March 2024:
The increasing popularity and variety of Take-Aways in Ireland means a surge in footfall and online orders increases the risk of claims and makes having the right insurance coverage all the more important.
Having a good broker in your corner is important & we are here to help you obtain the right insurance protection for your take away. You will have heard that insurance costs having risen in the hospitality trade and if you want advice on your take away and coverage, you have come to the right place.
The below article outlines the covers that a take-away business should consider:
Liability Insurance:
There are 3 main categories of Liability insurance that your takeaway business needs:
Public Liability: Public Liability insurance can provide protection against third-party injuries. Accidents can happen on your premises such as slips and trips and this can lead to legal claims and medical expenses. Public Liability Insurance is put in place to help cover the costs associated with this. This is particularly prevalent for late night businesses, where customers may allege incidents and things can get complicated for Take-away owners in the evenings! You want an insurer who has your back and assists you if there is a claim against your business.
Products Liability: Take aways serve food products, and if a customer becomes ill due to a consumption of contaminated unsafe food, the business can face legal claims. Product Liability insurance helps cover the cost of such claims.
Employers Liability: Much like Public Liability, Employers Liability insurance protects your business against accidents except rather than protecting against third parties, protects against legal claims made by your employees for accidents and injuries in which you are found negligent. Examples in a take away could include burns, abrasions, cuts, slips on greasy floors, bad backs and even workplace bullying.
Property Insurance:
Fast Food restaurants often have significant investments in property, such as buildings, equipment and inventory. Property Insurance can help protect these assets from risks such as fire, theft, vandalism, and many other insured perils depending on the type of policy you have in place. As any take away owner will know the kitchen was expensive to put in, and the building and its contents are an expensive asset worth protection in case of fire, flood, storm damage etc.
Business Interruption:
Business Interruption is a type of insurance coverage that helps businesses recover financial losses resulting from disruptions that force a business to suspends it normal activities temporarily. For take-aways, business interruption insurance can be particularly important to mitigate the impact of unforeseen events that may interrupt usual business activities. Some key coverages included with this type of insurance are:
- Loss of income
- Continuation of Fixed Costs (rent, utilities, employee wages)
- Temporary Relocation expenses, also known as “increased cost of working” coverage.
Business Interruption Insurance is a valuable tool for takeaways and other businesses to protect against financial losses during periods of interruption.
As with every type of insurance it is important for businesses to carefully review policy terms, conditions, and exclusions to ensure you have the right coverage for your specific needs. Consulting with the right insurance professional can put your mind at ease while they search for the right insurance product tailored to your business needs.
Contact me today with to discuss alternative insurance options on 0861656635 or ebourke@bradyinsurance.ie Or submit an enquiry here.