Business Protection
Whether your business is structured through a partnership, company or trust, few have effective mechanisms in place for the transfer of equity and/or control if one of the owners is lost to the business due to death, total and permanent disablement, or serious illness.
In many cases, the loss of a business owner from one of these events results in the demise of an otherwise viable business simply because there was no succession plan and funding agreement in place.
A business succession plan, incorporating insurance funding, protects your investment and ensures the survival of your business should one of the business owners or a key person die, become totally and permanently disabled or suffers a serious illness.
Who is a key person?
Most businesses have one or more key persons whose skill, knowledge, experience and leadership ensures the success of the business. A Key Person in any business may generally be defined as one whose death, disablement or early retirement, may have an adverse economic effect on the business.
It is important to identify these Key people and to analyse and quantify the adverse affect that is likely to be suffered by the business in the event of death, disablement or illness.
There are three basic protection needs that typically apply to businesses:
General Advice Warning
Any advice contained in this website is of a general nature only and has not been tailored to your personal circumstances. Please seek personal advice prior to acting on this information.