When you’re busy running a business, it’s easy to lose sight of the fact that you (and perhaps a few other key colleagues) are probably your most important assets. While you may already have some insurances in place such as professional indemnity and public liability – have you considered the impact on you, your family and your business if a serious accident meant that you or another significant employee were unable to work? Could your business survive, or could you and your family survive without the financial security that your income provides?
Prolonged illness, serious injury and death can seriously impact the viability of your business and disable your livelihood. But with the right insurance cover in place, you can continue to operate with the peace of mind that your most important assets will be protected even if an unfortunate and unexpected event does occur.
Protect your business
The success of your business probably relies heavily on the contributions of yourself along with a partner and possibly a few other critical employees. But if one of these significant people were unable to continue working, the consequences could be devastating.
Perhaps an unknown person could be called in to help you run the business. Your lender may recall their loan, or worse, hold you solely liable to repay the debt if your partner is unable to. Or maybe you’ll no longer have the resources to service your clients, resulting in a loss of income and inability to repay your suppliers.
That’s where Key Person Insurance can help. It can cover against the impact from the loss of colleagues whose money, knowledge, network or experience is vital to the success of the business. By protecting the business against the financial implications of the loss of a key colleague, it can provide a much-needed safety net to keep the business afloat and help it get back on track.
Protect yourself (and your family)
Being unable to work while you’re recovering from a serious injury or illness is an uncomfortable prospect that many people don’t prepare for. But if life throws you a curve-ball, would you have the financial means to not only maintain your lifestyle but also pay your medical bills, mortgage and living expenses if you weren’t earning an income? Lack of financial security could add another layer of stress to an already stressful time for you and your family.
With the right insurance, part of your salary may be replaced, giving you the breathing space to focus on your recovery and get back on your feet. There are two customisable options available:
Personal Accident Insurance:
- Can protect you in the event of accidental injury
- Can provide a lump sum payment to help you cover some of your living expenses
- Depending on individual needs, it can be tailored to cover you if an injury is sustained at work, on your journey to work, or anywhere 24/7.
Income Protection (Salary Continuance) Insurance
- Can cover you if you’re unable to work due to a range of illnesses, conditions and accidental injury
- Can provide ongoing income to live on if you can’t work again (note that waiting periods generally apply)
- The policies are flexible and can be tailored from basic to comprehensive cover
- Some policies pay up to 75% of your salary.
We’re by your side
Everyone’s professional and personal circumstances are different, and that’s why it’s important to get the right insurance mix to support your individual needs. If you would like to find out more about insurance coverage, please contact the Aon Real Estate team on 1300 734 274.
The information contained in this article is general in nature and should not be relied on as advice (personal or otherwise) because your personal needs, objectives and financial situation have not been considered. So before deciding whether a particular product is right for you, please consider the relevant Product Disclosure Statement or contact the Aon team on 1300 734 274 to speak to an adviser.
Aon Risk Services Australia Limited | ABN 17 000 434 720 | AFSL 241141