Key Person Protection
We all know these people. The ones who inspire, take risks the people that bring in revenue to the business and the ones that keep the business wheels turning over.
Without these people, nothing happens or should I say, no profit happens.
The loss of a key person within a business can have devastating results. Revenues can plummet, contracts can be lost and all at a time when the business still needs to pay the sick person’s salary whilst they are recovering.
Key person coverage when set up properly, can pay the business a lump sum or an ongoing income – enough to cover the loss. If needed, it can also cover the cost of replacing this person quickly.
Key person insurance is our speciality. We have great experience in sitting down with business owners and identifying the risks in dollar terms then advising and implementing strategies to help business financially survive these events.
The policies are generally paid for by the business and proceeds of any claims are payable to the business.
There are tight ATO guidelines on tax deductibility and ownership of these types of policies and all have ramifications come claim time.
You need specialist advice and we are ready willing and able to assist you.