Business insurance ADVICE
Insurance strategies for business owners and key people
Helping protect your people and your business.
How we support your business
Identifying financial risks and tailoring solutions
We provide advice on insurance strategies for business owners, with a focus on business continuity, business succession, capital protection and key person risk. We start by understanding your business structure, ownership, key individuals and financial commitments. From there, we identify which business insurance strategies are relevant and how to position them in line with your existing arrangements. We work alongside your accountant and lawyer to help create, implement and maintain an appropriate insurance portfolio.
Each stage of your insurance advice
01
Initial meeting
The first meeting focuses on understanding your situation, goals, and priorities, and on explaining how our advice process works.
02
Needs analysis
From there, we review what you have shared and complete a needs analysis to identify the types and levels of cover that may be appropriate for you.
03
Market research
Based on that analysis, we evaluate options from the retail insurance market and develop recommendations for your review.
04
Recommendation meeting
At the recommendation meeting, we present our advice, including structure and expected costs, and give you time to review, ask questions and decide whether you would like to proceed.
05
Implementation
If you choose to go ahead, applications are prepared and lodged, and we liaise with insurer underwriters during assessment so approved cover can be put in place.
Review
Over time, changes in your life may mean your cover needs adjustment. We encourage you to contact us if you would like to review your portfolio, and we provide an annual portfolio summary to prompt that consideration.
Business insurance advice strategies
Protecting Business Partners – Business Succession and Continuity
Share Purchase cover, also called Buy-Sell cover, uses Life and TPD policies to help fund changes in ownership where a business has more than one owner. It provides a benefit that the remaining owner(s) can use to acquire an owner's interest in the company if that owner is no longer able to remain in the business because of death, terminal illness or severe disability.
This type of cover can support owners who wish to retain control of the business and can help provide value to the departing owner or their estate. Businesses often link this cover to a buy-sell or shareholder agreement that sets out how ownership will be transferred.
This type of cover can support owners who wish to retain control of the business and can help provide value to the departing owner or their estate. Businesses often link this cover to a buy-sell or shareholder agreement that sets out how ownership will be transferred.
Protecting Business Revenue – Business Continuity
Business expenses insurance, also called business overheads cover, helps small businesses maintain operations when an owner is unable to work due to illness or injury. It provides a regular benefit to the business for a defined period. The business can use this benefit to help cover fixed expenses such as rent, utilities, and non-owner staff wages while the owner is unable to work.
Keyperson Revenue cover mitigates the short-term income and cash flow loss to your business should one of your key revenue-generating people be unable to work due to illness, injury or death. It utilises Life, TPD and Trauma policies to provide a lump sum to the business which the company can use to help offset reduced revenue, cover fixed costs, fund temporary or replacement staffing, and manage short-term adjustments.
Keyperson Revenue cover mitigates the short-term income and cash flow loss to your business should one of your key revenue-generating people be unable to work due to illness, injury or death. It utilises Life, TPD and Trauma policies to provide a lump sum to the business which the company can use to help offset reduced revenue, cover fixed costs, fund temporary or replacement staffing, and manage short-term adjustments.
Protecting Business Capital – Business Continuity
Keyperson Capital cover focuses on the business's longer-term financial position. It can provide a lump sum if a person whose skills, knowledge or leadership are central to the business's value can no longer work in their role because of serious illness, injury or death. The company may use this benefit to reduce or repay debt, stabilise the balance sheet or support changes needed to maintain or realise business value.
