If you’re just starting out in business, insurance should be a top priority. This is because once you have opened a new business, insurance can be one of the most important factors in ensuring you stay open.

According to John Clark, Steadfast’s Broker Support Manager, your first priority should be ensuring you have the statutory insurances all businesses are required to have in place.

“You need to have workers’ compensation if you have employees. Also take care to ensure you take out this cover even if you have a proprietary limited company and you are the only employee of the company. You also need insurance if the business has vehicles, including CTP greenslips,” he says.

“When putting insurance in place, it’s also important to ensure assets are appropriately valued”

It’s also important to take out public and possibly product liability insurance. These policies can cover bodily injury or property damage to the public as a result of running your business and if you sell products.

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