Business Insurance or Keyman Insurance as it is commonly referred to is a type of Life Insurance Policy which is set up to protect your business. A Business Insurance policy can cover the ‘key person/s’ for a combination of all or any of the four major types of Risk Insurance covers ie:
- Life insurance
- Total and Permanent Disability insurance
- Critical Illness/Trauma Insurance
- Income Protection insurance
Business Insurance as the name suggests is designed to protect the business, not the individual. Whatever you’re business, you should consider looking at taking out a ‘Keyman Insurance Policy’ on the key person/s or employees within the business.
Just imagine the consequences if any of the following situations were to occur:
- You have a Business Loan guaranteed by one of the Directors and he/she dies;
- A key business employee suddenly suffers a traumatic event (such as cancer) and is unable to work, having to take 6 months off work – how would you replace that level of expertise to keep your business running?
- A joint business partner dies & the company shares are passed onto a former business partners’ estate. The former business partner now owns this part of the business & may have possibly become a decision maker.
- A key income producing Executive Director dies or becomes disabled;
The amount of Keyman Insurance cover really depends on the business and the purpose of the policy and may be dependant on the tax effectiveness of different structures. There really is no quick fit but a general rule is to start with the four key Risk Insurance areas listed above and then tailor the cover to cover your business.
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