The short version is “Don’t Wait!”
Being based in Wellington, we have regular reminders – particularly in the form of earthquakes – that we need to have Risk Management Strategies in place to minimise the impact on our business.
We want to encourage you to step into this space and plan these things in advance. One of the people on your virtual team should be an insurance broker who is NOT wed to any single product or a brand, who will advise you objectively. The best way to find someone is through your social network, or we can certainly put you in touch with a few people too.
Some things that we suggest are Business Interruption insurance, key person insurance, strong shareholding agreements, and ideally, getting to a position where you can self-insure and have a base of at least two months (preferably 6) of normal trading revenue in a ‘slush fund’.
Business is serious, people livelihoods are at stake and we need to make sure we have these things covered.
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