There is no better time to talk about business insurance than now. With all the damage being done to fellow Australians in various states, it’s important that you have your business looked after.
Many business owners underestimate it. Protecting a business is as important as the growth of a business and having business insurance is one way of protecting all the hard work that has been done.
Having business insurance will also help increase the value of the company.
Have you considered insurance for the following:
- Your home-based business? Your existing home-and-contents insurance may not cover your business activities or your clients when they visit.
- Public liability? This protects you and your business against the financial risk of being found liable to a third party for death or injury, loss or damage to property, or economic loss.
- Your assets and revenue? You can obtain insurance to protect your various assets and your revenue-generating capacity.
- Yourself? If you are self-employed, personal accident or illness insurance, including life insurance and income protection, is an option.
- Professional indemnity? This protects you from legal action taken for losses as a result of your advice.
- Product liability? If you sell, supply or deliver goods, even in the form of repair or service, you may need cover against claims of goods causing injury or damage.
I know you don’t want to consider worst-case scenarios when planning to establish your business. However, that is the purpose of insurance – to protect you against them so you can place all your efforts towards building your business.
Michael Todd, Penrith City & District Business Advisory Centre Ltd
