Business risk insurance planning should be part of life for all small and medium-sized businesses.
You need to consider what would happen to the business if one of the owner's dies, becomes totally or permanently disabled, or suffers a terminal or traumatic illness. Without a viable succession plan there may be significant financial hardship for the surviving business owners as well as the surviving family members.
The core business insurance concepts are:
A contract that allows transfer of a business to remaining owners if one owner dies or suffers a serious illness/injury and is unable to stay in the business.
Cover taken out by a "key person," usually a director, owner, or partner, in a business. It pays a benefit to the company if illness or injury of that key person results in losses to the company.
Protects the business against lost revenue and increased costs in the event of the loss of a person who makes a significant contribution towards the profitability of the business.
Provides regular reimbursement of eligible business expenses thus assisting the financial viability of the company.
ONLINE WEBINAR
27 April 2023 // 12:30pm
Let's face it, insurance is not the most exciting topic. In
this webinar we'll offer guidance on how to compare different insurance policies, assess your risk, read beyond the marketing and how
to get the most value for your money.
