Business Assurance

Business Assurance

When running your own business, there are various scenarios where Life and Disability cover could play an important role in the continuity of your business.

You might be in a partnership with someone and the question arises, ‘what will happen to your share of the business should you pass away or become disabled’? A Buy and Sell agreement is structured in such a way that your partner takes Life cover equal to your share of the business on your Life (and vice versa). In the event of your death or disability, the proceeds of this policy will be used to purchase your share of the business by way of the Buy and Sell agreement. Your dependents then receive your share of the business, and the surviving partner acquirers the whole business.

There are some instances where you have an employee with special skills that forms an integral part of your business. Should this employee pass away or become disabled, the employer would possibly need a capital outlay to replace these skills. A Key person policy can be used for this purpose.

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