To help make things easier for you when you look for a fish and chip shop insurance quote, you would be well advised to spend some time preparing the information you will declare to insurers.
Business insurance, as with other insurance, is a contract of utmost good faith or uberrima fides. This means that insurers trust that you will give them the correct information and they will in turn use that to provide you with a quote.
As part of your preparation work you need to calculate how much it would cost to put your business back in it’s current condition in the event of a catastrophic, total loss, fire for example.
Many people buy fish & chip shops or takeaways as a going concern with fixtures and fittings included. There is a danger in using these amounts when getting an insurance quote.
The sum insured for your contents needs to reflect the replacement cost as of the present day. You should split the contents into four areas. Stock, tenants improvements (improvements you have made to the building ie fixed flooring), any fixed frying range and then all other contents.
Frying ranges, in particular, to replace as new can be three or four times the figure declared when buying a business. Amounts up to £40,000 are commonplace for a full frying range with ducting. If this figure is not corrctly declared, any subsequent claim you make, whilst valid, could be reduced by a significant percentage due to under-insurance.
As always, speak to your broker for advice about how to calculate the correct figures.