All businesses regardless of industry, size, or location face many risks on a daily basis, so it’s important that you understand your particular risks and whether you’re prepared for these risks. Being prepared means you’re able to minimise any loss or damage from exposure to these risks as much as possible, so that your business can continue to operate with little disruption. Usually, this means having some form of business insurance in place to protect your assets, customers, and your earnings.
When it comes to business insurance, the type you need will largely depend on what type of business you operate, its size, where it is, and how risk averse you are. For example, if you’re a café operator, your business insurance needs would be different to a sole tradesperson, or a business that operates from home.