Why insurance is important for Gen Y entrepreneurs who are reshaping Australian business through revolutionary startups

7 March 2017

Gen Y entrepreneurs are reshaping Australian business through revolutionary startups

Entrepreneurs aged 25 to 34 have been leading the way in establishing revolutionary startups in Australia.

Australian Bureau of Statistics figures amplify Gen Y’s eagerness to reshape business, showing that new company registrations from this age group have been booming since 2014. Noted demographer Bernard Salt has also been quoted as saying  more than 340 new startups are popping up every week in entrepreneurial hotspots across the country.

Tech savvy young business brains are exploring enormous opportunities to create their own unique career paths. They might be forging new paths, but a key thing Gen Y entrepreneurs need to consider when establishing their startup is insurance.

Why is start-up insurance important?

Starting any business is a hectic time and when we’re chasing a dream, we can overlook  some things that are essential for the survival of our startup.

For most startups, insurance should be high up on the priority list. Why?

  • You must protect your investment. Not having adequate insurance can potentially put an end to your plans.
  • Do your research – some industries require certain insurance policies to be taken out by law.
  • Consider the risks – it’s not just the ongoing risks of running your startup. You may need cover for general liability, third party injury, financial loss, physical damage to your start-up’s physical assets.

Unforeseen circumstances can turn into heavy financial burdens. Adequate insurance is a no-brainer – you literally can’t afford not to have it.

You’ve got the vision and the drive. Get the fundamentals down pat for your start-up and then you can get on with living the dream and achieving your potential.

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