Eating out has become a leisure activity in the UK, we have become more and more used to going out to eat than ever before. Back in the 70’s it was a rarity, for most people, to go out and eat in a restaurant more than a couple of times a year. Birthday and special occasion treats were the only times we used to go out.
There has been a rapid growth since the early to mid 80’s in the number of restaurants, both small owner managed and the larger chains.
As a consequence, there has been a significant growth in the availability of restaurant insurance. Many insurers now have “off the shelf” products that are suited for most restaurants and takeaways.
Certain types of restaurant are more at risk of suffering claims. This does not mean that they are run in a bad way, it is just down to various factors such as the type of food cooked and location. For example, commercial insurance companies have more higher value fire claims from restaurants that have deep fat fryers and more smashed glass claims from city centre outlets.
Insurers premiums do change a great deal. One year they could provide you with a good, competitive quote and a couple of years later you may be faced with double-digit increases in your premium.
So, to answer the question, your premiums should not necessarily be increasing. If you have had a few claims, you would expect (through reduced no-claims bonus) to have an increase. But, if you are claims free then it is not something you should accept.
If you are finding that your premiums are on the up, it is now time to look around and get a broker to get you a range of quotes. Don’t rely on a website that offers to compare business insurance. They do not always have the wide range of providers that you need to get a competitive quote. An independent broker, free to choose where they look for your quote, is the best way forward.