A great question and it will come with an answer that every operator should consider very carefully. Uninsured losses are many are varied and with every business, the loss circumstances are different.
Insurance is said to have been around since the Romans and Greeks in the form of what was called a “Mutuum Loan”. It is believed that the Roman and Greek villagers used to pool their money (or goods) to enable them to pay for burials of their deceased family members, among other things which included the goods they traded by sea.
Insurance is too expensive – what a load of rubbish! Insurance is no more expensive these days than it was back in the early 1990s. Back in the 90s yours truly had his own truck insured for $100,000, five years claims free doing general freight and furniture and was paying around $8500 for the insurances on it.
Far too many get caught up in the excitement of going into business for themselves that they miss some critical steps that can make or break a business. Whether you are planning on opening a fish ‘n’ chip shop, starting your own bank or buying your first truck, there are some basic principles you can follow in order to start and then continue to grow a successful business that will ensure you give your business the best chance to survive and prosper.