Business Planning & Insurance
Did you know?
Only 10% of small business owners have a documented succession plan.
Source: Cameron Research Group .The Australian Small Business market for Financial Services: 2008
Running a business has its fair share of rewards but also a number of risks that shouldn’t be ignored.
Many business owners don’t hesitate to insure the physical assets such as motor vehicles, plant and equipment. But…. if the unexpected were to happen, such as your business partnership ending, for example, or a key person being lost through an accident or even death, it could leave you and your family extremely vulnerable.
The good news is, with well structured business insurance, you can easily reduce the damaging impact to your business when you, or your key people, fall ill and can’t work.
Equally important, is planning your eventual exit from your business. This can be achieve by implementing a succession plan.
Your Total Wealth Management adviser can assist and work with your selected professionals to have the right documentation and strategies in place to:
- Ensure your business can keep functioning if you, or a key partner in your business, were suddenly be unable to work and contribute; and
- In the event of your exit from the business or retire.
Strategies we may consider for you:
- Protect your assets
- Protect your business’ revenue
- Protect your business ownership
- Protect your income
- Meet your business expenses
- Treat your beneficiaries equitably
- Purchase Life and Total and Permanent Disability insurance tax-effectively
- Reduce the long-term cost of your insurance