Insurance protection advice for your business
As a business owner, you know sometimes things go wrong. There are some specific types of insurance outside of general property insurance that might benefit your business. You may wish to consider these to ensure your business continues through adverse events.
Business expenses insurance
Business expenses insurance is available to self-employed people. This kind of insurance is designed to pay the fixed costs of ongoing essential expenses if you are not able to, depending on the terms of the policy. Examples of these fixed costs include rent, plant or equipment leases, loan repayments and utility expenses.
Business insurance, including Key person insurance
Business insurance is designed to cover the key attributes of your business so your business can continue. Different policies have different terms. This kind of insurance can be used to replace lost income, replace potential lost profits, repay business debt, maintain the cash flow to cover the cost of replacing a business partner and training new key people.
‘Key person Insurance’ or ‘Shareholder Insurance’ might also be a part of your business insurance. Key person insurance usually operates as a part of a buy or sell agreement between business owners. Specifically this kind of insurance is designed to buy out the financial interest of a business partner if they become sick, injured or pass away.
When making decisions, don’t forget about your family or yourself
While business protection is important, it’s equally important that you don’t forget about your family when making decisions. At Advanced Financial Planning Solutions we also offer Family Insurance Protection Advice. These kinds of insurances offer payments to yourself or your family, if you become sick, injured or pass away.
Let us help protect your business, with business insurance protection advice
Working out the right cover for your business is extremely difficult by yourself. Different providers offer different policies – and most of them have different terms. Getting it wrong could be expensive. For example, a 120 day waiting period for income protection insurance is likely to leave you financially stressed. A shorter waiting period is likely to be more appropriate.
We can work with you to:
- Assess the kind of cover you require for your business, yourself and your family
- Identify the amount of cover you require
- Recommend how the cover should be held any by who
- Help create agreements between business owners if required
- Research and recommending appropriate insurance products
- Implement the advice so you’re covered
- Make a claim, should you need to
- Adjust your business insurance requirements over time if your situation changes.
Is that the kind of business insurance protection advice you’d like?
Helping business owners and managers with their business protection plans is one of the things we do to help clients step forward. Often our clients achieve more than they think they can, after they receive our advice.
Your first appointment is at our cost, to see how we might assist.
Is that the kind of financial planning support you’d like to access to help your family get and stay ahead?
If so we’re here to help you.
Call us on 0411 331 870 or contact us and ask for an appointment. Your first appointment is at our cost, to see how we might assist.