If you’re thinking of starting a new bridal business, your ever-expanding “to do” list may already be very long, and insurance may not come at the top of it.
But insurance is an integral part of good management and can assure you that you’ll be supported in the future if serious problems come your way.
Here are the top 10 insurance tips to consider if you are thinking of starting a new bridal business:
- Assess your risks properly from the start: A risk assessment is a legal requirement, and if you employ five or more people you must record any significant findings. Talk to an insurance broker about the risks facing your business. This will help you identify, assess and prioritise these risks and pull a plan together to counteract them
- Act sooner rather than later: You should enquire about shop insurance as soon as you have agreed a lease. A policy should be ready to start from the day you begin putting stock or contents in the shop. Your lease may even require you to have insurance in place before you move in
- Protect your premises: Don’t assume that if you lease the property the building is protected under your landlord’s insurance policy. This may well be the case but it’s important to double-check
- Consider your liabilities: Public liability insurance provides cover against claims made by members of the public who have suffered loss, injury or damage to their property. Employers’ liability insurance – a legal requirement in the UK if you employ staff – provides cover against a claim from an employee who is injured at work or becomes ill as a result of their work for you
- Contents cover: On top of stock, as a bridal retailer you’ll be responsible for any customers’ dresses held on the premises. An insurance broker will be able to help you calculate a cost value to insure
- Business Interruption: If your shop suffered a major loss because of flood, fire or theft could you trade? Business interruption cover protects your income until you are able to get your business back on its feet
- Legal Expenses: It can be hard to keep up to date with legislation changes affecting your business, especially without an HR or legal department. Legal expenses insurance affords comprehensive cover for your business, with the benefits of legal advice and representation, minus the financial burden of additional salaries
- Cyber Liability: SMEs are easy targets to cyber criminals. It may only be a matter of time before your business is affected by a phishing email or ransomeware, and cyber liability can cover the cost of the consequences of a cyber attack
- Talk to the experts: A Chartered insurance broker will be able to tell you what type and level of protection you need, arrange cover on your behalf, and offer advice and guidance throughout the lifetime of your insurance policy. Your broker will be on hand to help if you need to make a claim
- Regularly review your requirements: If your bridal business flourishes and you consider taking on extra premises or storage space for your stock, it’s vital to let your insurance broker know as soon as possible, and avoid the heartache of under-insurance if the worst should happen
Starting your own business? Call the Chartered brokers at Hine on 0161 438 0000 for a free consultation.