You’ve worked hard to build a successful business. So, why not protect it?
Insurance is used as a funding solution for several different aspects of business succession planning. Whether you have a small business or a staff of fifty, there are many different business insurance options to help you minimise your business worries.
Types of insurance for your business
- Buy-sell agreement
Provides a person with sufficient funds to buy out another owner (or the owner’s estate) in the event of death, total and permanent disablement or a traumatic event.
- Business protection/debt reduction
Pays off any debts associated with the business in the case that one of the owners dies, becomes totally and permanently disabled (TPD) or suffers a traumatic event.
- Key person (revenue)
Provides cash flow to employ another person in place of a key person in the business.
- Key person (capital)
Provides a lump sum to replace the income/profit estimated to be lost in the event of a key person dying, suffering a traumatic event or becoming TPD.
- Guarantor insurance
Protects the business against the financial risks associated with debt.
- Business expenses insurance
Pays regular expenses if a business principal is unable to work due to illness or injury.