(08) 9240 4211 
When you're going out alone for the first time, there's lots to organise and even more to pay for.
While it is not always at the top of an entrepreneur's To-Do list, ensuring you have the right insurance cover is critical.
It can help protect your new business and its assets if something goes wrong. Without it, you may struggle to recover and
remain viable after an accident or incident.
So, what insurance do new enterprises like yours need to start a business? Steadfast Technical Broking Manager Annette
O'Brien shares some advice.
Getting the business basics in place
Start-up businesses are often advised to take out public and product liability insurance.
The first covers you for third-party injuries or property damage caused by your negligence. The second can help protect your business if a person or their property is harmed or damaged by a product you've manufactured or supplied.
Property insurance is designed to safeguard your assets – think plant and equipment, furniture, ICT devices and the like –
against property damage, weather events such as storms, machinery breakdown and theft.
If you intend to hire employees or contractors, you will need to take out workers' compensation insurance. This insurance will help protect against loss from work-related injuries and illnesses.
And should your employees need to use their own or company vehicles for work related purposes, you'll likely need a
comprehensive motor insurance policy.
While some new business owners baulk at the cost of business insurance, O'Brien says having coverage in place is part and parcel of operating professionally.
"Many insurers offer a business package that incorporates some or all of these common policies – your broker can help you source one that's competitively priced and compatible with your business needs," she says.
Seeking specialist cover
Depending on the nature of your enterprise, it may also be wise to take out specialised cover. If you provide professional
services or advice, you'll likely need professional indemnity insurance to help protect against claims related to errors,
omissions or negligence.
In today's world, cyber insurance is fast becoming a must-have, particularly for businesses that handle and store customers' personal data.
Cyber-attacks and data breaches are now a daily occurrence – the Australian Cyber Security Centre received 94,000 cybercrime reports in FY2023 – and they can be disruptive and damaging, particularly for organisations that lack the resources to remediate them.
Given the average cost per crime report is now $46,000 for small businesses, most start-ups would fall into that category,
O'Brien points out.
"Cyber cover can help you mitigate the costs associated with data breaches and privacy violations," O'Brien says. "Without it, your new business may struggle to recover from a significant incident."
Cover to safeguard your new enterprise into the future
Insurance can help safeguard start-up businesses like yours against unexpected damage, disruption and disaster.
If you need help to determine the type and level of cover that's right for your new enterprise, contact a broker today.
Important notice
This article is of a general nature only and does not take into account your specific objectives, financial situation or needs. It is also not financial advice, nor complete, so please discuss the full details with your Steadfast insurance broker as to whether these types of insurance are appropriate for you. Deductibles, exclusions and limits apply. You should consider any relevant Target Market Determination and Product Disclosure Statement in deciding whether to buy or renew these types of insurance. Various insurers issue these types of insurance and cover can differ between insurers.
Steadfast Group Ltd ACN 073 659 677
Important notice - Steadfast Group Limited ABN 98 073 659 677 and Steadfast Network Brokers
This article provides information rather than financial product or other advice. The content of this article, including any
information contained in it, has been prepared without taking into account your objectives, financial situation or needs. You should consider the appropriateness of the information, taking these matters into account, before you act on any
information. In particular, you should review the product disclosure statement for any product that the information relates to it before acquiring the product.
Information is current as at the date the article is written as specified within it but is subject to change. Steadfast Group Ltd and Steadfast Network Brokers make no representation as to the accuracy or completeness of the information. Various third parties have contributed to the production of this content. All information is subject to copyright and may not be reproduced without the prior written consent of Steadfast Group Limited.
