You might think you don’t really need it – until you REALLY need it!
Insurance is not just a safety net for the unplanned, it is often a legal requirement
You will need the following insurance cover:
– Public Liability Insurance (usually $20 million). This will be a lease requirement and covers you for major incidents involving customers and the general public, such as food poisoning, slip and fall injuries or accidental death
– Workers Compensation Insurance. This is a legal requirement, it covers you and your staff for accidents in the workplace.
Insurance cover you may need:
– Business Interruption Insurance. Covers you for everything from an unexpected fire that closes your business for 3 months to the electrical blackout that causes $5K of meat and seafood to go off in your coolrooms.
– Income Protection Insurance. If your business cannot run without you, or your family relies on the money you earn through your business.
Using an Insurance Broker
Insurance Brokers will help you get the best cover at the best price for your individual needs. Although they charge a brokerage fee of around $150 per year for a $20M Public Liability Insurance Policy, they help you through all the application paperwork and submit it for you. If you need to make a claim they take care of it and deal with the insurance company for you. This can save you valuable time, freeing you up to work on your business and keep your customers happy.