In this newsletter we focused quite a bit the ins and outs of protecting your business ideas. However, once you start your business, you should also think about protecting just that, your business. To enlighten us on the subject, we spoke to Ms. Kaveri Raghunath, Managing Director of our newest business member, New India Assurance Aruba.
When you’re in the startup phase you, usually getting insurance is not at the top of your list. As Ms. Raghunath expressed to us, they often get clients come to them after something has already happened and want to make sure that next time they’re protected. Of course, if your business is strapped for cash in the beginning, the last thing you want to do is add another expense. However not protecting your business can be more costly in the unfortunate event that something happens.
So, when should I start thinking about insurance?
The best way to answer this question is to ask yourself; do I have any physical assets that will hamper my ability to do business if I lost it? If the answer is yes, you should look into the possibilities. For example if you own any property/buildings for your business, office equipment, furniture, you name it. Even if you are working from home and you do all your business on your desktop or macbook, you should look into getting insurance on it. As your business grows, and your assets increase it is always good to seek advice at your insurance company on how to expand your insurance to ensure that you are fully protected. Also worth considering is to have a liability insurance, for if anyone gets injured on your premises or if you cause damages to someone elses objects while on the job. You just never know.
What types of insurance should I get?
It depends on a number of factors. What type of business are you in? What are the common risks in your sector? What types of assets do you own? And so on. Every business is different and has its own factors to consider. Depending of what phase you are in with your startup you may want to start with the most basic insurance coverages and upgrade as your business grows or if your business is in a sector where risk of injury is high you may want to have a more extensive insurance right off the bat.
Where can I get advice on getting insurance for my business?
You can always drop by the offices of New India Assurance Aruba and they will be more than happy to help you. They are located right next to the Chamber of Commerce, so as soon as you register your business you can pass by and receive the information you need to make an informed decision on protecting your business!