Insurance

Are you	There are several options when planning insurance
At a glance	Explains the options available to you
You should	Get an broad understanding of insurance options

How much insurance you should buy is not entirely up to you in many cases. Worker's Compensation (Work Cover) which is a form of insurance and motor vehicle third party insurance are compulsory.
In addition, when raising finance and purchasing assets on hire purchase etc the other party generally requires insurance cover to be taken out by you to protect their interest.
The options available to you are:
a) Self-insurance. Many small businesses opt to self insure (ie. To bear some or all of the risk themselves).

Three ways of doing this are:

i) Not to buy any insurance at all.
ii) To insure for less than the total value of the asset.
iii) To agree to bear all the claims up to a fixed sum yourself.

b) Insurance with a company.
For most small businesses self-insurance is not practical since even small losses at the wrong time can make the difference between success and failure.
Most businesses should insure as comprehensively as they can afford through an insurer.
Basically there are two ways of doing this:

i) Dealing direct with a company or its agents.
ii) Dealing through an insurance broker.
Either way the first step is to find out about the reputation of the company or the broker you deal with and then make a decision of who to approach.

Remember

There are many insurance options

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