When you start a new business, you spend hours organising a business name, logo, stationary, website design and hiring staff. With so many things to consider, it’s easy to forget more practical matters like insurance. However, it’s vital to have insurance in place to give you peace of mind.
Once you’ve gone to the effort of setting up your new business, you need to make sure you protect it with a good insurance package. Insuring a new business will give you the confidence to know that your business will be covered if anything unexpected happens.
How to Insure a New Business
Property Insurance
Property Insurance is one of the most basic types of insurance that you’ll need if you’ve recently started a new business.
Property Insurance is vital for a number of different types of business. If you’re out on the road, it will protect your vehicles and tools. If you’re based in an office, it will cover your office furniture, computing equipment and any other property related to the business.
Even if you rent your business property, you’re still likely to need Property Insurance for things like glass repairs and replacements. Speak to your insurance broker if you’re unsure what type of Property Insurance you’ll need.
Business Interruption Insurance
No matter how prepared you are, sometimes unforeseen circumstances can mean that your business isn’t able to operate. This is where Business Interruption Insurance can help.
If your business isn’t able to operate because of a circumstance like fire, flooding, storm damage or any other significant damage, Business Interruption Insurance will cover your monthly revenue until you’re back in business.
Personal Accident and Injury Insurance
Personal Accident and Injury Insurance can help to protect your income and is an important consideration for new business owners. If you’ve started a new business, you’ve usually put a lot of money into your venture and may not have much left in savings. If you find yourself unable to work for a period of time, you could find yourself in a situation where you’re not able to survive financially.
With Personal Accident and Injury Insurance in place, if you’re unable to work you’ll receive monthly payments until you’re able to return to work or until the policy expires. This means you’ll be able to keep up financially and maintain your lifestyle.
Public Liability Insurance
Having Public Liability Insurance in place for your new business is absolutely essential. Public Liability Insurance will cover you for damage that has occurred to property or another person as a result of your business activities.
No matter how careful you are, things can go wrong when you run a business. If you and your business are found liable for any damage following a claim, you will be financially responsible for the cost of the claim. With a serious incident, this amount can be thousands of dollars. Having to pay a considerable amount of money for a claim can spell financial disaster for a new business.
Putting Public Liability Insurance in place means that you’re covered for the cost of a claim with any damage caused to property or another person by your business activities. Many businesses will find that this type of insurance is mandatory for you to operate.
Business Expense Insurance
Business Expense Insurance is designed to protect your business if you’re unable to work. As a business owner, if you find yourself unable to work, this can have serious financial implications on your business as you might not be able to make bills and repayments.
Business Expense Insurance can cover the fixed costs of your business so you can still maintain your business even if you’re unable to work. This will take the pressure off you and will mean that your business will continue to function even in your absence. It will also mean that you don’t have a backlog of payments piling up.
How do I get more information about insuring my new business?
At All Trades Cover, we specialise in offering insurance to a range of businesses. Speak to one of our insurance brokers to get more information about the best insurance package for your new business so you can be prepared for the unexpected. We can be contacted through our contact us page.
You can also get an instant quote for Public Liability and Tool insurance from our instant online quote form.
