Even though public liability insurance is not obligatory in Australia, most business owners buy the coverage to indemnify them from third-party injury and property damage claims. Below is a guide on the considerations you should make when buying public liability insurance.
An experienced insurance broker will help you calculate the amount of cover you require. Typically, you will need more coverage if you run a risky business or if your business interacts with many people.
Financial reports for businesses can be prepared quarterly, every six months or annually. Below are reasons why it may not be advisable for you to ask your accountiants to prepare quarterly reports about the health of your business.
Less Innovation May Take Place
Research and development activities usually take a long time to yield tangible results. For example, it is hard to develop a new product for your business within a month or two.
Financial records can help you determine the financial health of a business that you wish to buy. It is, therefore, necessary to get a qualified accountant to evaluate these records and help you make the best decision. Below are some of the issues a qualified accountant will help you evaluate.
Fair value determination
One of the potential pitfalls in determining the health of a business that you wish to buy is understanding how they obtained the present value.
As the owner of small construction company, you may be wondering whether you really need to have public liability insurance. After all, Australia business owners aren't always required to maintain this type of cover by law -- and it might seem like the type of insurance better suited for large companies with hundreds of employees. Actually, public liability coverage is a wise choice for nearly any business owner, whether small or large.