Setting Up Shop for the First Time? How to Understand Your Risks

More Australians than ever are deciding to strike out on their own and set up a business. If you are one of them, these can be exciting times as you look forward to dictating your own future. However, you have to understand the risks involved and how you can best protect yourself, so you don't just become another statistic as a failed business owner. What are the most common threats facing you in this situation today, and what can you do to protect yourself?

Theft and Damage

With a bricks and mortar operation, it's important for you to be as visible as possible in a well trafficked location. When you do so, however, you automatically elevate your risk from burglary or theft. It's also unfortunate that when you take on staff there is an associated risk that they will steal from you. Firstly, make sure that you have a state-of-the-art security system for out of hours. Make sure that all windows and doors are strengthened and that you have interior lighting that is on during the overnight hours as well, to deter any would be intruders. Next, perform thorough background checks on your employees and get them engaged in your success, so that they look out for you as well.

The more effort that you employ here, the more you will also be able to avoid malicious property damage. Make sure that your security systems are very visible, so that vandals are deterred.

Proactive Maintenance

You may well have to fork out a lot of money to buy equipment or machinery to set up shop. Look after your investment and always maintain it according to manufacturer recommendations. You shouldn't be reactive when it comes to repairs; be proactive to try and avoid any downtime. Always ensure that you train the operators so that they use the equipment in the right way and don't cause any failure. If you see parts that are wearing out, replace them as soon as possible. The more attention you give you, the fewer claims you will need to make for replacement.


As soon as you have established and opened a business, you become liable to ensure that staff and visitors are as safe as possible when interacting with you. Always pay attention to the floors and walkways so that you avoid the dreaded "slip and fall" accident. If you have any hazardous materials or potentially dangerous machinery, ensure that these are stored well away from unauthorised access in restricted areas.

You have a lot on your mind as you set up your business, but you shouldn't leave any of this to chance. Have a word with a qualified business insurance broker or agent to make sure that you have all of your risks covered.