Ensure your business needs are taken care of today.

The importance of covering business needs

Certain business events such as surety, replacing a key employee or covering overhead expenses (to name a few) can be covered with insurance.

Business financial planning promotes not only financial wellness for the organization but also protects the individuals involved in the business.

Business needs

Events that require cover

CONTINGENT LIABILITY

Ever stood as surety for business debt? This may affect your personal estate and liabilities. Ensuring that the business takes out life cover to secure the repayment of debt when a life event occurs is vital to protect you and your family from the debt being recalled in your personal name.

KEY PERSON INSURANCE

There may be an employee that is instrumental to the success of the business. If this key person’s absence results in declining profits, (or leaves a devasting void in the business) ensuring that cover is in place to withstand any losses or provides you with the ability to recruit and train a replacement is vital.

OVERHEAD EXPENSES

Monthly overheads such as rent, utilities and salaries (to name a few) will not come to a halt if you as the business owner is unable to produce business income.

Cover for overheads expenses ensures that in a risk event occurring, the business will have a buffer for these expenses to be covered.

DEBIT AND CREDIT LOAN ACCOUNTS

You may owe the business money or the business may owe you money. Ultimately the money must be repaid to ensure that there is liquidity for yourself, as well as the business.

Financial underwriting

Requirements for Business Assurance

Financial underwriting considers the financials of the business to establish the business need.

This is considered together with the life assureds personal lifestyle and health status to determine the premium for cover.

The important documents that may be required for business financial planning include:

Memorandum of incorporation
CIPC document
Financial statements of the business

Employee Benefits

Become an employer of choice

Employee benefits can be defined as the additional compensations to an employee’s salary to attract and retain talent.

These benefits may include:

Contributions to retirement funds,
Medical aid contributions and
Group life cover (which includes life, disability, and dread disease cover)

Short Term Insurance for Business

Your business could face the reality of everyday risks that could impact its operational capacity and threaten its assets.

Having the right insurance in place will give you peace of mind, knowing that your business assets and other commercial valuables are sufficiently protected in the event of theft, damage, or loss.

Types of commercial cover could include:

Fire
Buildings
Business interruption
Office contents
Employer liability

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