Owning your own business can be rewarding, but there can be considerable risks. Not only could your business assets be at risk but your personal assets including your house, contents, vehicles and superannuation.
The risks are real and you need to consider what would happen if your cash flow dried up and you could no longer service you business debts? What would happen if you were sued for negligence, malpractice or had an accident that stopped you from working in the business? What insurances are available to protect you against these risks?
Asset protection needs to be addressed when you start your business and regularly monitored. A properly structured business with appropriate and adequate business insurances limits the risks to you. Call our office today to discuss the protection of your business and personal assets.