BUSINESS INSURANCE

Just as personal risk cover is essential in your personal capacity should you become disabled or critically ill, Business Insurance cover is equally integral to the protection of your business and the livelihood of your employees. Having both personal insurance and Business Insurance cover means you’ve planned for both your family, and your work family.

Having Business Insurance cover helps you confidently run your business, knowing that it is protected if things go wrong. Many things can disrupt the smooth running of a company. Business Insurance cover will help tide your business over tough times, so it can continue with business as usual.

Buy and sell agreements

Should the owner of a business pass away, this cover allows the remaining partners to buy the deceased’s business interest. This prevents unknown third parties from entering the business to the potential detriment of the surviving partners.
 

Key person cover

This cover insures key employees (including business owners) whose services and knowledge are integral to the business. If such an essential employee is no longer able to work due to disability, critical illness, or death, the company will need funds to tide it over while a replacement is found or trained.
 

Contingent liability cover

As much as businesses try to plan ahead, accidents happen and things go wrong. Contingent liability cover pays a lump sum if you are occupationally disabled, permanently impaired, or unable to perform your occupational duties as defined in your policy document, to ensure that your business remains operational.
 

Shareholder’s Loan Account Cover

Shareholders typically inject capital into to their business effectively creating a credit loan, which is owed by the business to its shareholder. If such a shareholder dies, their executor will claim against the business for settlement of the full, outstanding loan amount. If the business does not have sufficient liquidity (cash) to settle the claim, it could result in the sale of business assets or even bankruptcy. Shareholder’s loan account cover can provide your business with the necessary funds to repay debts owed to the deceased’s Shareholders, Beneficiaries or Estate.