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Business Insurances

Why do I need to Insure My Business?

The time you take to insure your business is just as important as the time you took to build it.

Insurance is one of the biggest precautions you should take to protect your business. regardless of the size of your business.  It takes a lot of courage to go into business on your own. 

You must be prepared to take chances, but that does not mean you have to take unnecessary risks.  Taking out the right insurance is a smart move to secure the ongoing operation of your business.


Having the right business insurance does more than give you peace of mind; it’s an integral part of your overall management strategy to help you stay competitive and protect your business in the event of an accident or disaster. 


While many small business owners seek to get away with minimal coverage, others overpay on insurance they don’t need.  You can avoid both of these extremes by ensuring you have the right coverage for your situation.


Although at first paying business insurance premiums might seem like a burden, the real question is can you afford not to have adequate coverage?  You never know when a natural disaster will strike, or if an employee will have an accident on the job.  It’s better to be prepared than to be hit with a large bill after some disastrous event takes place. 


Just look at the aftermath when the water pipes burst in South Perth and the sewerage pipes burst in Victoria Park, or the cyclones in Bunbury recently which affected many small businesses in that town.  Would you have liked to be one of the uninsured  or under-insured businesses to have suffered these disasters?  The inconvenience alone would have affected the income of your business, let alone having to replace/repair fittings and equipment.


When considering your business insurance needs, you need to ask yourself these questions:

• Do I have adequate business continuation coverage? 
If a disaster were to strike your business and render it unoperable, will you be able to set up and continue operations in another location?

• How often will I be updating my liability coverage? 
Don’t fall into the trap that many small business owners find themselves in.  They purchase a policy, file it away, and never look at it again.  Review your insurance policy at least once a year to make sure it still meets your needs, and that you are not under- insured and not over-insured.


If you are just launching your business, make sure you have adequate coverage before you open your doors.


Remember, we all don’t want to consider worst case scenarios when we are planning to establish a business, or are in business.  However, that is the purpose of insurance – to protect you against worst case scenarios so you can place your efforts into building your business.


If you have not reviewed your business insurance for over a year, or do not have business insurance for your business, take the time to call me and let a professional Business Accountant evaluate your various business needs today. 


Contact us by email or call me today on 9317 7300 for a free, no obligation, quote on your current business insurance needs.  We are here to help.



Paul Baggetta


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Establised 1989. Over 25 years. Advice you can rely on.

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The information provided on this website, including the material and contents provided in the website publications, are informative in nature only and you should not act specifically on the basis of this information alone. It should not be used as a substitute for legal, business, accounting, tax, financial planning or other professional advice. If expert assistance is required, professional advice should be obtained. Liability limited by a scheme approved under Professional Standards Legislation

Paul Baggetta is the Founder & Principal of Baggetta & Co (ABN 68 786 233 813).

Paul Baggetta has been a Taxation Accountant since 1981, a Financial Planner since 1998, and in 1993 qualified as a Real Estate Licensee, holding a Triennial Certificate (currently not trading) and operated his own Real Estate business for property investment clients for over 5 years as a second business.

Financial planning services are provided by Paul Baggetta as an Authorised Representative (No. 261469) of Capstone Financial Planning Pty Ltd. ABN 24 093 733 969. Australian Financial Services License No. 223135.


Taxation & Accounting services are provided by Paul Baggetta as a Registered Tax Agent (No.61487008) and is a Member of SMSF Association, FIPA & NTAA.