Compare and buy business insurance for your underground restaurant
In association with Supper Club and Ms Marmite Blog
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Kerstin Rodgers explains how to setup an underground restaurant and why you need insurance
Home catering has great appeal to the culinary entrepreneur because of the flexibility it can provide in your working lifestyle. But in order to have control over the success of your business you have to be protected against any potential pitfalls. And providing food, often served on premises other than your own, it’s especially important that you’re insured against possible mishaps.
The essential cover for any home catering business is liability insurance. This comes in two forms, the first being public liability. This will provide you cover if you cause injury to a member of the public or damage to their property.
Even Michelin Star chefs have unfortunate experiences with food poisoning but insurance can cover against any claims from disgruntled customers. And if you’re taking your food into other people’s homes or places of work this kind of insurance will protect you in the unfortunate case of any damage to property.
The second category of liability insurance is for employers. You may be starting out with the intention of working alone but the chances are a large event will come up and you’ll need to bring in outside help. At this point it’s a legal requirement that you carry employer’s liability insurance. It will cover you if for any reason one of your workers needs compensation.
Other important forms of insurance to consider when you are setting up your business include equipment coverage (even if you’re renting), stock cover, loss of income and vehicle insurance. It’s also vital that you ensure your house is insured in the area that is set up for your business.
A top tip when deciding on the kind of insurance you need is to do your research. To begin with assess your company so that you have in mind the type of insurance and extent of cover that will suit your needs. Then try to find out what’s out there.
You may have the talent and the drive to make a great success out of your home cooking but taking care of your businessof insurance is the best way to take care of your customers and of yourself.
A quick guide for supperclubs and home caterers
If you own an underground restaurant, then you have come to the right place for your insurance. We will run online quotes in minutes against four different insurance companies: Zurich, AXA, Glemham and RSA. By giving you quotes from up to four insurers in one go, we can save you time and money.
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All your business insurance products in one simple policy
If you have employees, there is a chance that they may become injured at work or become ill as a result of working for you. If this happens, they might be entitled to claim compensation. Employers' liability insurance covers this cost.
An example of a situation where you would need to claim on your employers’ liability cover would be if an employee is injured while working on machinery without the proper safety precautions.
It also covers claims for employee illnesses that have been contracted as a result of working for you, even if they manifest after the person has left your employment. For this reason, you must keep on file all documentation related to your employers’ liability insurance, even if it has expired.
You should consider taking out professional indemnity insurance if your business gives advice or offers a professional service to other businesses. It covers you if you are negligent or make a mistake which causes a client’s business to suffer financial loss.
For example, if an architect makes a mistake in the plans for a construction project and it is only discovered once the building work is underway and materials are purchased, the client would be likely to lose money through time for re-building and the cost of wasted materials. The architect would be liable for this cost.
Types of business that often take out professional indemnity include accountants, IT consultants, business consultants, journalists, architects, financial advisors, engineers and many more.
Other insurance products:
Business buildings insurance
Business buildings insurance pays out on claims for damage to the building your business is based in, as a result of disasters such as fire or flood. If you work from home, you can save money by having just one cover to insure your home and your home office, included in your business policy.
More on business buildings cover
Business interruption insurance
Business interruption insurance can help protect your business if you are forced to temporarily stop trading due to damage to your business premises or equipment. Revenue protection can offset your lost income, while additional trading expenses cover can give you the financial help you need to get your business back on its feet.
Laptop insurance and business equipment cover
Many businesses rely on their IT equipment. Without their trusty laptop, many business owners simply would not be able to do their job.
Laptops are particularly vulnerable to theft. Even worse, they can be hugely expensive to replace. As a result, many business owners think about taking out separate laptop insurance.
With Simply Business, separate laptop cover isn't necessary. You can easily protect your laptop by adding cover to your overall business insurance policy. More on laptop insurance.
Stock insurance – if you hold any stock on your premises or in storage, this insurance will cover the cost of replacing it (at cost price) if it is damaged, destroyed or stolen. More on stock insurance.
Tools and equipment cover – if the tools or equipment that you use in your work are damaged, destroyed, lost or stolen, this cover will pay for the cost of replacements or repairs.
More on tools cover
Contract works cover – this insures your construction projects (both permanent and temporary), along with any materials you are using on those projects, again theft or damage. You can also get plant and plant hire cover.
Business contents insurance – you can insure the contents of your business premises against damage, loss or theft.
More on business contents cover
Fixtures and fittings insurance – covers the cost of damage to the fixtures and fittings in your business premises, including items such as shelving, kitchen units, lights, counters etc.
More on fixtures and fittings cover
Front of premises insurance – covers the cost of repairing damage to the front of your business premises, including items such as windows, signage, canopies etc.
More on business premises cover
Loss of licence – if you lose your licence due to certain circumstances (that are detailed on the policy), you can use this cover to recoup some of the resulting reduction in the value of your business or premises.
Legal expenses – if you are involved in a legal dispute, the cost can be huge. This type of insurance covers the cost of your legal bill.