The Complete Guide To Caterers' Insurance
Unless you're new to this industry, you probably know that caterers insurance
is something you need to protect your mobile or static site catering business against accidents and lawsuits. If you're looking for information about this subject, you've come to the right place. This article explains all the basics you need to know about caterers insurance.Some Background About The Catering Industry
There are over 5000 catering businesses running in the UK. Presently, it is estimated that in the UK alone, the catering industry generates a turnover of more than pounds680 million every year. Projections and extrapolations have pegged that the industry's turnover to reach a massive pounds760 million by the end of 2010.
Naturally, with an industry of such size and so many participants, insurance is important. Specialized insurance is partly because of the fact that general insurance often does not provide comprehensive cover. In addition, specialist companies can optimize their resources exclusively for this field, and the benefits get passed on to customers in the form of lower premiums.
Who Needs Caterers Insurance And Why?
Anybody who operates a catering service whether professional, full-time or part-time business needs caterers' insurance. Regardless of whether you provide static site services or mobile catering, it is important that you get proper insurance and liability coverage to protect your business.
Catering vehicles and trailers are a specialized type of automobile. Often, they're specially modified to meet individual catering business owner's specific needs. As a result, most types of general vehicle and fleet insurance policies do not cover catering equipment.
This is why the need for insurance coverage that deals specifically with the catering business is felt. As explained in the previous section, specializing exclusively in one type of insurance allows a provider to offer lower premiums to customers.
A typical specialized caterers insurance policy can cover the following aspects:
* Accidental damage from fire or theft to the trailer
* Material damage to business stock, including frozen foods
* Money
* Business interruptions due to unforeseen circumstances
* Catering vehicle breakdown and recovery
* Public liability
* Product liability
* Employers liability
Not all types of cover listed above are standard. Many may only be included as optional extras on a policy.
How To Find Policies
One method of finding insurance polices is to run a few searches online. Companies offer widely varying quotes on their different insurance products. However, selecting the cheapest policy is not always the best option, as it may not offer you the types of cover that are important for your business.
In many cases, it's not possible to determine what exactly a specific policy covers and does not cover. In such instances, it is not advisable to ignore any uncertainties. Always contact the company and make sure you understand the fine print, else your premiums may just turn out to be wasted money.
Another great way of getting caterers insurance is to simply become a member of a good caterer's association. Many of these memberships include insurance such as catering trailer insurance.
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