Got an insurance query?
Read our guide to some of the most frequently asked questions from bridal shop owners. As a well-known, Chartered insurance broker to the bridal industry, our 200+ bridal and formalwear shop clients don’t just rely on us for quality insurance products – they also depend on us for professional advice and answers to their daily insurance queries. Here we give you a flavour of the most frequently asked questions from our clients, as well as some of the queries raised by those thinking of arranging their insurance protection with Hine.
Q. I’m just about to sign the lease for my first bridal shop but haven’t moved in yet. When do I need to arrange my insurance cover?
A. Insurance is an integral part of good management, whether it’s for a start-up business or not. 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 even before you move in.
Q. Why should I use a broker to arrange my bridal shop insurance?
A. Without specialist knowledge, some insurance risks are difficult to spot and understand so it’s well worth consulting a specialist insurance broker for help. They will be able to tell you what type and level of cover you need, will offer advice and guidance on risk assessments (a legal requirement) and will help with your claim in the unfortunate event of a loss.
Q. Do I need liability cover for my shop?
A. As with all businesses, liability insurance is crucial. Despite your best intentions, accidents can happen. 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 is compulsory in the UK if you employ staff. It provides cover against a claim from an employee who is injured at work or becomes ill as a result of their work while in your employment.
Q. Am I covered for work experience students?
A. If you have Employers’ liability insurance, you should be covered for work experience students, irrespective of their age. In general, a person is deemed as an employee if you deduct national insurance and income tax from the money you pay them and you have the right to control where and when they work and how they do it. It’s worth informing your broker if you take on any work experience students or volunteers in case a separate risk assessment or special measures are needed.
Q. How do I know how much contents insurance I need?
A. Even if you are a start-up business you will be holding a significant amount of high-value stock, which undoubtedly needs protecting. You will need to calculate a cost value to insure, and it’s important to remember that you are responsible for any customers’ dresses held on the premises, so make sure you include these in the calculation too. A replacement value of all your business equipment, fixtures and fittings will need to be calculated separately. Q. What’s business interruption insurance? A. If your shop suffered a major loss because of flood, fire or theft, ask yourself if you could still trade? Business interruption cover will protect your income until you are able to get your business back on its feet.
Q. Do you offer discounts to RBA, BBA and BIS members?
A. Yes. Just call us for a chat and we’ll see what we can do for you.
Q. Do I have to arrange insurance for exhibitions and trade fairs I attend?
A. This is not a legal requirement but an exhibition organiser or venue may insist you have public liability insurance when you buy a stand, often up to an indemnity limit of £5m. Many shop insurance package policies may include this as an extension, so make sure you check. You may find that the exhibition organiser automatically invoices you for an insurance policy that covers you for their event, so make sure you discuss this with your broker as it may not be necessary.
Q. What should I and shouldn’t I do in the event of a claim?
A. If the worst happens, the first thing to do is mitigate your loss and make your premises safe by carrying out any emergency repairs and taking photographs of any damage. Phone your insurance broker or insurance company immediately and they’ll advise you what to do next and ensure you let the police know if you suffer from theft or malicious damage. Original purchase receipts may be required as well as two written estimates for repair work or to replace items.