022 - INSURANCE EXISTS FOR A REASON

Insurance exists for a reason. Plan for the worst, even in the good. I am sure most of you already understand this, but insurance exists in case of the worst happening, not because it assumes, fuck, say 19. Insurance exists for a reason. Plan for the worst, even in the good times. I'm sure most of you understand this.

But it bears saying that insurance exists in case the worst happens. It doesn't assume that the worst will happen, and the reality is that for lots of founders, it can be really frustrating to be paying out that monthly premium even though you don't expect anything to go wrong. But I'm here to tell you that the worst can happen.

About a decade ago when I was out in Papua New Guinea, one of my businesses literally burnt to the ground. If we hadn't had insurance in place, we wouldn't have been able to recover that business, recover from that fire, and grow that business into the future. The reality is that you never expect the worst to happen, but that's the point.

It can happen at any time in any place. Make sure you have the insurance. Keep up with your premiums, and obviously shop around. Find the right thing that suits your business because not all insurance is created. Equally, build a relationship with your broker or with your insurance firm and make sure that you are covered just in case, because you don't want to be in a position where the worst happens and you've got nothing to fall.