Running a clothes shop is bound to keep you busy from day-to-day, and with little spare time on your hands it’s sometimes easy to overlook certain aspects of running your business. One of those aspects is ensuring that you’re thoroughly protected against the threats that could jeopardise the financial security of your shop.
Whether you run a small boutique in a niche market - or a larger fashion store selling a wider variety of clothing and accessories - you will almost certainly benefit from the protection and security provided by a tailored clothing shop insurance package.
Below are some of the key policies you may come across as part of a general clothing shop insurance package:
This type of cover can help to defend against a claim made by one of your employees that they've suffered injury or work-related illness as a result of their employment with you. For example, one of your members of staff could injure themselves moving heavy boxes of stock between store room and shop floor. If you’ve failed to provide proper instruction for heavy lifting, then the injury may be seen to be your fault.
You may also want to consider purchasing employee dishonesty insurance, which can help to protect against financial losses you may experience due to the fraudulent activities of your employees, such as stealing.
For more information on what is covered by a stock insurance policy, click the link.
It’s not uncommon for clothing shop owners to open multiple stores in different locations, and if you run more than one shop then you may be able to take out insurance to cover those multiple businesses under one policy.
These combined policies can be incredibly useful to business owners, as it can make renewing insurance quicker and easier to manage. However, it’s worth bearing in mind that a multi-shop policy may mean paying more than you would if you were to purchase individual policies for each shop.
For instance, the physical location of your shop’s premises is often an influential factor when it comes to the price of your premium. This means that if one of your premises is in an area with a high-crime rate or a large number of pedestrians, it will likely drive up the price of your collective buildings insurance – even for the shops in relatively low-risk locations.
When taking out insurance, it’s important to remember that your clothes shop is likely to have different needs to another, similar shop – and consequently may require different insurance policies for comprehensive cover.
The exact make-up of your business insurance policy will depend on your attitude to the risks that your business is exposed to, as these will determine the types of cover that you need. As an example, a shop selling high-end designer wear is likely to have cover that differs to that of a store selling a more affordable range of clothing – not only because its stock is likely to be more valuable, but also because it may be more vulnerable to theft as a result. In a similar way, businesses situated in a shopping centre in the heart of a large city will likely require a different combination of cover than those based in a small, rural town.
If you have specific needs due to the nature of your shop – for instance specialised stock such as bridal wear or a designer boutique – make sure you bear them in mind when choosing your clothing shop insurance package. It’s important that you give your insurance provider an accurate description of every element of your business, so that you can, in turn, get insurance that is tailored to you specifically.
It’s also important to make sure that you read and understand the wording of each part of your clothing shop insurance. This is to ensure that you are aware of the full extent of your protection, and which circumstances you are and aren’t protected in.
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