Small and Medium Businesses

Key Person Insurance

Key person insurance (often called keyman insurance) protects a business from the financial uncertainty that arises from a key stakeholder passing away or becoming totally and permanently disabled.

This form of business insurance can be invaluable to a business that is reliant on a particular staff member(s). This reliance could refer to the businesses ability to generate revenue, the time involved with finding a replacement as well as any goodwill (from banks or customers) that may be lost as a result. There is peace of mind in the fact that the business will have access to capital when it might not have otherwise. 

Buy/Sell Insurance

Buy/sell insurance is ideal for companies with multiple shareholders that value the need for a defined succession plan. Buy/sell insurance is simply an amount of life and disability insurance that will be affected on all relevant partners. The payouts that result from these policies will be used to purchase the business from the disabled/deceased partner.

This has a number of benefits associated with it. All partners have peace of mind that their loved ones will not have to actively sell their stake in the business and they will recieve cash for it in a timely manner. Similarly, all partners will have certainty as to the value of their stake and their loved ones wont have to worry about losing value due to a need to sell the business quickly.

Business Expenses Insurance

Business expenses insurance is perfect for sole-traders or those in a small partnership. Business expenses insurance pays a monthly benefit to you to cover the costs of the businesses fixed costs.

Business expenses insurance can insure 100% of your fixed costs. These can include expenses such as rent, telephones, internet etc. Typically, you can only recieve a business expenses benefit for a maximum of 1 year. As you can see, this does not provide long term releif. This product compliments and a key person insurance policy that would pay out in the event of you becoming totally and permanently disabled.