Cheap restaurant insurance
2010 will go down in history as one of the toughest economic years the UK has ever seen. Every single part of the business community is suffering financial blow after financial blow, and for restaurateurs, the latest one is when their restaurant insurance renewal bill arrives.
You may find that you have been happily paying £500 or £600 for a few years and then this year, the premium has started to jump. Not in small single digit amounts, but increases of 10, 20 and even 30% are being seen across the market. The reason for the substantial increases is because most commercial insurance companies that provide this cover are increasing their minimum premiums.
Most minimum premiums for restaurants, pubs and takeaways used to be around the £500 mark. Some insurers have now increased their minimums to £1,000 plus insurance premium tax, which gives a whopping £1,050 per year.
The good news, apart from the fact that we are now starting to see the green shoots (very small) of recovery is that there are other insurers who are not being quite so over-zealous with their increases.
Whilst all insurers are trying to charge what they call the “market price”, which is simply the correct price for the risk, some are more realistic than others. You can, if you look around enough, get yourself a decent price without reducing any cover.
The secret, if it is one, is to speak to an independent business insurance broker. Go on the net, stick in the search terms most suited to your cover, and find a few companies that represent, or have agencies with, more than one underwriter. If they just work for one single company then all they can do is offer you one price. If they can go to many different insurers, then you will get the choice that you need.
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