Are you wearing protection?

[The Start Up Sage]

Why Business Protection is vital!

Business insurance is important for all businesses. For sole traders it is absolutely vital as you are personally liable for any debts/costs.

In other words, if you are sued, your personal assets (house, car, money in bank etc.) can be used to pay off any debt.

Let's take an example:

- You start a massage business. A client complains of significant back pains a day after completing the massage. She is off work for six months and sues you for loss of income and stress.

- You run a design and printing business. The posters for a store's opening day arrive two days after the event. The store owner holds you responsible for the failure to supply key marketing materials and not only refuses to pay, also holds you liable for the failure of the store.

- You have a small business at home. A supplier visits to chat about a project and slips on a computer cable and fractures their neck. They are off work for two months and incur massive medical bills.

- You buy $15,000 worth of stock from overseas. Someone sees the delivery, breaks into your place and steals the lot.

These are just examples. So what type of insurance should you get? The answer is it really depends on your specific business and industry sector.

Some common policies are Business, Worker's Compensation, Professional Indemnity, Public Liability.

You will only know what you require (and what you don't) by speaking to an insurance expert. The problem is, finding an experienced insurance expert that is willing to spend time understanding your situation can be tough.

100% Exclusive Offer To Aussie Tycoon Members - March Only

Business Switch, in partnership with Aussie Tycoon, is committed to helping Australian entrepreneurs build a successful business. This includes protecting your business.

In March, we are offering a free private business insurance advisory session to all Aussie Tycoon Members. No cost. No obligation.

To access this offer, you must be a Member of Aussie Tycoon. So if you have been lurking, sign up today.

Please PM (private message) me your contact details so that either Peter or Marg (our insurance experts) can get in touch with you.

[Brendan]

Thanks for the great article and even the offer for the members Start Up Sage.

Tycoons, I know most of us put insurance on the back burner and we only think about it when we need it (which is usually the worst time to think about it!)

If there was ever a time to get insurance, its now.

I have also personally talked to Peter at the insurance company and they are a very informative and helpful firm.. and work great with entrepreneurs like yourselves... I have even got the documents in my inbox to get insurance sorted for one of my businesses.

Be sure to drop The Start Up Sage a PM about this one.. offers like this don't come along all this often.