Turning a business idea into a reality can be both exciting and stressful. If you want your dream to take shape and not fall down in a heap at the first setback, you need to have all bases covered from the start. Think of it as a hurdles race at the Olympics.
After you've cleared a few of the hurdles, like choosing and registering a business name, setting up a bank account, ensuring your idea is competitive, securing the right space, finding the right business partners... what else do you need to do?
Taking out business insurance is an aspect that start-ups often overlook, but there are several compelling reasons why it’s important for a new business to consider insurance right from the start. Here are a few of our most important policies that every new business needs to keep themselves covered:
- Public liability insurance. This can protect you against having to pay compensation for personal injury and property damage as well as the costs involved in defending a claim triggered by the policy.
- Property damage. This will cover repair or replacement of property within your business that becomes damaged or stops working for reasons beyond your control.
- Theft. If you’re the victim of a robbery, this policy will cover and replace any property that is stolen or damaged.
- Employee Dishonesty. If your business becomes a victim of direct financial loss of the business caused by the dishonesty or fraudulent conduct of an employee which is first discovered during the period of insurance, a fidelity policy will cover you.
Regional Insurance Brokers will work with you and get to know your business inside and out. We review your insurance covers and insurable risk every year to make sure you have the right policies for your business - for a full list of our business insurance policies, click here.