When you open a business in Western Australia, there are a range of different things that you are likely to be thinking about. Company names need to be registered, staff members need to be hired and premises need to be leased.
With so much to do, it can be hard to know at what point your business needs insurance, especially when you are just starting out.
While it might be easier to forget about insurance until your company is more developed, this can leave you with a serious risk on your hands. Without insurance, any accidental costs your firm encounters will fall on your shoulders, significantly denting your profitability and potentially putting you out of business entirely.
So when should your company take on business insurance in Perth?
The short answer is ASAP, especially when it comes to professional indemnity and public liability insurance. These two policies can ensure that as soon as you start running a business, even if it is just from your spare bedroom, you will have the right support in place. For some industries, liability insurance is compulsory right from the start, which makes it crucial to have these policies in place as soon as you start operating.
Income protection insurance can also be incredibly useful for business owners, especially sole operators whose income would dry up if they were unable to continue working.
You’ll need to take on other insurance policies as your business grows and you take on more responsibilities. For example, you won’t need workers compensation insurance until you start hiring staff. At this point, workers compensation will become an essential feature of your company.
Once you move into a new office space it will also be worth considering whether you are protected in case of damage to the property you now occupy.
Finally, it is important to review and adjust your insurance product as your business develops. Under-insurance is a very real risk in companies that are growing quickly, which can create problems when you think you are covered. Reviewing the levels of cover you have at regular intervals can ensure that your business is getting the best solutions for your needs.
Securing the right insurance for your small company start-up doesn’t need to be difficult and can be the key to unlocking ongoing, uninterrupted success in your business.