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:
Business interruption insurance:
Business interruption insurance is designed to cover the losses you suffer if circumstances beyond your control mean your business is unable to trade at full capacity. For example, if a large amount of your stock was affected by a flood or fire, you may be unable to operate normally as a result. Business interruption insurance could cover you for loss of revenue in this situation, covering the losses you experience until you return to business as usual.
Public liability insurance:
It’s not uncommon for clothing retailers to employ staff, and if this applies to you then you’ll need to have employers’ liability insurance in place. Whether your employees are temporary, unpaid, contractors or any other type of worker, employers’ liability insurance is required by law. 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.
Employers’ liability insurance:
If you have employees, contractors, casual workers or temporary staff – either paid or unpaid – working at your shop, you are legally required to purchase employers’ liability insurance. This can help cover claims made by your employees that they have suffered injury or work-related illness as a result of their employment with you.