BUSINESS INSURANCE
Life is full of unknowns, but that doesn't mean you have to put your business's financial stability at risk.
Every business, no matter its age, size, or structure, comes with a level of uncertainty. Taking on the challenge of starting and growing a business through its peaks and valleys deserves recognition. However, it also means dealing with various challenges to run a successful business. It's normal to feel like you're losing control and finding it difficult to manage your business smoothly.
''Obtaining the right business insurance is an important part of establishing a reputable and sustainable business'''
Protecting your business is equally important as overseeing its fundamental goals. It's vital to anticipate potential uncertainties like property damage, workplace accidents, and legal disputes. Selecting the right business insurance not only establishes a reliable and long-lasting company but also minimizes risks and provides peace of mind. By choosing the best insurance for your business, you can effectively prepare for potential risks and manage essential business expenses crucial for growth.
Protect your family against business debt
Defends the assets from creditors
Offers compensation in the event of death or injury
Surety Cover
Safeguard your household from the weight of business debt with Surety cover. This insurance enables business owners to access funds in the event of disability. Obtaining capital is a customary practice in the business world.
As a business owner, it is common to personally guarantee a loan on behalf of your business. This is in line with the credit policies of most South African banks and financiers.
This procedure ensures that you or your estate will be responsible for repaying the debt in the event of disability or death before the loan is fully settled.
If you or the executor of your assets have to utilize personal funds to clear the business's debt, they will be left without insurance.
Provides security for the business's shareholding
Provides coverage in the event of your death
Provides coverage in the event of your spouses' deaths
Buy and Sell Cover
Safeguard your designated business shares with the Buy and Sell cover, allowing current partners to acquire the share of a deceased co-owner with cash. The primary aim of this arrangement is to offer the surviving co-owners the opportunity to purchase the stake of a deceased co-owner when the need arises.
This agreement sets out the situation where each business owner can obtain life insurance on the lives of their fellow co-owners. In the event of a co-owner's passing, the life cover pays out, enabling the surviving co-owner to acquire their share(s).
Furthermore, there is an option to fund the buyout through disability cover for the business share of a disabled owner.
Times when a business can no longer perform properly
When a business is required to make an alternative of a key person
When a business faces a decrease in sales
Key Person Insurance
The most important investment a business can make is in its people. The success and longevity of a business, as measured by its efficiency and sustainability, heavily rely on the quality and expertise of its workforce. Therefore, the departure of a highly valuable employee, often referred to as a key person, can significantly impact the output and growth of a business.
A key person is someone whose absence or departure poses a substantial risk to the future of the business and has a notable impact on its operations.
Losing or incapacitating a key person can expose a business to potential losses and risks that may hinder sales growth. Additionally, the business must heavily invest in training a replacement, incurring extra costs and experiencing a decrease in profits and sales.
“Today people who hold cash equivalents feel comfortable. They shouldn’t.
They have opted for a terrible long-term asset, one that pays virtually nothing and is certain to depreciate in value.”
WARREN BUFFETT