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Business risk insurance strategies


Business risk insurance planning should be part of life for all small and medium-sized businesses. 

You need to consider what would happen to the business if one of the owner's dies, becomes totally or permanently disabled, or suffers a terminal or traumatic illness. Without a viable succession plan there may be significant financial hardship for the surviving business owners as well as the surviving family members.

The core business insurance concepts are:


Buy / Sell
Insurance

A contract that allows transfer of a business to remaining owners if one owner dies or suffers a serious illness/injury and is unable to stay in the business.



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Key Person (capital) Insurance

Cover taken out by a "key person," usually a director, owner, or partner, in a business. It pays a benefit to the company if illness or injury of that key person results in losses to the company.


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Key Person (revenue) Insurance

Protects the business against lost revenue and increased costs in the event of the loss of a person who makes a significant contribution towards the profitability of the business.


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Business Expenses Insurance

Provides regular reimbursement of eligible business expenses thus assisting the financial viability of the company.



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