Would your business be able to continue if a key person were to die or become seriously ill or injured?
Is business insurance something you really need?
To decide whether you need Keyman or Buy/Sell insurance for your Business, you simply need to ask yourself how your business would continue if you, a partner, executive or key person were to pass away or become seriously ill or injured. It shouldn’t just be a matter of simply surviving if the unfortunate were to happen.
Business insurance can help owners protect their keypeople, business assets, profitability, income and ownership– in the unfortunate event of an accident, illness or death. The main reason for applying for Keyman or Buy/Sell Insurance is to offset the losses and costs which you will bear if you lose a key person.
Business insurance questions to ask yourself
What would happen to your business and employees if you were to die? Would your wife be in the position to pay the businesses debts?
Could your husband continue to operate the business without you and your expertise?
Would your business partner be able to continue to pay their mortgage?
What would you do if a key staff member was unable to continue working for you after becoming disabled in a terrible accident? Could you fund the advertising, recruitment and training for the new Keyperson?
If you answered no to any of these questions you need to invest in Business Insurance.
What's the right level of business insurance protection to cover the business?
I have decided to insure my Business and it’s Key people, but for how much?
When considering how much insurance you need, think about your financial commitments. It is important to have the right level of protection to cover the businesses’ financial obligations and any other expenses that may arise, for example recruitment or buying out a partners share. One of our qualified Insurance Advisors can recommend different types of insurance and sum insured that will suit you and your business.
Debt- loans, credit cards, outstanding employee salary/superannuation
Materials/Equipment – ongoing payments/upkeep
Ongoing Income- calculation for an ongoing income for business
Fees – legal paperwork. Conveyancing
Isn’t about time you protect your financial future? Preparation, Protection, Peace of Mind