When bringing your dream to life with a startup, you want to ensure you’ve done everything you can for it to thrive. As a company in its initial stages, a lot of time and money is spent on getting your business up and running without a lot of profit gained in return, at least to begin with.
When tallying up the costs of establishing your startup, you may think that spending more on insurance can be avoided. At this stage, however, it is more important than ever.
Importance of Insurance for Startups
1. Workers’ Compensation Insurance
If your business has employees, it is compulsory throughout Australia to carry Workers’ Compensation cover. In Victoria, this is known as WorkCover. As business.gov.au explains, this protects your workers against financial loss due to accident or illness encountered during their employment with you. You have an obligation to ensure adequate coverage is arranged on their behalf.
2. Public and Product Liability Insurance
For certain types of businesses, a Public Liability policy is also compulsory to carry in Australia. For business owners, this will help to cover the cost of injury, illness or damage for which the business could be negligent. Product Liability Insurance covers you in the event that you supply products or services that result in an accident or cause potential harm.
3. Business Pack Insurance
This policy is an extremely effective way to cover a number of common Property and Liability exposures for small businesses. At Atlantic Insurance we can help to tailor this for your specific needs but it can include protection against Fire and Perils such as Storm, Burglary, Business Interruption, Money, Glass, Liability, Machinery, Transit and more to offer comprehensive cover.
4. Cyber Insurance
Cyber Insurance policies are becoming increasingly vital for all businesses in order to protect your business against financial hardship, legal liability or reputational damage in the event of a cyber attack. If you store or handle sensitive customer information including personal details, financial data or intellectual property, this policy is highly recommended.
5. Management Liability Insurance
Similar to a Business Pack policy, this covers your business against a number of exposures within the one policy. Consider this to receive Directors & Officers cover, Employment Practices Liability, Fidelity and Employee Theft policies and more.
6. Professional Indemnity Insurance
A Professional Indemnity policy assists in covering the financial cost incurred by a third party as a direct result of errors or omissions in your professional advice or recommendations.
When To Consider Business Pack Insurance
This policy is an excellent way to receive general protection for your startup that covers a range of exposures under one policy. For small to medium sized businesses, it is an essential consideration that is a convenient, cost-effective insurance solution to prepare for loss or damage.
Speak with an experienced Client Manager about the best coverage options for your requirements.
Protect your Startup with Atlantic Insurance
At Atlantic Insurance, we are an Insurance Broker dedicated to providing reliable cover for your business so that you can continue to offer your instrumental services to the community, and would like to watch your organisation flourish despite any unforeseen circumstances that may arise.
Contact us to protect your startup today.
Any information contained on this page of the website is general advice only and has been prepared without taking into account your objectives, financial situation or needs. Your should consider these, having regard to the appropriateness of this advice and the relevant Product Disclosure Statement (‘PDS’), Target Market Determination (‘TMD’) and Financial Services Guide (‘FSG’), which will be provided following any formal recommendation to you.
