Running a small business is hard work. The last thing you need is to lose it all because of poor insurance choices.
Do your homework
First you need to work out what needs to be covered. There are the obvious things such as plant and equipment, the less obvious things such as public liability, professional indemnity, and finally protecting the financial performance and position of the business on the sudden loss of a key person.
Policies should cover a wide range of eventualities and each business should have a policy package specifically geared to its needs.
People are the most important assets, and the success of the business may hinge on key personnel.
Business expense insurance can cover certain fixed business expenses, and key-person insurance can protect the financial performance in the event of a key person or business owner dies, is permanently disabled or suffers a traumatic event.
Owners risk losing control of their companies, serious financial losses, and complex partnership problems by being uninsured, or underinsuring against something going wrong.
Having the wrong kind of insurance is equally risky and ultimately a waste of money, which is why it’s necessary to seek advice on the right insurance for your business.
It’s also important to regularly review and update your insurance, especially when your business grows or changes.
There is always tax
You do not have to pay capital gains tax (GST) on a business insurance settlement, provided you tell the insurer before making the claim what proportion of the premium you can claim GST credits for, which will be the part that relates to business purposes.
But remember, your accountant should assess all taxation matters.
Working together with your financial adviser to determine what insurances can be put in place is an important consideration when running a business.
understand the appropriate standards and codes of practice
set up record- and account-keeping processes
register a website name
work out what taxes you need to register for
find out the registration processes and licences you need
consider your insurance needs
buy or lease business premises.
One essential ingredient of any new business venture is to draw up a business plan, which you will need to secure any financing. It will also provide direction and help keep you on track.
Financing your idea and keeping track of where the money is going is crucial to your success, so a good accountant is essential.
If you intend to hire people, you will also need to be familiar with the relevant labour laws, superannuation rules, work health and safety obligations and tax laws. Information about pay and conditions is available from the Fair Work Ombudsman website. You will also need workers’ compensation and public liability insurance.
Here to help
With so much to think about, it’s clear that starting a business is challenging. A financial adviser may help you understand your new financial obligations and develop a financial plan tailored to you, so you may get your new business off to the right start. We’re always happy to help, so don’t hesitate to give us a call on 07 5593 0855.
After a trip from the sunny Gold Coast to cool Melbourne, I played soccer mum, picking up the iMax and ferrying the work team out to Werribee Open Plains Zoo.
There were six of us, staying in two cabins and ‘glamping’ for a night at the slumber safari.
I implemented an annual offsite in 2014 for work, and took the team to Bali for a spot of team building and serious business planning and sessions away from the day-to-day grind of the office.
This year, we combined with a conference in Melbourne and did our two days business planning prior to heading to Albert Park…. But not before some fun at the zoo!
The girls were happy to be assigned to the Growling Grass Frog cabin, and the boys were right next door. After settling in, having a cold one on the verandah and admiring our view overlooking brolgas, Eastern grey kangaroos and a rhino, we were set for our first activity… a late afternoon wander through the zoo, and bus ride.
Our little tour took us past oryx, camel, kudu, eland, hippo and out towards the home of six Batchelor giraffe at feeding time. What gorgeous and elegant animals they are, and so close! Leroy the rhino wasn’t to impressed with us being in his territory and the zebra turned their gorgeously striped butts to us as we ventured by.
The highlight of the afternoon for me tho was getting up close and personal with the White rhino Kepamba. He’s obviously immune to the awe he induces at around two and a half tonne, and was happy to munch away while we enjoyed taking turns patting his thick, dusty hide. To be so close to one of the Big 5 when they’re becoming so rare, was pretty emotional. The ones I saw in Africa all have their mighty horns cut every two years to keep them far less attractive to the menace of poachers! To see this baby with his horn intact, and being much loved, was incredible.
The next visit had us drop by the lioness who gave us a few growls, just because she could, and we headed back to the Safari grounds for drinks and dinner.
With the theme of being sustainable and Eco-friendly, the Moroccan spread put on for our evening meal was pretty amazing, and all prepared on-site. Bravo to the chefs! None of us went to bed hungry!
