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Is it commercially viable for a small business to pay for insurance?

Do I need insurance when providing services such as Interior Design? Is it commercially viable for a small business to pay for insurance? Does it depend on the scale of the projects?

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5 answers

user
This is an answer

  • user

    Hi Bernadette, It really depends on the type of business you have. If you are going to have members of the public in your office or on your premises then public liability is essential as you have an obligation to ensure customers and business partners are in a safe environment. This insurance can be as little as $50 a month for a small business. If you are providing a professional advice service then professional indemnity is important as your customers are relying on your professional advice to find a solution, if they suffer a loss as a result of your advice then there can be an exposure for your business. This is just the very basics of insurance, each insurance operates very differently and this isn't even touching on the insurances related to your own risks such as property and contents etc.. It is really important to get some advice then you can make your own commercial decision. Earth Insurance provides a free insurance advice service on 1300 EARTH 0

    • Earth Insurance
    • 26 Mar 2017
    • 12:43 PM
  • user

    Answer: Public liability insurance is a must for any business in any industry. It doesn't matter if you have customers or suppliers visiting, nor how infrequently, this insurance offers protection against the small but serious risk that someone could injure themselves on your premises. Public liability insurance can also protect you if you’re found responsible for damage to their property if you go to their home to provide services.

    • Amanda Hoffmann
    • 18 Dec 2016
    • 09:28 PM
  • user

    I would think that if you are doing anything commercial - professional indemnity insurance is a must, if people visit your premisis, public liability is a must, as is contents and Business interruption .. I have always skipped the sick and accident though -too expensive ! Can you visualise getting sued for recommending an unsuitable fixture in a commercial premises - that is unfit for the purpose and disables their customer ? Risky - but you need to assess it all with the size and nature of your business !

    • Michelle Lihou
    • 18 Nov 2016
    • 11:19 PM
  • user

    Answer: It depends on your industry. Is insurance the norm for interior designers to have insurance? You know your industry? If you dont need it, dont get it. Sounds like you need say $10m public liability insurance.

    • Wayne Black
    • 03 Nov 2016
    • 09:28 AM
  • user

    Answer: A must have, we have a small caravan hire business in its infancy and have all hire vehicles insured, good thing too as we are about to put in our first claim for a vandal damaged van on a work site. Site was enclosed and van was occupied but didn't deter some kids breaking into the site, ripping out the letterbox and breaking 2 windows before the occupant chased them off. I know our business is a little different to yours but, appropriate insurance, wouldn't be with out it.

    • Ross McDonald
    • 31 Oct 2016
    • 10:53 PM
  • user

    Answer: Interesting Question. Are you talking about Professional Indemnity Insurance? Professional Indemnity Insurance is compulsory for professional industries eg Accountancy, Doctors, Lawyers and Real Estate. It is often provided via an Industry Body. Other types of Insurance include - Business Insurance Fire Theft and Public Liability A Landlord of rented premises normally insists on this. Workers Compensation This is compulsory if Salaries are paid and a Certificate of Currency may be required when tendering for jobs. MV Insurance Personal Life Trauma and Income Protection This can often be paid via a Super Fund It would be common sense to have all of the above. A business owner starting a business and at least annually should review what insurances are necessary and what are recommended. Cash is often tight when running a business but I would suggest that all business owners be properly insured. A good Insurance Broker will help but undertake some Research yourself. Duncan Smith Business Advice + Tax

    • Duncan Smith
    • 30 Oct 2016
    • 08:00 PM
  • user

    Answer: Yes. Can not afford not too

    • Kevin Mexted
    • 30 Oct 2016
    • 02:09 PM
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