It is easy to get carried away with organising the running of your new business, as well logos, business name, stationary, website design, and hiring staff. With so many things to organise, it is easy to brush over the practical matters such as insurance. However, insurance is vital in order to protect your financially and give you the necessary peace of mind to run your business without a hitch.
After setting up your new business, you will need to ensure you engage a comprehensive insurance package. Insurance can give you the confidence in knowing that just in case something does happen, you will be covered.
When starting your new business, the decisions and set up costs can put you under significant pressure. Insurance can help ensure that any financial risks are squashed and you can continue to operate in the future.
The different types of insurance you will need will vary on the industry you operate in. A good insurance broker will be able to help you decide what might be the best package for you.
If you have started a new business, chances are you will need to insure some kind of property, machinery, tools of the trade, or equipment – property insurance can help protect these physical assets.
Property insurance can help protect your property, including vehicle if you go out on the road, if you are office based, if can cover items such as furniture, computers, or hardware related to your business in the case of an insured event.
If you rent your business property, you will still be likely to need property insurance for things such as glass repairs or replacements. If you are unsure about the type of property insurance you might need, speak to your insurance broker.
Business Interruption Insurance
Sometimes no matter how prepared or careful you are, unexpected events occur which mean your business needs to stop operator or is forced to close for a certain amount of time. It is in these cases where business interruption insurance can help you.
If your business if affected by fire, floods, storm damage or other significant damage, business interruption insurance will cover your earnings whilst you are recovering from these losses and waiting to get back into business.
Personal Accident and Injury Insurance
If you have just started a new business chances are that you have put a lot of money into your venture and do not have much left in your savings to fall back on. Personal accident and injury insurance can help to protect your income in case you find yourself unable to work for a period of time. It will help to provide you with some money so you can sustain yourself financially whilst you cannot work.
Public Liability Insurance
Public liability insurance is perhaps the most essential and common type of insurance for contractors and new businesses. If you damage property or another person as a result of your business activities you can be sued for damages and wind up with a hefty bill if found guilty.
Even the most careful and precise of contractors will find that things do go wrong when running a business. The bill for being found liable for a claim against you can run into thousands, and even millions of dollars if it was a serious incident. These types of events can mean financial disaster for a small business.
Having a public liability policy in place means you are covered and the insurance company will pay for your expenses. In many cases of contractor work, you will find that public liability is actually compulsory.
Need more info?
Contractor Cover specialises in providing insurance for a wide range of contractors and across many different industries. Speak to one of our insurance brokers to get more information about the best insurance package for your new business so you can be prepared for the unexpected.