Had another phone call the other day, recommended by a an existing customer, with the question posed, “I am thinking of starting up a new business, how much will I pay for restaurant insurance“. Now, many years ago this is the sort of phone call that would result in effectively a bland response because there were not that many insurers involved in that area, so we could not give much information.
Nowadays though, being a bit older and marginally wiser, I understand that people will want to know that their potential outlays are likely to be. All we can possibly do is give an indication. We work in a very restrictive industry, thanks to the governments input, and that we cannot give a verbal quote without following this up in writing. Without any information, we cannot give a quote, just an idea.
Which is exactly what this person wanted. All we really need to know is the rough area, how much their contents were going to cost, what the business is going to do (ie any takeaway or outside catering) and the claims experience of the owner.
This way, we can safely say that any restaurant in a reasonable area, with around £25k contents is going to pay approximately £500-£600 per annum, or £50 per month. That is all they needed to know to then move onto stage 2 of their business plane.
If you are looking to get an indicative premium for your business insurance, please feel free to call us. We won’t hold you to anything, but will give you and idea of what you should or could be paying.