Why New Businesses in 2025 Need Insurance First
If you’re planning to open a new business in 2025, you’re likely excited about your ideas, your branding, and how you’ll bring your vision to life. But before the doors open, there’s one critical step many new business owners overlook: insurance.
While it’s tempting to focus on the fun parts of launching a business, not having the right insurance from the start, for example, Public Liability Insurance Tasmania, can leave you exposed to risks that could shut everything down before it even gets going.
Here’s why RSM Tasmania General Insurance Brokers should be on your checklist from day one, and how they will help you to set your business up for success.
Why Insurance Matters from Day One
Starting a new business comes with endless possibilities—but also plenty of risks. Whether you’re opening a retail shop, launching an online venture, or setting up a service-based business, accidents and unforeseen events can happen at any time.
Without the right insurance, you’re on the hook for it all.
A single claim, like a customer injury in your store or a fire damaging your stock, could cost you tens of thousands of dollars. For many new businesses, this can be the difference between survival and closure.
Getting insured from the beginning gives you peace of mind to focus on what really matters: building and growing your business.
What Type of Insurance Do You Need?
Great question! The type of insurance your business needs will depend on your industry, size, and unique risks, but here are a few essentials for new businesses:
1. Public Liability Insurance
Accidents happen, and public liability insurance protects you if someone is injured on your premises or if you accidentally cause damage to someone else’s property. This is especially important for businesses with customers visiting in person.
2. Property Insurance
Whether you’re renting a storefront, own a workshop, or work from home, property insurance covers your physical assets—like stock, equipment, and fixtures—against risks like fire, theft, and accidental damage.
3. Business Interruption Insurance
Unexpected disruptions, such as natural disasters or major equipment failure, can put a halt to your income. Business interruption insurance helps cover lost income during these periods so you can recover without financial strain.
4. Cyber Insurance
If your business operates online, handles customer data, or relies on digital systems, cyber insurance is a must. It protects you against cyberattacks, data breaches, and the costly fallout that can follow.
5. Workers’ Compensation
If you plan to hire employees, workers’ compensation insurance is a legal requirement in Australia. It ensures your staff are protected if they’re injured at work.
Real Risks: Don’t Assume It Won’t Happen to You
It’s easy to think, “I’m just starting out—I won’t need insurance yet,” but many claims happen early in a business’s life cycle.
A small fire in your kitchen startup could wipe out your equipment.
A customer slipping on a wet floor could result in a costly lawsuit.
An online security breach could damage your reputation and finances.
These situations aren’t rare. They happen to real businesses, and without insurance, you’re left to pick up the pieces alone.
The Smart Move: Protect Your Investment
You’ve put time, effort, and money into launching your business. Getting insurance isn’t just about protecting yourself against risks—it’s about protecting the future of your dream.
Working with an experienced insurance broker can help you:
- Identify the specific risks your business faces.
- Choose the right policies tailored to your needs.
- Understand your coverage so there are no surprises.
At RSM Tasmania, we specialise in helping new businesses get off to the strongest start possible. Whether you’re opening a small café, launching an e-commerce store, or setting up a trade business, we’ll make sure you’re protected.
Ready to Open Your Doors in 2025?
Don’t let unexpected setbacks derail your plans. By getting the right insurance in place now, you can focus on building a successful and thriving business.
RSM Tasmania is here to help. Let us take care of the risks, so you can focus on what you do best: running your business.
Remember, this article is general in nature and doesn’t take into account your specific objectives, financial situation, or needs. For advice tailored to your circumstances, have a chat with us at RSM Tasmania Insurance Brokers Hobart.
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