Insurance and risk management section
Under the insurance section of your business plan you can include the following information:
- Workers compensation - Provide details of any workers compensation insurance. This is mandatory if you have employees. Find out more at Workers insurance.
- Public liability insurance - Provide details of any public liability insurance. This covers you for third party death or injury. Visit Liability and prefessional indemnity insurance.
- Professional indemnity - Provide details of any professional indemnity insurance. This covers you for legal action taken out as a result of your professional advice. Visit Liability and prefessional indemnity insurance.
- Product liability - Provide details of any product liability insurance. This covers you for legal action taken out as a result of injury, damage or death from your product. Visit Liability and prefessional indemnity insurance.
- Business assets - Provide details of any insurance you have taken out for your business assets in the event of a fire, burglary, or damage. This insurance covers things like buildings, contents and motor vehicles. Find out more on Assets and revenue insurance.
- Business revenue - Provide details if you have insured your business in the event of business interruption. This covers you when you cannot trade because of a particular event and are unable to make money. Find out more on Assets and revenue insurance.
Under the risk management section of your business plan, list all of the potential risks (in order of likelihood) that could impact your business. For each risk include:
- Risk - Describe the risk and the potential impact to your business.
- Likelihood - Rate the likelihood of this risk happening (either highly unlikely, unlikely, likely, or highly likely).
- Impact - Rate the level of impact it may have on your business (high, medium or low).
- Strategy - Detail your strategies for minimising/mitigating each potential risk.
Read Risk management for more information.