have to pay for cover. Insuring a chain of takeaway shops will also cost more than insuring a single takeaway shop.
- Your location. You will have to pay more for cover if you are located in an area with relatively high crime rates, for example.
- The type of takeaway you run. Some types of takeaway shops may have to pay more for cover than others. There may be greater fire risks in a chip shop compared to a burger bar, for example.
How To Reduce Takeaway Insurance Costs
While there are things you can’t change, there are some actions you can take to help reduce your insurance costs, including:
- Invest in security. Taking steps to secure your shop can make a huge difference to the cost of cover, particularly if you are based in an area with high crime rates. CCTV, roller shutters, alarms, and extra secure locks can all help to deter criminals.
- Invest in staff training. Train your staff to understand and prevent the common risks they face in their work, along with the fundamentals of food safety, and you could help prevent numerous costly incidents, which could in turn help to bring down your cover costs.
- Invest in fire safety. Take the time to identify all of the fire risks in your takeaway, and devise a plan for how you will reduce or eliminate each of these risks. This could be through committing to more regular cleaning and maintenance routines, through buying more fire safety equipment, such as extinguishers and sprinklers, and through devising a safe and effective evacuation plan for all staff.
If you run a takeaway, see our specialist takeaway insurance for more on what’s covered and to get a quote to see how much it might cost for you.
A Comprehensive Risk Assessment Can Help Reduce Takeaway Insurance Costs
A formal risk assessment involves several steps, including:
Step One: Identifying every possible risk that could exist in your takeaway, then determining the likelihood and possible severity of an incident, and highlighting exactly who might be affected, whether that is staff, or customers, or other members of the public.
Step Two: You can then specify the steps you will take or the measures you will introduce to manage, mitigate, or eliminate each of these risks. This can include appointing a member of staff who is responsible for managing each specific risk.
Step Three: You should review your risk assessment at least once a year, and you should also revisit it any time you make a change that could create new risks, such as hiring new staff, or investing in new equipment.
A formal risk assessment document can demonstrate to your insurers that you are actively working to prevent accidents, injuries, and other incidents in your takeaway. This can make insurance claims less likely, which can lead to lower insurance costs.
Get Specialist Takeaway Insurance From James Hallam
James Hallam is an independent Lloyd’s broker with access to a hand-picked selection of A-rated insurance providers. We can help you get specialist takeaway insurance at a competitive price, and we can also show you how to evidence your risk management processes to your insurer in order to make further savings.