Planning to start a business?

may take out an entirely worthless policy when you go ahead. Again, facts have to be right from the beginning.

Consider Advice. We understand no one has an unlimited budget, but don’t cut corners that may put you out of business before you’re off the ground. For example, If you handle and store people’s details like phone numbers, names and addresses, you need cyber protection for yourself. If employing people, you may need Management Liability Insurance, if you give advice, you may need Professional Indemnity and so on. Take the time to familiarise yourself with the risks, so you aren’t taken by surprise, and so you can write a realistic budget. Deciding in advance you need the “bare minimum” may be a costly financial error.

Read All of the Paperwork. When we ask you to read through and confirm the details are correct, you must check! Once a quote turns into a policy, this is a legal contract between you and the insurer. If you fail to read it, and later have an issue caused by a failure to correct your answers, it’s too late once a claim has occurred. Read the Schedule and read the PDS. Ask your broker questions, as the answers could make a big difference to the cover selected, and to how you manage risk within your business.

Be Patient. Often insurers and their underwriters are overwhelmed with the volume of inquiry, so be prepared to wait for a quality answer to come back. Speed doesn’t always equate to efficiency or deliver accuracy. Not everything can be done using online quoting tools, and this is particularly the case for complex risks. So perhaps start your research well before you quit your job to allow ample time to get it right.

You can thank me later.

For a health check of your business insurance, contact Small Business Insurance Brokers via email: sales@ smallbusinessinsurancebrokers.com.au

Any advice in this article has been prepared without taking into account your objectives, financial situation or needs. Because of that, before acting on the above advice,you should consider its appropriateness (having regard to your objectives,needs and financial situation).