Question:
I’ve just started a women’s clothing store and I want to make sure I’m properly covered insurance wise. I’ve received some quotes for a range of different policies and I’m getting conflicting statements of what I need. What should I be looking at and who should I go to for the best advice?

Answer:
Insurance should be suited for individual circumstances wherever possible. However, there are some basics you should be looking at such as:

• theft
• fire damage, and
• public liability insurance (in case a customer is injured on your premises).

You will also need worker’s compensation insurance if you have staff. As you are just starting your business, you should also consider some form of life insurance in case you have an accident and the business fails as a result.

Many insurance providers will offer packages for businesses which works out cheaper than buying policies individually. You might want to consider using an insurance broker who will be able to tailor an insurance package for your needs and get the best price.

Filed under: Starting a Business, Insurance & Business Protection
This page was added on 2 January 2002, last updated on 21 October 2006.