An evening stroll through the zoo later saw us wandering through the Aussie section with the dozy koalas and kicking through the shearing shed, before heading back to the hippos by twilight, patting a python and looking in vain for the lovely cheetah.
Roasting marshmallows by the open camp fire finished the evening before we all retired to our comfy beds and rugged up for the night.
Waking to the sound of birdsong isn’t new for me, but to have lions roaring in the distance as well is a little unusual, and completely amazing!
A quick shower in the rustic bathrooms with our resident huntsman spider made me glad we weren’t visiting in the dead of winter when the cold winds would whistle up through the floorboards!
After our hearty brekky and a giggle at our fellow campers, all at breakfast in their onesies, from bub to grandma, we packed up the car and enjoyed our final zoo experience – behind the scenes with the cheetah at last and her keeper. We wandered her grounds, got close up pics (still behind the wire) and watched her morning run for her rabbits foot. Very cool!
We also snagged a quick visit to the serval cats, helping feed them their mealie worms for breakfast, and I couldn’t leave without checking in on the mighty silverbacks.
I’m heading to Uganda with The Hunger Project in two months and have added gorilla trekking on to my experience there. It was hard to tear ourselves away from the interaction we were having with the dad silverback as he wandered down to the glass and promptly turned his back to us, while still managing to interact and watch us as much as we did him. It was pretty special and made me wonder how amazing and awe inspiring it will be when there’s no glass in between, and just jungle!
If you ever do get a chance to head to Werribee, definitely book in for the Slumber Safari. It’s totally worth it.
And if you can help support my fundraising efforts for the fantastic work of The Hunger Project, please head to… http://tinyurl.com/
Well, the inaugural Wealth Planning Partners (WPP) retreat has been held, done and dusted in Canggu, Bali, Indonesia.
Bali has never been high on my list of Must See places, but I can certainly see why the Aussies have been heading there for decades! The Balinese are friendly (tho more than happy to take the tourist dollars) the beer is cold, and the weather is always warm and humid which most of us are used to. Basing our stay in Echo Beach between the rice fields and beaches was really special and a lot was accomplished.
We kicked off our first day with a Mexican dinner which served the three of us, with drinks for under $50. Expensive by local standards! The following morning was a massage each and session on Social Media and why it’s so important to an adviser’s business going forward. After lunch, one of our guest speakers, Ian, a lawyer from Brisbane dropped by and we learned about Trusts and structures used for the protection of wealth and to note when we need to recognise that our clients need to sit down and discuss further with a lawyer.
But it wasn’t all work and for Saturday we met up with some friends in Kuta, and headed to Tannah Lot in the afternoon for a sunset tour. It’s really been commercialised, but certainly some great photo ops! Then we hit Ubud on Sunday for the Paon Bali Cooking School. By evening we’d had a spa treatment at Ayana Spa (formerly the Ritz Carlton) and finished off at the Rock Bar for drinks. If you ever get a chance to go to Bali, all of these are a Must Do!
Monday, it was back to the grind and we were joined by another guest who filled us in on the Big 4 banks, where they sit in the Aussie economy and how we all fit into the grand scheme of things. A great ‘who’s who in the zoo’ for the rookies. Ian followed up with a second session, this time on the benefits of Key Man cover and Debt Reduction planning in Business Risk. We found a great hotel for lunch at the suggestion of a local and loved the artifacts on display at the Hotel Tugu, apparently the life’s work and collection of a wealthy Javanese businessman, now on display for all to enjoy.
Tuesday, we all worked on our ‘WHY’ – why do we want to be planners? what can we give back to the customer? what’s so special about us? and why would you want to use WPP and it’s advisers? Always a spot of soul searching goes on there, but great to revisit for me, and good for the guys to explore.
If the whole trip was to have us work more cohesively as a team and understand our individual roles, then the trip was a resounding success.
Learning what we can do when we play as a team has been good for us all. I just know it’s going to be a great year for WPP!