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3 Vital start-up business insurances you may have overlooked

10.11.2016 By Elliott Insurance Insurance News

If you run a start-up there’s no doubt you’ve been thrust into the world of business at a rapid speed and need to quickly find out what exactly you need to protect your business and your assets. After all, you’re likely on limited funds and need to minimise, account for, and protect yourself against any potential loss. Here we’ll outline some of the essential insurance you might need for your start-up business.

Cybercrime insurance

Cybercrimes are on the rise, and as a business owner of a start-up you’ll need to make sure you’re protected against online crime. Online criminals are quickly finding ways to surpass security on our computers and getting past new technology as fast as we’re updating our ways of keeping them out. Therefore you can make sure you’re covering your bases with:
• Up to date anti-virus software
• Regularly changed passwords and encryption
• Using a remote Cloud system instead of a hard drive to increase data security
• Checking bank statements for fraudulent transactions
• Making sure you don’t open any attachment from unfamiliar senders
• Scanning all USB’s or external software and hardware for viruses before opening
• Being on the look out for identity theft
• Backing up your data and securing it with high quality malware

And of course make sure you are protected by start-up business insurance to ensure that any loss of client data, breach of confidentiality by theft, computer or device theft, identity theft, credit card fraud or other insurable cyber crime is covered.

Professional indemnity insurance

If your start-up involves giving out any sort of advice, even if it’s marketing or technology related, then your clients are at risk of suffering a loss if this advice goes wrong. Professional Indemnity Insurance will protect you against the costs involved with a legal case and damages to be paid if you’re found responsible for omitting information, breaching confidentiality, negligence in your duties, or errors in your work. So ensure you’re covered for this as the costs can be quite hefty if you wind up in court.

General property insurance

It’s likely that as a start-up you’re keeping your overheads low. However you probably have a computer, laptop, devices to work from, phone, printer, perhaps an office, documents, and other office equipment that you’re using every day to get the job done. If this is stolen, lost, or damaged in any way you’ll need to replace the items out of your own pocket if you don’t have insurance. By obtaining General Property Insurance for your start-up you can get covered in case something happens, and quickly replace your essential items so you can get back to work fast.
If you’re after insurance for your start-up business in Perth or anywhere else in Australia, contact the team at Elliott Insurance Brokers today. We have extensive experience servicing start-ups and understand your risks. Call us on 1300 635 315 today.