You may think that a Shade Sails Perth installation business is quite simple and so there is no real need for insurance, after all, you always take care when you are working, right? You may take care, but it’s far better to have insurance anyway, because other people don’t always take the same care that you do.
Public liability insurance
What if you were installing a sail in a public area such as a park, and a jogger came along listening to their music and stepped right into that hole you just dug for the post? They couldn’t hear your warning because they had their ear buds in. Even though it was basically their own fault, they could still sue you and very likely win. Your business would quickly go down the drain without public liability insurance. This also covers you for accidental damage caused by you as you work.
General property insurance
Whether you need a few tools or a lot, they are still expensive and if they are stolen, lost or damaged you’ll have additional expense in buying more without any insurance. If you can’t afford to purchase more tools, you won’t be able to meet your job commitments and this can give you a poor reputation of not turning up when you were expected.
Professional indemnity insurance
Every business person who offers advice should take out this kind of insurance. It will cover you in case a customer follows your advice and is hurt or suffers loss of any kind because of it. Legal costs and damage of any kind will be covered if you are sued when you have the right kind of insurance.
Key person insurance
When only one or two people work in a business, it is essential to take out key person insurance in case they are hurt or worse, while on the job. Losing the key worker means your business cannot keep going until they are better or replaced with another person who can do the same job.
Your customers might be sorry you are injured, but at the end of the day they want their shade and so will contact someone else to do it if you can’t. Again, this puts your business at a disadvantage or worse, you can easily go out of business.
This type of insurance is basically life insurance on the key person of the business, without whom your business could not function. It covers major illness, accident and death and the amount of cover is usually determined by the size of the business.
Tax audit cover
If a tax audit is required for your business you’ll have the expense of hiring an accountant or a lawyer to ensure everything is done properly and avoid any fines. Having tax audit cover will stand you in good stead.