Signs of fear perhaps as some pubs go bust (5,5)
I believe the answer is:
goose bumps
'signs of fear perhaps' is the definition.
(goose bumps can indicate fear)
'some pubs go bust' is the wordplay.
'bust' indicates an anagram.
'some'+'pubs'+'go'='somepubsgo'
'somepubsgo' with letters rearranged gives 'GOOSE BUMPS'.
'as' is the link.
(Other definitions for goose bumps that I've seen before include "Sensation on the skin (when cold or fearful)" , "Pimply skin produced by cold or fright" .)