Insurance is important when you start a business. Here is a list of types of insurance you may need when starting a business:
1. Public Liability Insurance – All business, even if it’s based from home needs public liability insurance. A public liability policy provides defence and damages if you, your employees or your products or services cause or are alleged to have caused Bodily Injury or Property damage to a third party.
2. Property insurance – This may be for the building you operate from and all effects inside or just the tools you carry to undertake your work. Could your business continue if you no longer had those tools. Some public liability policies protect your tools or property, check that your cover is sufficient.
3. Professional Indemnity – Important for business that provide a professional service or to protect against legal damages where your services cause a loss to your client.
4. Workers compensation/ WorkCover – This insurance is mandatory for employers to cover your employees.
5. Income protection – The policy is to cover you in the event that you cannot work as a result of sickness or accident. This is important to ensure expense are able to be paid while the work may not be able to be completed.
Other insurances to discuss with your insurance provider are Cyber security insurance, Vehicle insurance, directors and officer’s insurance.
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