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The fashion and textiles industry has unique needs - typical insurance cover tends to include asset and revenue cover to protect a business’s stock and resources and its income generating capabilities in case of an unforeseen event. There are certain other insurance policy features that also need to be taken into consideration.
Insurance policy features:
Business interruption - providing coverage if the business is disrupted because of damage
- Burglary - covers theft and damage to goods and stock on premises
- Fire and perils - covers against destruction and damage to the building and contents through fire, storm or water damage
- Goods in transit
- Loss of money, including cash and cash-valued items
- Products liability
- Public liability
- Workers’ compensation
- Product recall
- Credit or bad debts
Following a major fire, interruption or court case, many small businesses fail to recover as they haven't had adequate insurance to cover their downturn. Sufficient comprehensive cover is therefore vital for your business's long-term prospects. Speak to your insurance broker about a policy that will best suit the needs of the textiles industry. If you don’t have an insurance broker, the National Insurance Brokers Association (NIBA) can help you find one who understands the specific demands and requirements of your industry.
