Business Insurance

Business Succession

Small businesses are owned by a few very valuable people. These people bring skills and talents that are often essential to the successful running of a small business. The loss of a business partner or co-owner can be devastating.
Having an appropriate ‘succession plan’ to protect the investment you have in the business is essential. The agreement between the parties is equally as important as having the funding mechanism provided by appropriate insurance cover.
The agreement provide certainty as to what will happen, when it will happen, how it will happen and ensures that the right money ends up in the right hands at the right time.
A formal "buy/sell' agreement or"share purchase" agreement covers a range of very important points that protect business owners in the event of death, permanent disability and serious illness or major trauma.
The purpose of the agreement and the insurance is to ensure that business owners receive fair value for their shareholding in the business. Contact us now for advice with your business succession requirements.


Business Cover

Who generates the income in the business? Invariably there are a number of people who are responsible for driving the income stream into any business. These people are key to business survival and their loss would have devastating consequences for the business. “Income is the cornerstone of any business”

Key Person cover

Often when a business suffers the loss of a key person the business itself may fail or falter. Generally speaking a key person would be a person responsible for generating income, holding key relationships, having key skills and possibly providing guarantees for funding. A key person loss could adversely affect the financial viability of a business as the business would be required to replace the deceased or disabled person. Key person cover provides capital to the business for:

  • Loss of revenue
  • Recruitment costs
  • Increase in operating costs
  • Relocation costs

Policies should be owned and paid for by the business as the cover is designed to help the business.

Debt Cover

As the name suggests this cover is designed to provide funds to retire debt and release owners from guarantees and other debt instruments. Ownership and intent of the policy is critical when providing cover of this nature.