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
- List of details that need to be considered.
- Review lease or supplier requirements
- 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)
Phase 2
Get the essentials in place
- What is Public Liability insurance?
- What is Professional Indemnity insurance?
- How to obtain a Certificate of Currency?
- Identify your business structure (sole trader, company, partnership, trust)
Phase 3
Set up your systems
- Calendar reminders you have to set
- Notifying your team about insurance coverage and claims process
- Store emergency contact details
- Create an incident reporting process – What to do if something goes wrong
- What goes into your claims folder
Phase 4
Stay compliant
- What is a Certificate of Currency?
- Insurance details in contracts
- When to update policy if business activities change
- Notifications
- Reviewing cover
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.