We are finding, across the board from all our providers, that restaurant insurance premiums are continuing their positive increases seen earlier in 2010.
We have documented in this blog before that all insurers, car, home and business have been underpricing for a few years now. We have seen a few casualties, including the mighty Quinn Insurance that has ceased to underwrite business insurance in the UK.
There have always been competitive issues as far as gaining a foothold in certain insurance markets is concerned. Since 2005, at least three of our main providers, who previously did not underwrite restaurant or takeaway insurance, decided that they would enter the market.
In 2010, one of the main providers of this cover, for ourselves, simply decided that it was not competitive enough for them and pulled out of the market completely.
However, there are still providers out there are prepared to offer competitive prices. Whilst the prices are never going to get to the prices in mid to late 2007, when there was sever competition, you can still get a better prices than your renewal.
Rather than spending hours and hours searching through many different internet sites, you can speak to an independent business insurance broker. A lot of these sites do allow you to input information and after pages and pages, tell you that they cannot compete or that they are unable to quote. There is nothing more frustrating than finding this out time and time again. Whereas, we as a broker, will know straight away as soon as you declare your trade, location, sums insured and renewal premium, whether or not we will be able to get a competitive quote.