In the food industry, it’s up to businesses to manage their own risks – which can range from spoilage and recalls to theft and equipment breakdown.
Even with top-notch risk management, things can go awry. This is where insurance cover comes in – by providing financial protection in case things don’t go according to plan.
Typical insurance covers for a food business include:
- Property insurance – cover for premises and contents in case of disasters such as storms.
Public & Products Liability – to cover claims of injury or loss by members of the public, such as from slips and trips or food poisoning.
- Theft insurance – covers theft of money, contents or stock by customers, visitors or intruders.
- Employee dishonesty – to cover theft of property or fraud by an employee.
- Equipment breakdown – covers the cost of repair or replacement of broken-down or damaged equipment such as cool-rooms or fridges.
- Management Liability – to protect your managers against accidental statutory or regulatory breaches such as employment practice liability and company liability, etc. (e.g. wrongful dismissal, sexual harassment, underpayment of workers, pollution)
- Stock deterioration – for losses due to food spoilage.
- Business interruption – for situations where business is “interrupted” (for example due to fire) to cover loss of revenue and ongoing costs.
- Cyber insurance – in case of online fraud and other cyber crimes.
Every food business is different, so it’s important to speak to your broker about policies tailored to your particular business risks.