When starting up a new business, all budding entrepreneurs and business owners should contemplate what insurance is needed to offer peace of mind and protection in case the worst occurs. As a business owner, insurance will help you cover any costs associated with an unforeseen event and proceed your operations with minimal impact whenever something unusual takes place. Not having insurance could cause your business to trend downwards financially if something unexpected happens to your assets, employees or customers.
Firstly, it’s important to note that every business is different. The size of a business, the industry it operates in, and the type of work it conducts, all make a difference when it comes to the types of insurance that are necessary. As an example, an agricultural business may need to insure equipment and machinery, whereas a professional services business might not have any equipment to insure.
When considering insurance packages, think about your employees, assets, business managers, equipment, and customers. Anything that has a significant impact on your ability to operate should realistically be insured. Some of the main types of insurance that you may want to consider when starting up a new business include:
- Public liability insurance (covering you and your employees for potential liabilities to third parties as a result of your products or services)
- Building and contents insurance (covering your office, site or warehouse from damage, theft and losses)
- Business interruption (covering you if unforeseen emergencies take place and halt your business operations)
- Management liability insurance (covering the managers of the business for the risks and exposures of running a business)
- Cyber liability insurance (covering impact and damage associated with a cyber attack)
- Tax audit insurance (covering the costs associated with a tax audit by the ATO)
When choosing between insurance options for a business, some people are inclined to work with major insurance corporations. However, this is not always the best way to secure a personalised insurance plan at a competitive price. Partnering with a reputable insurance broker like Statewide Insurance Solutions will ensure you get one-on-one service and can fully understand the details of your policy.
Statewide Insurance Solutions for business insurance products
The team at Statewide Insurance Solutions have experience partnering with start-up businesses and long-established corporations to deliver outstanding commercial insurance products. Our insurance brokers can work closely with you to understand the unique circumstances of your business and what types of insurance may be necessary.
Just some of the business insurance products we can offer include: Cancellation and abandonment insurance, Carriers liability insurance, Commercial motor vehicle insurance, Contract works insurance, Corporate travel insurance, IT/Cyber liability insurance, Directors and Officers liability insurance, Industrial special risks insurance, Management liability, Marine transit (cargo) insurance, Motor trade insurance, Professional indemnity insurance, Protection and indemnity insurance, Public and products liability insurance, Rural insurance, Strata insurance, Trade credit insurance, Voluntary workers personal accident insurance.
To discover more information about our business insurance products, contact our team directly or browse our website. We look forward to hearing from you and discussing your unique situation.