Business Assurance

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Business Assurance

How would your business cope if the person who is a key player to the business’s success were to pass away or become seriously ill?

 

The ultimate aim of a Business Assurance policy is to allow you to put structures and monetary arrangements in place now, to protect your business financially following the death of you, or one of the leading figures in your organisation.

 

Most importantly, by having a policy in place you have a cash sum available to deal with the adverse business scenarios caused by the death of you or a colleague, such as:

  • A reduction in company profits
  • Paying your company bills, hiring a replacement or paying outstanding bank loans
  • Purchasing a deceased Partners or Directors share of the business, and ensuring their estate receives the shareholding’s market value

 

Statistics show that over 90% of business failures result from management breakdown. In many such cases it is likely that failure results from the loss of key personnel.

 

S.A. Faughnan (Brokers) Ltd specialise in giving Independent Financial Advice on what is suitable for your own needs in the following areas:
  • Keyman Insurance: Key-person Cover is life assurance effected by an employer on the life of a key employee, who may also be a shareholder or director, to protect the company against the financial consequences of that individual’s sudden death or serious illness. Key-person Cover is designed to protect the value of the company’s human assets in much the same way as fire insurance protects a company’s physical assets. Key-person Cover can therefore provide an immediate lump sum payment to the company.

 

  • Co-Directors Cover: Corporate Co-Director insurance can make funds available to a company to buy a director’s shares from their successor when the director dies. The surviving directors can lose control if the deceased director owned more than 50% of the company. The deceased successor may not be familiar with the business or could have cash flow problems because of losing the deceased’s income.

 

The benefits to Corporate Co-Director’s Insurance are:

  • It gives the company funds to buy back shares if a director dies
  • Means the deceased’s successor does not have to become involved in the business
  • Can also cover a director becoming seriously ill

 

  • Partnership Insurance: Partnership Insurance can provide a solution to the problems outlined above by providing liquid capital on the death of a partner to enable the surviving partners to make an immediate payment to his / her estate in respect of his / her share of the partnership. Partnership Insurance is arranged in two steps: A) Partnership Agreement & B) Life Assurance.

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MEET THE TEAM

Glenda Faughnan B.Comm CB QFA APA in Personal General Insurance

You can contact Glenda Faughnan via phone below or click on photo to email directly


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