If you own or are thinking of buying a fish & chip shop, it’s important to know the risk factors that come with that. Insurance cover is of the utmost importance to ensure that your investment is safe should anything happen. To help you, we’ve put together a list of 8 do’s and don’ts to keep in mind for fish and chip shop insurance:
- Standard home insurance will not cover an unoccupied property.
If you’re not living in the property or the property is vacant for more than 30 days, insurers will count it as ‘unoccupied’. To ensure that you’re adequately covered should anything happen, you will need unoccupied property insurance. It’s possible to get 3, 6, 9 or 12-month’s cover, depending on your unique situation.
- The risk for insurers is higher
As you won’t be living in the property, you won’t be there to see to any of the problems that may arise. The boiler could burst and flood the house. Someone could also accidentally drive through your front wall. Your insurer will take all of these aspects into account.
- You will need to check the property
For your insurance to be valid, you will need to check on the property every 7 – 14 days.
- You will need to have security measures in place
Your insurer will request that the property have adequate security measures in place. This will help guard against illegal entry or burglars looking for an easy target.
- Don’t forget to turn the gas and electricity off
As the property will be unoccupied, you must ensure that the gas and electricity are turned off at the mains. An exception would be if you need to maintain heating.
- There are three levels of unoccupied property insurance
Like most types of insurance, you can buy different levels of cover depending on what you require. Titan Insurance offers 3 levels of Unoccupied Building Insurance. All of them insure up to £2 000 000 Property Owners Liability. This covers you if any accidents or loss happens to a third party such as a person or property eg., like the property next door.
- Storm, flood and weight of snow
- Escape of water or oil
- Impact by aircraft or items dropped by them
- Collision from an animal or vehicle
- Falling objects – trees, telephone poles, lamp posts, radio aerials and satellite dishes & masts
At Titan, we’re here to help. If you need any assistance with your insurance, don’t hesitate to contact us on 0207 731 3700.