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Business Catering Quote
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Please complete and return
the attached brief form with details of your catering Insurance requirements. We will contact you as
soon as possible.
There are various forms of
catering insurance available and one of the best ways of obtaining an insurance
quotation is by actually speaking to an insurance intermediary who will have
access to a wide range of catering insurance polices from a number of product
providers. Whilst a number of insurance products are easily quotable online,
catering insurance is a fairly complex cover and certain questions need to be
asked and answered to ensure that you receive the correct cover.
Catering Insurance is a form
of business insurance policy although , we are able to offer Landlords
building insurance for those people that own a property but let it out to
another business. Please make sure this clear when you speak to one of our
representatives on the telephone
Obtaining insurance for a
catering establishment is not always the easiest of tasks but we do have access
to a wide range of insurance markets and will try to source the best quote for
your needs. The type of policy you will be offered will of course depend on your
needs but you will be offered a range of policy covers and you can pick and
choose those that suit your needs.
One often overlooked cover
under a catering insurance policy is business interruption. Most people
can imagine a fire or flood closing their business down for a while and they
understand that having an insurance policy in force will pay for the
resulting damage. However many caterers overlook the fact that whilst their
catering business is closed, they will be loosing profits and hence their livelihood.
Catering business tend to be known for their location thus unlike an office ,
you cannot simply rent another office nearby until such time as the restoration
work has been carried out. This is where business interruption cover or loss of
profits cover is essential. This section of the catering insurance
policy will cover your loss of profits whilst your insurance company are
reinstating your premises. Following a claim, the insurers will normally
appoint a loss adjuster to oversee any claim and at this point they will
check that your business interruption sum insured is adequate for your needs. It
is important to make sure that you have calculated your sum insured correctly.
Although some insurers do differ, most will ask you to declare your sum insured
on a gross profit basis. Calculating gross profit for your catering insurance
policy is quite simple and you could use the formula below.
Sales ( Turnover) +
Closing Stock - Purchases + Open Stock = Gross profit.
To keep things simple and
using the above example, a business they turns over £100,000 and has £5000
worth of stock left at the end of the year, that has spent £15,000 on purchases
and started with £3000, would have a gross profit of £87,000.
This is just one example of
why as the owner or proprietor of catering establishment, you will need to speak
to a professional insurance advisor who can help to sort out the covers your
need.
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