There are multiple insurance options out there that are available for your business. But as a startup, your business’s nature and your limited financial strength puts an upper ceiling on what you can choose. The desire to keep this expense to a minimum is also fairly understandable, which is why you should arm yourself with the basics. Below are guides for planning your start-up Sunshine Coast insurance structure.
Ensure business continuity
Australia is no stranger to calamities—bushfires, flooding, and storms, to name just a few. A business continuity plan is vital to revive your business should disasters come calling. Insurance is essential to every comprehensive continuity plan. Property Insurance shall cover for malicious, accidental, and calamity-induced damage to your business’s properties. A Business Interruption Insurance policy, on the other hand, will help your recover revenues and profits that you will lose while your business undergoes restoration due to said damage.
Secure your people
You may not like it, but there exists the possibility of your business facing charges due to personnel-related faults. Such lawsuits will stem from wrongful acts such as a breach of fiduciary duty, misappropriation of trade secrets, insolvent trading, unfair competition, harassment, unfair dismissal, discrimination, and employee dishonesty. Management Liability Insurance (including Employment Practices Liability), offered by companies like Insuring theProduct, helps mitigate the damage to your business. It also protects you from fines and penalties that arise from failure to comply with government regulations or orders.
Base it on law
What the law says about your business must be carefully considered when buying Product Liability Insurance. Under Australia law, are you a manufacturer, retailer, or distributor? If you’re on export/import, which country has jurisdiction over the claims against your business? In most cases if you import direct into Australia you may be considered the manufacturer under Australian Law. Understand how the insurance deals with conflicts and gaps on the coverage of business operations such as drop-shipping, re-labeling, decanting, and mixing. Careful disclosure of all of your business activities ensures that the correct type of coverage is arranged.
Protect from data liability
Going digital provides your business with many advantages, but it also leaves you vulnerable to multiple threats. Dangers include hijacking of data and systems, identity theft, copyright and content offences, client data exposure, internal data damage, and hardware theft, along with hacking of website, email, and online transaction systems. Cybercrime and Cybercrime Liaiblity Insurance covers personal, corporate, and outsource liabilities.
Be careful with the agent
You need a competent small business insurance broker to manage your insurance application. Check your prospect’s industry reputation through credible references, past clients, disciplinary records, and possible lawsuits. Determine what types of insurance the prospect specialises in. Also, opt for agents who can treat your business as a priority.
(Source: Small Business Insurance: What Agents Want You To Know, Businessnewsdaily.com)