Mitigate risk with insurance
It’s not exactly the most exciting part of starting your own business, but insurance can potentially save you a bundle. And without some policies, you may not even be street legal.
In terms of what’s compulsory, in Western Australia you must have workers’ compensation insurance if you have staff and third-party insurance for any business vehicle(s).
The rest is about mitigating risk and can be divided into three categories:
Assets and revenue insurance
This covers loss, damage and theft and includes policy coverage for building and contents, glass breakage, fire, equipment breakdown, fraud, business interruption and theft.
This is for damage to people or property, including public liability, professional indemnity and product liability.
Personal and workers’ insurance
While workers’ compensation is compulsory, you may also consider income protection, personal accident and life insurance.
Consult networking and industry groups to gather advice from other business owners.
Insurance companies often offer bundled policies specifically for small businesses, or you may consider using an insurance broker.
Industry groups may buy insurance in bulk to get better deals for members, so ask around.
Many companies have insurance packages tailored to suit specific businesses, from pet sitters’ insurance through to hairdressing policies.
Check out CCI’s partnerships with AON and GIO for discounts. Seeking professional advice is a must.