Indemnity Insurance
I am wanting to create an organisation so I can get insurance can someone help?
Im involved with a martial arts that does not have public indemnity insurance because its never been properly created as an organisation. The martial arts is reletivly new to Australia……can someone point me in the right direction?
You have two choices – start a business or start a company.
A business opens the owners up to personal liability. So, let’s say you didn’t have insurance (or your insurance cover didn’t cover a court case) then the owner’s personal property would be used in any settlement.
A company only opens the company up to liability. So, let’s say you didn’t have insurance (or your insurance cover didn’t cover a court case) then only company assets property would be used in any settlement.
It costs more to run a company (at least $1000 to start and accounting fees of probably the same each year).
You should make some time to see your local small business development organisation (usually a state government department – it varies from state-to-state).
eg:
http://www.business.vic.gov.au/
http://www.business.nsw.gov.au/
http://www.sbdc.com.au/
etc.
The other thing you could do is talk to a few local sporting clubs (football club, cricket club etc.) and see how they have dealt with the issue.
Hope that helps.
Cheers,
Richard.
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