When starting a new business there are a lot of things to consider, and one that should be a priority is taking out insurance. However if you already have a pre-established business with insurance, it’s also important to get a professional to review your current situation on a regular basis as your business and its circumstances are constantly changing. General Business insurance policies can be the saviour of any business that runs into complications, and without it, could mean the end of a business. Covering your business for many aspects including Commercial Property, Public Liability and Workers Compensation, General Business insurance policies in Australia are now varied and not as pricey as you’d think. Here we look at a few important reasons as to why you should insure your business.
It’s not as expensive as you think
When you consider the potential loss you could endure as a result of a workers’ compensation claim, or your commercial property being damaged by fire/flood/other disaster, the premiums for General Business insurance policies are very insignificant compared to what you’d have to pay out if you weren’t insured. Given there are also so many different general business insurance policies in Australia, there are a variety of competitive pricing options to choose from.
To protect yourself from a lawsuit
As a business, apart from going bankrupt, the last thing you want is to end up being sued by someone. It could be from an employee who injures themselves in the workplace, to a client who claims you were negligent with your advice which led to a loss or damages for them, or someone who’s self or property is damaged as a result of your work.
To comply with the law
Believe it or not, some insurance policies are required by law, depending on the type and size of your business. For example, if you employ people, you must protect your employees in the event of an injury or sickness caused by your workplace with Workers Compensation insurance. Additionally, you may also be required by law to take out Public Liability and/or Professional Indemnity insurance, depending on the type of company you operate as. It’s therefore really important to know what insurance policies you need to have in place in order to trade legally. It would be a good idea to seek the advice of a professional regarding what insurance you are legally required to have.
Call Elliott Insurance Brokers today on 1300 635 315 to speak to one of our experienced brokers in Perth.