Catherine Brides, an experienced Commercial Account Executive with bridal industry insurance specialists Hine Chartered Insurance Brokers, is opening the floor to your queries around your business protection with the aim to answer some your most frequently asked questions…
Q Should my landlord's insurance policy pay for damage to my shop window or is this our responsibility?
A This will depend on the terms of your lease agreement. In most circumstances the tenant is responsible for insuring shop windows against damage, so you should include the replacement value of the glass within your contents sum insured. Some insurance policies will have a separate section for glass cover.
Q Are dressmakers covered under our shop insurance?
A If the dressmaker is employed by you then yes, they will be covered under your employers' liability insurance – mandatory for businesses which employ any number of staff or have volunteers. However a large majority of dressmakers are self employed, often working from a number of different shops. In this case they should have their own liability insurance to cover any injuries or damage they may cause. You may also find that some specialist shop insurance policies will provide you with cover for stock held by dressmakers at their own homes.
Q Can I insure stock which is kept at a separate location under our shop insurance policy?
A Subject to underwriting questions, yes, it shouldn't be a problem to include this in your policy. If you're considering another storage location it's always best to speak with your insurance broker first, so they can make sure it will be accepted by the insurer. They will ask the usual questions around exact location, construction type, cover required, occupancy and levels of security.
Q Can I still get business insurance if I work from home?
A If you run your business from home, as a bridalwear retailer, dressmaker or similar occupation, there are business insurance products available to you. While nine out of 10 home insurance policies will cover business equipment in your home, you shouldn't automatically assume that this is the case. If you do operate your business from home, the best thing to do is talk an insurance broker and discuss the covers you feel are important to you. Most business from home policies will revolve around insuring your stock, business contents and public liability, with the option to include goods in transit, business interruption, employers' liability and even household contents on some policies. Always advise your home insurance provider if you work from home as it may affect the cover provided.
Q How do I put a value on my stock?
A How to calculate a value for your stock will be dependent on the insurer you are with and if you have any second hand or pre-worn stock like formal wear. The cost price of any brand new stock will be required, plus either the cost price or retail price of any sold stock you hold on behalf of customers. Formal wear and second hand dresses will not likely be covered for their cost price as insurers tend to make a deduction for wear and tear. This is unless you have a specialist bridal policy that covers formal wear on a 'new-for-old' basis. Your insurance broker or company will be able to advise you further on this.
What's your question? Now's the perfect opportunity to put any questions you may have to Catherine. Simply drop her an email.