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Small Business Insurance Checklist
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Starting a small business can feel daunting. So much to do, so little time. Getting insurance in place for your small business is important and with the help of an expert insurance broker can be one more task you can tick off your todo list. Below is a checklist for small businesses looking to understand their insurance requirements and what they could consider.
Small Business Insurance Checklist
There are very few compulsory insurances that businesses are required to hold to operate. However, whilst there are only a few compulsory insurances, there are many optional insurance policies that are worth considering and utilising as a part of your risk mitigation strategy and approach.
Public Liability Insurance, whilst not compulsory, often is the first optional insurance that a business considers and given the takeup of Public Liability Insurance, it is almost worth considering it as compulsory insurance due to the risks that it can remove or reduce.
Tips to remember about Small Business Insurance:
- Your business will most likely change (grow or shrink) over the time of your insurance: make sure that you're levels of coverage match the reality of your business to ensure you are not over or underinsured.
- Premium Funding can assist with your cashflow: smoothing out a lumpy annual premium cost over 12 monthly payments.
- Business packs can bundle together a few different insurance lines: However business packs might be more general in their approach rather than specific for your business. You need to work out how closely the business pack coverage aligns with your needs and requirements.
- Consider if your business needs extra insurance from particular insurance lines: Some businesses require greater levels of coverage from particular insurance lines to better align with their requirements.
- Periodically review your insurance setup and small business requirements with an insurance broker: As your business changes over time, so does the inclusions and exclusions of insurance policies. Engaging with an insurance broker to undertake a review of your current insurance policies and what new insurance policies may be available.
- Buy your small business insurance based on coverage requirements rather than purely on price. Getting coverage from your insurance is the most important requirement.
Management Liability insurance is designed to provide protection to both the business and its directors or officers for claims of wrongful acts in the management of the business.
A business insurance pack can provide cover for your business premises and contents, against loss, damage, theft or financial loss from an insured interruption to the business.
- Your business will most likely change (grow or shrink) over the time of your insurance: make sure that you're levels of coverage match the reality of your business to ensure you are not over or underinsured.
- Premium Funding can assist with your cashflow: smoothing out a lumpy annual premium cost over 12 monthly payments.
- Business packs can bundle together a few different insurance lines: However business packs might be more general in their approach rather than specific for your business. You need to work out how closely the business pack coverage aligns with your needs and requirements.
- Consider if your business needs extra insurance from particular insurance lines: Some businesses require greater levels of coverage from particular insurance lines to better align with their requirements.
- Periodically review your insurance setup and small business requirements with an insurance broker: As your business changes over time, so does the inclusions and exclusions of insurance policies. Engaging with an insurance broker to undertake a review of your current insurance policies and what new insurance policies may be available.
- Buy your small business insurance based on coverage requirements rather than purely on price. Getting coverage from your insurance is the most important requirement.
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Andy Jamieson
General Advice Warning: This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is appropriate for you and your personal circumstances. Before you make any decision about whether to acquire a certain product, you should obtain and read the relevant product disclosure statement.
All information above has been provided by the author.
All information above has been provided by the author.
Andy Jamieson, ABN 17 613 588 266
QUESTIONS? JUST ASK
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