Insuring your food and drink business
You know your industry inside out, including the health and safety regulations, but what if someone else in the supply chain makes a mistake? For example, an allergic reaction to a product you sold because your supplier failed to label it correctly could see you facing legal action. It also pays to think about the safety of your stock while it’s in transit, as well as protecting your business premises and employees against unexpected events. We can put together a tailored insurance package so, if things go wrong, you can feel reassured your business is safe.
Why you need insurance in the food and drink industry
Lost or damaged stock
Your stock is the lifeblood of your business and when you’re dealing with perishable goods, there’s even more risk of something going wrong. A fault with your refrigeration could lead to ruined fresh produce, for example. If your stock is lost or damaged, we’ll help to cover the cost of replacements so your business doesn’t have to.
Legal liability claims
You could find out that a customer is taking you to court, claiming they suffered ill health because a product wasn’t clearly labelled. Or a member of the public could slip on an unmarked wet floor in your coffee shop and want compensation for their injuries. Legal claims come in many forms, so if you deal with members of the public you need to know you’re protected. This is especially true in the food and drink industry with the added risks of food intolerances and allergic reactions. If you find yourself facing a claim, we’ll help to cover the cost of defending or settling it.
Problems with your premises
No one likes to think of their business being struck by disaster, but if something major happens you need to consider how your company would cope. Repairs after fire and flood damage can take months, which would undoubtedly have an impact on your sales. If this happens to you, having the right insurance in place can offer a crucial lifeline. We’ll help to cover the cost of repairs to your business premises. We’ll also pay for lost revenue caused by the disruptive event, provided you’ve purchased business interruption cover for loss of income under business insurance.
If you’re not sure what you need, tell us a little more about your food and drink business. We’ll help you to build your quote and explore any other insurance needs.
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Key types of insurance for the food and drink industry
Public liability insurance
Public liability insurance is there to protect you if anyone gets injured or their property is broken because of one of your products or something your business did. For example, if someone tripped over some trailing coffee machine cables in your cafe and hit their head, or if you spilled a drink on a customer’s laptop while serving them. If you find yourself facing a public liability claim, we’ll help to cover the cost of defending or settling it. Both public liability and products liability cover can help you with the costs of compensation and the legal expenses of the claims process.
Professional indemnity insurance
Professional indemnity insurance can help protect you if you provide professional advice to clients. If a client claims you’ve been negligent, or your advice has led to losses for them, they can claim compensation. Professional indemnity can help to cover such payouts and any legal fees. It’s more common in financial, legal and creative services. But if you provide professional advice as part of your food retail services, you may want to consider it.
Business interruption insurance
Business interruption insurance can be added to your policy along with contents insurance. It can protect you if certain events cause you to close your business for several weeks or even months. It’s a key consideration for food and drink business owners, who wouldn’t be able to trade if something happened to their premises. Whether it’s a fire, flood, major theft or something else, we can help you to recover financially. You can tailor your insurance to cover loss of gross profit if events lead to a reduction in turnover, too.
These are just some of the types of business insurance for food and drink businesses that we can offer. We can provide other specific types of cover and build them into a policy that’s tailored to the exact needs of your business.
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