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What small business insurance policies do you really need?

For those who are brave enough to step out on their own and start their own small business, it can be daunting. There are is plenty of things to worry about that you may not have had to deal with before, including small business insurance. Most people know about public liability insurance and workers compensation, but only considering the bare essentials can put your business at serious financial risk before it has even started. If you’re looking to give your small business the best start, here is the guide you need:
Firstly, engage a local insurance broker near you
The first thing you should be considering is talking to your local insurance broker (click here to speak to us today). You probably wouldn’t do your own tax return, or set up your own wills or powers of attorney would you? The insurance requirements of every business, big or small are complex and almost always require a specialist.
Just about every new small business is working with a pretty tight budget. Insurance specialists not only can source cost effective cover specific to the industry you are entering, but they can also provide you with quality cover that you can have confidence in at claim time. As insurance specialists, LARK Insurance also helps manage any claims that may arise so that you can get back to business as soon as possible. An insurance broker is there to act as your advocate in the insurance market, working to ensure you get the best cover at the best price. Check out Deloitte’s study on the value of insurance brokers and how we can help you.
The small business insurance policies you need
So, what covers do you really need to start your small business? Here are some of the basic covers you should probably consider:
Public Liability Insurance
Public & Product Liability insurance is a legal requirement in Australia for just about every business. It provides protection in the event of a claim of injury to someone or damage to something in connection to your business activity or the products your business provides. Claims on these policies can be into the many millions, so its crucial you obtain advice around your public liability insurance needs. To arrange a public liability insurance quote, click here.
Workers’ Compensation

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.

Purchase up to six products under one Business Insurance Package. 

Workers’ Compensation
Does your small business employ any staff? If the answer is yes, then you definitely need to consider getting a Workers’ Compensation policy. If one of your staff members gets injured at work or falls ill due to their work, a Workers’ Compensation policy is there to assist with the associated expenses. This is another legal requirement for most businesses so be sure to consider this one carefully.
Commercial Motor Vehicle Insurance
Is your business mobile? Meaning you need a vehicle to get from job to job? If you were to have an accident and your car was written off, would you have the funds to replace it? For just about every new business, the answer to this question is a definite no. You need to have a comprehensive insurance policy in place to ensure that any incidents that happen to your car or someone else’s while you are driving are covered.
There are plenty of policies which have nasty fine print, so its important to get a quality policy which will be there when you need it. Be sure not to just Google “cheap car insurance” and take the first option you see. LARK Insurance can organise Commercial Motor Vehicle Insurance for a wide range of vehicle types including cars, trucks, heavy plant & equipment and more.
Equipment/Tools Insurance
Just about every business uses equipment or tools of some way, shape or form. Whether its tradies’ tools or an accountant’s laptop, they all play a crucial role in your business. Its important to protect the important assets in your business because if they are stolen or perish in a fire, it could cost you thousands in downtime and replacement costs.
We can assist with cover for equipment that stays at a workshop or office as well as portable items that might be on the back of your ute every day.
Complimentary Small Business Insurance Review
If you are starting a small business and need help with your insurance, get in touch with us today. We can arrange quotes quickly and easily via email, phone or face to face to help get you the cover you need to start your business.
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.

LARK Insurance, ABN 56 635 745 176, AFSL 240549

This article originally appeared on LARK Insurance and has been published here with permission.

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