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How to Set Up Small Business Insurance
When starting a small business, there’s a lot to think about.
From the initial planning and research phase through to hiring staff and marketing your products or services, it can be tough to keep on top of everything, meaning it’s easy for essential tasks, like setting up the right business insurance policy, to fall by the wayside. That’s where we can help.
At Adroit, we’re experts in small business insurance, so we can set you up with the cover you need.
If you’re looking for an insurance broker you can trust to provide quality coverage at an affordable price, Adroit is here to help. Contact us today to get started.
When setting up your insurance, there are a number of factors you should take into account to make sure that your business is adequately covered.
By taking the following into consideration, your small business will be well prepared to deal with any unexpected claims or losses.
Why you might need small business insurance
As a business owner, it’s important to set up small business insurance to help protect you from financial losses if you experience an unforeseen accident or disaster.
For example, in the event of a fire at your business premises, small business insurance can cover the cost of repairs or replacement of inventory, as well as lost revenue if your business needs to shut down for a period of time.
While no one ever wants to think about such worst-case scenarios, preparing for them by having the right business insurance coverage in place will give you peace of mind and protect your business in the long run.
Types of insurance required for small businesses
The first thing to be aware of when setting up business insurance is your legal obligations as a small business owner.
In Australia, all businesses with employees are required by law to obtain workers’ compensation insurance. Workers’ compensation can protect you and your employees against financial risk as a result of an injury or illness.
Other types of insurance, such as public liability insurance and professional indemnity insurance, are only compulsory for certain industries. For example, accounting firms are required to have professional indemnity insurance in case a claim is lodged by someone who is unhappy with the advice they’ve received.
Get reliable insurance solutions at Adroit. Contact us today to find small business insurance cover that works for you.
Choosing the right cover for your small business
Once you understand your legal requirements, it’s important to consider what type of cover is best for your small business.
Aside from the compulsory types of business insurance, there are optional policies you can take out that can provide extra protection for your business. These include:
- Cyber liability insurance
- Management liability insurance
- Business interruption insurance
- General property insurance
- Business or commercial motor vehicle insurance
- Unregistered plant and machinery insurance
When selecting a small business insurance package, consider your company’s individual risk profile and what events are more likely to occur. Make sure that you set up your insurance in a way that reflects your business’s needs – after all, there’s no point in paying for motor vehicle insurance if you don’t own a company car!
Talk to the experts at Adroit for tailored advice on how to get the coverage you need at a price that makes sense for your business.
Cost of small business insurance
When it comes to setting up an insurance policy for your small business, cost is always a big factor to consider.
Depending on what type of coverage you select and your business’s individual circumstances, a policy typically ranges from $40 to $100 a month.
However, high-risk industries such as construction or manufacturing will have to pay more for their policy than, say, a local florist. Additionally, small businesses with several employees will likely pay less than those with a larger workforce.
Adroit can help you set up a policy that fits your budget. Get in touch with us today for more information.
Consult an insurance broker to set up your insurance
Now that you understand the types of policies and costs involved, the next step in setting up an insurance policy is to consult with an insurance broker.
Working with an insurance broker is recommended because we can set up an insurance policy that covers everything you need and nothing you don’t. We can help you assess your business and negotiate a quality insurance package on your behalf.
When you choose Adroit, you don’t just get an insurance broker. You’ll gain a team who cares about your business’s success and works by your side to ensure you’re adequately protected and paying for only what you need, and nothing you don’t.
With extensive experience in the industry, we’ll set up your insurance so that it works for you and gives you the peace of mind that comes from knowing you’re properly protected.
Contact us today
By partnering with Adroit, you can rest easy knowing your insurance needs are being taken care of by our professional and experienced brokers and advisors.