Business Cover

Succeeding in business is challenging enough, without having to worry about the consequences of illness, injury or death. Loss of a key person – permanently or temporarily – could have a dramatic effect on your business. Insurance is your back-up plan!

 

Key Person

Key person protection injects cash into your business on the loss of a key person through disablement, suffering a major illness... such as cancer...stroke... heart attack etc, or an untimely death.

If a key person died, or was disabled, would the future profitability of your business be as certain today, as it was yesterday? A key person is someone whom the business relies upon for cash flow, market share, expertise, contacts, knowledge and experience etc.

If this person were not there, or was unable to perform their normal duties, the profitability of the company would be dramatically impacted.

The death or disablement of a key person could impact the business in a number of ways:

  • Loss of profits and additional costs in finding and integrating a replacement.
  • Loss of customers and valuable contacts.
  • Loss of market share as competitors take advantage of the situation.

     

Share Holder/Partnership Protection

If your business partner, or a major shareholder died last week, who would you be in business with today - their spouse? their children? an accountant? a lawyer - a total stranger? Running a business is demanding enough when you're all alive and healthy.

Continuity of the business enterprise is at risk in the event of an untimely death or serious disablement of a shareholder.

 

Think about it

Do you want to be in business with "Your deceased partner's widow's second husband's lawyer"?

An Insurance funded Buy/Sell Agreement is a means of creating cash exactly when required for the ongoing shareholder to purchase a deceased or seriously disabled shareholder's interest in the business.

A Buy/Sell Agreement ensures that the cash is used as intended. The document can include an agreed price, or how the price is to be determined.

Shareholder/partnership protection is designed to provide a predictable outcome in the event of a crisis, and the smooth handover of control and ownership, on the death or disablement of a shareholder.

  • Control of the business is retained by those in the business.
  • The family of the deceased/disabled are treated fairly.
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