When you are in business there are important matters than can impact on your personal finances and have potential to directly affect your livelihood. There are a number of business insurances that should be considered among them:

Buy Sell Insurance – this is designed to provide financial security among business partners and their respective estates. In the event of a partner passing away, becoming critically ill or suffering a disability, buy sell insurance provides a financial payment that allows surviving business partners to buy out the deceased owner’s interests.

The Benefits of SMSFs include

Key Man Insurance – this policy provides cover against business losses that may be incurred as a consequence of the prolonged absence or death of the business owner or a key member of staff.

Overheads Insurance – this provides peace of mind for meeting the ongoing commitments of business costs including wages, rent, loan repayments, utilities and other overhead expenditures required to keep a business going when a business owner suffers serious injury or illness.

Total and Permanent Disability Insurance

TPD Insurance cover provides a financial benefit for the insured when they suffer a disability that prevents them from working. Being confined to a wheelchair for the rest of your life would be a terrifying prospect for anyone. If you could never work again and needed someone to look after you permanently, how would you manage?

TPD cover pays a one-off lump sum of up to $5 million if you are totally and permanently disabled due to illness or injury. You can choose TPD cover as a stand-alone policy or combine it with your life insurance. You also elect to have cover through your superannuation.

You should consider cover if you:

• Have a family or dependants
• Have a mortgage or other debt
• Would need money to live on if you couldn’t work again
• Don’t have savings to cover unexpected expenses, for example: medical bills
• Have a business or business partner, are self-employed, or you are a company director or key employee.