Do you run a restaurant in the UK?
Has your business insurance premium increased?
If so, don’t feel that you are being singled out, insurers throughout the land are slowly, but surely, increasing their premiums. For years they have been happy to take you premium with minimal, low single digit, increases year on year.
But now you are faced with a double whammy. Your business, like many, will be feeling the effects of the recession. Then, the insurers think they can hit you with an inflation busting increase in double digits.
Well, hope is at hand. You may have been loyal to your insurer over the past three, four or more years, but when they reward that loyalty by bumping up the price, this is the right time to look around for a cheap restaurant insurance quote.
If you have had a few claims then it is understandable if the insurers put through an increase, but if you have been covered by the same company for years and have had just one small loss, this should not be enough reason for an increase.
Insurers have suffered as well, partly due to their own errors in fighting tooth and nail for every piece of business on price alone. Supply and demand has kicked in over the past decade and insurers have been hungry for premium, at whatever cost. As business and commercial insurance is a cyclical industry, we are now at the point where insurers that have lost out need to recoup their losses through increasing premiums.
But this does not mean that you need to take this lying down, if you are claims free you should not have to pay for your insurers past mistakes and inefficiencies. Take 15 minutes to speak to a couple of brokers and, with a reasonable certainty, we can guarantee that you will get a better deal.