Commercial Insurance For Your Startup: What Cover Do You Need?

Embarking on your own startup is an exciting time – you’re bringing something unique to the market and hopefully making a difference for your customers. Having the right insurance in place can offer ongoing peace of mind on your new business journey.  At GSK Insurance Brokers, we have significant experience in providing insurance for startups. With that in mind, we’re here to discuss that main forms of cover you should consider for your startup to protect your business.

Public liability insurance

Public liability insurance means that you have financial cover if you cause damage to property or injury to a third party as a result of your actions at work. It also provides cover for legal bills if you require a lawyer to assist you during the claims process. A liability claim could potentially cost your startup thousands, or even hundreds of thousands, of dollars which is why you need to consider having public liability insurance in place.

Professional indemnity insurance

If you offer advice or professional services as part of your startup, you need to consider professional indemnity insurance. This provides cover if a third party makes a claim following an act, error, omission or breach of your professional duty which has led to damage or loss to a third party.

Cyber liability insurance

Cyber insurance protects your business against the financial implications of cyber attack. This could include expenses and legal costs associated with data breaches, attacks by hackers, and viruses and malware. No matter the size of your startup, no business is immune from cyber crime and cyber liability insurance can provide cover for a range of situations such as business interruption costs, legal expenses, and fines and penalties.

Property Insurance

Property insurance provides financial peace of mind that your business property will be covered following events such as fire, theft and natural disasters. From water damage caused by a storm to burglary on your premises, there are many risks that your business could potentially face and property insurance protects your assets.

Workers compensation insurance

If you have employees working for your startup, you have a legal obligation to have workers compensation insurance in place. Workers compensation insurance offers cover if an employee suffers a work-related injury or illness. IT offers financial reimbursement to employers for costs associated with a workers compensation claim, such as medical bills and ongoing wages.

GSK Insurance Brokers are one of Australia’s leading insurance brokerages and we’re passionate about providing insurance solutions to businesses of all shapes and sizes. Our experienced team of brokers will take a close look at your business to identify your areas of risk and provide a customer insurance package. We’ve developed expertise across a range of industries and our focus is, and always has been, our clients.

For more information about insurance cover for your startup, contact GSK Insurance Brokers today on (08) 9478 1933.

January 15, 2020

By Graham Knight

Founder and Managing Director of GSK Insurance (established in 1981). Graham draws upon more than 50 years’ experience in the insurance industry, working in both insurance and broking across various private, public and government sectors in Australia.