Safeguarding your business asset
Are you a Hibiscus Coast business owner who is constantly striving to increase business profitability and increase the value of your business? It’s important to note that along with sustainably building the value of your business is the need to protect the value of your business. Numerous risk exposures exist that can seriously damage the value of your business but there are types of insurance for business that we can tailor to protect your business asset.
Safeguarding the future of your business
When a business loses the services of its sole trader, a key employee, an owner or business partner, the consequences for the business can be serious. Profits can fall, loans may have to be repaid at short notice or, at worst, the future viability of the business can come under threat.
If a key person is unable to work for a period of time or is permanently lost from the business, will your business survive? Loss-of-revenue cover provides a monthly injection of revenue while a key person cannot work. Cover for the permanent loss of a key person (through death or permanent disability) can provide a capital injection into the business in the event of permanent loss of a person who is key to the business.
Other business insurances that are important where one is trading from physical premises include asset insurance (Material Damage), loss of profits insurance (Business Interruption) and Public Liability insurance to protect your business against accidental damage or loss. Those providing professional services and advice will also require Professional Indemnity insurance.
Don’t fall into the usual trap!
Many business owners assume that asset insurance (‘Material Damage”), and business interruption insurance (“Loss of Profits”) mean that their business is securely protected. While important, these types of covers are only part of a comprehensive business protection plan. Perhaps even more important is the need to protect the business against temporary or permanent loss of a person who is key to the ongoing success of the business. Talk to us about the types of insurance for business that can help you.
How secure is your business?
Consideration of the business risk exposures outlined above also need to be taken in conjunction with personal covers. This will ensure that the overall insurance plan in place is cost-effective, tax-effective and hits the best insurance “sweet spot” available in the market.
Theo and Cristina Simeonidis are Registered Financial Adviser, living and working in Millwater on the Hibiscus Coast, and specialising in personal and business insurances. Theo can be contacted on 027 248 9320, Cristina on 021 868 280 or email firstname.lastname@example.org. Any assistance is provided on a free, no-obligation basis. A disclosure statement is available free of charge on request.