Insurance - what do I need????

[NicoleDeanne]

Hello,

I am a new comer to the Small Business Forum and I hoping you could provide me with some advice.

A bit about me:

My name is Nicole and After many years of arranging events and now branching out to weddings I am in the process of setting up my Events and Wedding Planning business that will be based in Melbourne, Victoria. Currently located in London I am completing my qualifications and will return to Melbourne later this year (2012).

My question is about Insurance:

I understand the importance of insurance, especially in the events industry, but I am unclear what sort of insurance I would need to take out for myself when I am just starting out.

- I will be working for myself from my home office but meeting with clients externally;
- Working for another company part time at first while I establish myself and my business in the events/Wedding industry already in Melbourne;
- All my tangible assets would be insured under my home contents insurance;
- I would already have personal health cover.

A few I can note off the bat that I need would be

- Professional indemnity
- Public Liability

Can you advise any additional insurance I should be thinking about.

Your advice would be appreciated.

Many Thanks
Nicole.

[JakeThomas]

Hi Nicole,

Welcome to the forums! You might want to head over to our new members thread here and introduce yourself =)

As far as I know, you are correct with what insurance you will need. The only third I would add in would be business insurance, that covers things like loss of income, damage to equipment etc.

We've actually got an insurance expert in the community, I will shoot him a nudge and ask him to chime by and give you a proper answer =)

- Jake

[NicoleDeanne]

Thank you Jake that would be great.

I'll head over to the new joiners thread now

Thanks again
Nicole

[Rick Mapperson]

Hi Nicole. I think when you get back to Oz you should seek the services of a good "general" broker. there are two types of insurance brokers. General brokers handle public liability, professional indemnity etc. I am a specialist "risk" broker. We insure people e.g. Life Insurance and Income Protection etc. I am not sure if you will need Public Liability. If you are meeting people at their premises and using established venues for weddings you may not need it. Wedding venues would have their own public liability. Professional indemnity would be essential but you may have trouble getting it for a new business but a good broker would be able to advise you better on that. Rick

[AshleyWhiteBusiness]

Professional indemnity insurance is a great way for businesses to protect themselves from legal claims made against them by former or current clients. This insurance will often protect the company from having to pay legal defense fees, and will often even cover payout judgments. Although not required for all companies, the law does require this type of insurance for those involved in specific business fields. Even if not required, though, all businesses would be wise to consider investing in this form of insurance as it can protect both the finances and reputation of the company.

[Linda Enever]

Nicole you have the main based covered but I would touch base with a few brokers and get quotes because they may think of things we cannot. We also added income protection to ours

[AshleyWhiteBusiness]

Yes Linda. I agree. I also suggest starting to the local market, just around her area for a quick review or quotes.