Engine oil is not fuel but it helps in the smooth function of the engine and therefore aids a smooth hassle free ride. Similarly, insurance is imperative to the smooth functioning of every business. The regular function of a business may not be hampered if there is no insurance but it helps save your business from collapsing under the burden of unforeseen losses.
When starting a new business there are so many things to be done. You must settle on which bank will hold your primary business accounts, which CA firm will help fulfil tax regulations, how will you source your employees, how to complete all the necessary regulations and formalities to register the business legally and also, which insurance company or broker will help you with all your commercial insurance needs. The insurance covers are as important as business loan interest rates that entrepreneur look out for.
Before you throw your doors open to your clients, make sure you have insurance in place. This is to mitigate your risks from day one. Apart from this, there are a few insurance policies that are mandatorily taken to comply with various statutes. Here is a checklist of “must-have” insurances that will come in handy to those who are planning to start a new venture:
Do note it provides no protection against wrongful acts, negligence or breach of duty by key employees. However, you can extend your policy to include Product Liability Insurance which protects the insured against claims arising out of manufacture and sale of faulty goods to public.
A single catastrophic event or just one lawsuit could wipe out any business even before it could get off the ground. General Insurance Policies are often compared to “black holes” because you may or may not file a claim ever. However, it is better safe than sorry. Insurance is your steely armour to keep your business afloat in choppy waters. Just like you would definitely pack your first-aid kit before you set out on a vacation, take your insurance policies before you kick start your business.
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