Protect Your Business
Owning a business is one of the most rewarding experiences you can have so it makes good business sense to protect everything you’ve worked hard to build.
We provide Business Insurance advice, helping to protect you and your business against some of the major risks you can face as a business owner, whether you’re a sole director/shareholder or have multiple business partners.
3 Main Considerations
Revenue Protection – The sudden loss of a key person within the business has costs and Revenue Protection ensures the business receives an injection of funds to help the business survive until a replacement is found
Ownership Protection – The loss or total and permanent disablement of a business partner could force a payout from the business to their estate or heirs may want direct involvement within the business without the necessary skills. Appropriate ownership transfer is critical to business continuity.
Debt Protection – The loss or total and permanent disablement of a business partner can also mean their debt obligations and personal assets are at call by the bank if the debt is defaulted.
A strong business succession plan will provide business continuity with minimum disruption if one or more owners need to exit the business at short notice. Protecting your business is smart business in the end.
Business Expenses Insurance
Business Expenses Insurance provides money to meet the businesses fixed expenses, in the event that you, one of your business partners or major contributors to the business revenue is unable to work. When a business owner is not able to actively work in the business, it will likely have a direct impact on income levels, so in order to ensure the fixed costs of the business can still be paid, Business Expenses Insurance is an ideal solution.
Buy/Sell Insurance provides a funding mechanism for the continuing owners of a business to purchase the share of an exiting business owner due to death or disability. This type of insurance is used in conjunction with a buy/sell agreement.
Key Person Insurance
Key Person Insurance provides a lump sum payment to a business in the event of the death or disablement of an employee whose knowledge, work or overall contribution is considered uniquely valuable to the company. When a key person dies or is disabled, it can create immediate and long term financial problems for the business. A drop in revenue is often inevitable when a key person is no longer there, however losses can also result while the business is searching for and training a suitable replacement. When there is not a suitable replacement readily available, it can sometimes take a significant amount of time and money, to find and train a successor. Key Person Insurance helps insure against this risk.
If you want the peace of mind that comes with knowing that whatever happens in the future you, your family and your business are financially secure, we can help. Contact Us today to make an obligation-free appointment with one of our financial advisers.
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Are you looking for trusted advice? For over 50 years, we’ve been helping Australian businesses ‘Protect What’s Important’. See how we can help you.