Entrepreneurs are of different make altogether. They have the ability to relentlessly follow their dream, and turn it into a reality. They are never afraid of giving beyond their 100%, just to see their company succeed.
However, right from the business plan creation stage of their start-up, they face challenges. May it be investment, time management, human resource, marketing strategies, standing up to the competition, branding, and the list continues. In-spite of all these challenges, they never cease to work tirelessly towards fulfilling the greater purpose they believe their business will be supporting. Having set up an enterprise after so much sweat and labor, it is important to protect it with proper business insurance.
There are many types of insurance available in Australia, which would help cover varied dangers posed against these businesses. Some of them are:
- Professional Liability Insurance – covering negligence claims against a business resulting from harm caused by business practice, or service
- Property Insurance – covering damage and loss of equipment, inventory, fixture and furniture, due to natural calamity or theft.
- Worker’s compensation insurance – covering medical treatment, disability, and death of an employee due to his engagement with the business.
- Business interruption insurance – covering loss of income due to stalled operations as a result of unforeseen circumstances such as a catastrophic event. It is mostly applicable to businesses requiring a physical location for operation.
- Vehicle Insurance – to protect company vehicles against any damage or loss due to accidents.
- Product liability – covering claims of harm or injury due to use of the product manufactured or provided by the business.
- Home-based businesses—small time businesses with home-setup will require separate insurance for inventory and equipment setup at home to facilitate smooth functioning of the business; for it will not be covered under general home-owner’s insurance.