Frederick Potter 
Starting a business in Australia carries excitement and risk in equal measure. You have a prototype, a niche, maybe early customers. Behind the hustle sits a quieter question: what if something goes wrong? That is where business insurance helps. Treated well, it becomes part of your foundation, not just another cost.
Begin with a risk list. Write down what could stop trading tomorrow. Think about property damage, cyber attacks, professional mistakes, product faults, delivery delays and injuries. Note where you store data, who owns the equipment, which partners you rely on and what contracts promise. This simple list becomes your buying map.
Understand the common types of cover. Public liability protects when someone is injured or property is damaged because of your business. Professional indemnity helps when advice or service causes loss to a client. Property cover protects stock, tools and fit-out. Cyber covers data breaches and business interruption from digital incidents. If you employ people, workers compensation is mandatory. Choose cover that matches how you operate, not a generic bundle.
Decide how to buy. You can go direct to an insurer or work with a business insurance broker. Direct can be fast and cheap, but policies are often standard. A broker asks more questions and tailors cover to your situation. For start-ups that change quickly, that advice can prevent gaps later. The right partner will check contracts, add the right endorsements and plan for growth.
When comparing policies, look past the premium. Low price can hide high excesses, tight limits or exclusions that matter to your model. Read what is excluded. Ask how claims are handled. Check whether the policy adapts if revenue doubles, if you hire contractors or if staff work remotely. Compare wordings, not only numbers.
Plan for growth. Start-ups evolve fast. Today you are solo. Tomorrow you have a team, a lease and interstate clients. Build flexibility into cover so you can scale without drama. Keep a simple register of assets, locations and key contracts. Update it when anything changes. Insurance that fits today but ignores tomorrow will fail when you need it most.
Avoid underinsurance. Many founders guess asset values or forget to update turnover and stock levels. At claim time the payout may fall short. Keep purchase records and current valuations. Photograph key items. Store documents in the cloud. Accuracy speeds claims and protects cash.
Think about budgeting early. Premiums do not have to land in one hit. Ask about monthly instalments, aligned renewal dates and deductibles that fit your cash flow. Balance the cost you can carry each month with the risk you can absorb if something happens.
Check legal and contract needs. Landlords, clients and platforms often require minimum cover and specific wording. Make sure certificates match those requirements before you start work. Missing a clause can delay a deal or breach a contract.
Review regularly. Set a reminder every six to twelve months. Ask what changed: new product, new staff, new site, new revenue. Risk moves. Insurance must keep up. Do not wait for renewal day to adjust sums insured or add a new location. Small updates during the year prevent big problems later.
Use a business insurance broker if you want a guide through the detail. A good adviser will translate policy language, compare the market, and help with claims. They will map risk around your growth plan and keep documents tidy. That support lets you focus on sales, product and people.
Keep your team in the loop. Explain what cover you carry and what to do if an incident occurs. Train staff on basic safety, incident reporting and data care. Culture reduces claims more than any policy.
As you grow, connect insurance with strategy. New equipment, partnerships and markets bring new exposure. Discuss big moves with your adviser before you sign. It is easier to set cover in advance than to repair gaps after the fact.