Start smart › Insurance checklist
Everything you need to launch with the right insurance
A practical, step-by-step checklist to make sure you’re covered before you open your doors, without missing critical steps or overbuying.
Insurance checklist
Use this to track your progress. Not everything applies to every founder; focus on what’s relevant to your business.
Phase 1
Understand what you need
- Identify your business structure (sole trader, company, partnership, trust)
- Determine your industry and specific activities
- Review lease or supplier requirements (do they require proof of insurance?)
- Assess your personal risk tolerance (how much exposure are you comfortable with?)
- Check if any insurance is legally required (e.g., Workers Comp if hiring)
- Identify your business structure (sole trader, company, partnership, trust)
Phase 2
Get the essentials in place
- Public Liability insurance – $10M or $20M coverage (check lease requirements)
- Professional Indemnity insurance – If providing advice or services ($1M minimum)
- Certificate of Currency obtained – Proof of coverage for clients/landlords
- Policy schedule reviewed – Make sure it covers your specific activities
- Policy documents stored securely – Digital and physical copies
- Identify your business structure (sole trader, company, partnership, trust)
Phase 3
Set up your systems
- Add policy renewal date to calendar – Set reminder 30 days before expiry
- Notify your team about insurance coverage and claims process
- Store emergency contact details – Broker phone number, policy number, claims hotline
- Create an incident reporting process – What to do if something goes wrong
- Set up a claims folder – Where to store photos, receipts, incident reports
Phase 4
Stay compliant
- Display Certificate of Currency – If required by lease or industry regulations
- Include insurance details in contracts – Client agreements, supplier terms
- Update policy if business activities change – New services, locations, team changes
- Notify broker of any incidents – Even if you don't think it's claimable
- Review cover annually – Ensure limits and coverage are still appropriate
Phase 5
Plan for growth
- Understand what changes when you hire – Workers Comp becomes mandatory
- Know when to increase coverage limits – As revenue grows, so should limits
- Budget for insurance in financial forecasts – Include annual premiums
- Build relationship with your broker – Regular check-ins, not just renewals
What happens after launch
Once you start trading, your needs will evolve. As revenue grows, you’ll increase coverage limits. When you hire, you’ll add Workers’ Compensation. When you invest in equipment or stock, you’ll add Business Property cover.
This is just the foundation. The goal right now is to launch legally and safely, without overbuying or leaving gaps.