Are you planning to launch your business in the 2024 financial year?

First off, congratulations on taking the leap!

Next, talk to your local insurance broker about securing the right insurance coverage. This is essential for safeguarding your venture.

Remember, the risk starts the moment you do…not when you open your doors or make your first sale.

RSM Tasmania is your local insurance broker. So here are five top tips from us to help you navigate the world of business insurance in Tasmania.

Know Your Compulsory Insurance

Workers’ Compensation Insurance: This is mandatory if you have employees. Workers Comp covers you and your staff against any financial fallout due to an accident or illness. Ensure to check the requirements, as they vary across the states and territories.

Third-Party Personal Injury Insurance: If you own a motor vehicle, this is usually part and parcel of your vehicle registration fee.

Public Liability Insurance: Gives protection to your business against claims from customers, suppliers or the public that come from accidents, property damage or injuries that occur during your day-to-day business activity.

Some states require your businesses to have this by law, especially if you’re dealing with third-party death or injury risks.

Protect your income.

Income Protection or Disability Insurance: This covers part of your income if sickness or an accident impedes your ability to work.

Business Interruption or Loss of Profits Insurance: Especially valuable if unforeseen events like fire or other insured dangers damage your business property.

Define Your Business Needs

Start by understanding the nature of your business, including the industry and size. This will help identify the risks you face. And remember, every business is unique, so tailor your insurance accordingly. Your Local Insurance Broker can help with that.

Protect Your Assets & Revenue: Assets such as property, stock, tools, and even electronics should be shielded against potential damage and theft. Ponder on policies like Building and Contents insurance or even Electronic Equipment insurance.

Business interruption insurance can also help here by protecting your revenue stream. For instance, if a natural calamity severely impacts your ability to trade, this insurance can mitigate the financial blow.

Consider Professional Indemnity Insurance

Especially crucial for those in professions like accounting or real estate. It covers you in the event an allegation arises against the services or advice you’ve rendered. Talk to your local insurance broker to make sure it’s tailored to your business and profession.

Finally, remember, this article is for information only. You should always consult your professional local insurance broker to get insights into how your insurance coverage can be tailored tor your business. Insurance packages tailored specifically to your business will normally offer far better value than an “off-the-shelf” product.

Talk to Roger Hosie from #RSMTasmania today.

Call Now! (03) 6244 7854, or email roger@rsmtasmania.com.au

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