Devenny Payne Taxation & Business Services

Business Insurance

When it comes to business estate planning the two big questions you need to ask yourself are:

'Would your business be able to buy a departing owner's share of the business if they died or suffered a serious illness or injury?'

'Would your business be able to cover the loss of revenue and goodwill, and re-pay the debts of the business, if an owner or other key person died or suffered a serious illness or injury?'

If your answer is no to one or both of these questions you need to consider transferring that financial risk to life insurance companies.

Business insurances worth considering include:

• Buy/Sell insurance - pays your business a lump sum if yourself or one of your partners dies or suffers a serious illness or injury.
• Key person insurance - Pays your business a sum of money to offset the estimated financial loss to the business should an owner or other key person die or suffer a serious illness or injury.
• Business expenses insurance - pays some of your business expenses if you are unable to work due to illness or injury. Expenses are generally covered for up to 12 months and typically include rent, loan repayments, leasing costs and utility costs.

Our job is to research the major, reputable insurance companies to find the insurances which provide your business with the right level of protection, including the definitions, clauses and exclusions which best suit you and your business. Of those insurances which meet your needs, we obtain quotes to ensure we recommend the most cost effective products for your business.