For your Business

Shareholder Protection

A number of small to medium sized companies are owned by more than one shareholder. If one of those shareholders were to die or become totally and permanently disabled, the remaining shareholders would be faced with two options, to either purchase the exiting partners equity in the business, or to allow another partner into the business.

Often the best position for the existing partners is to purchase the shares themselves and to retain control.  Shareholder protection provides the funds to do this without the need to raise debt.

Key Person Cover

The success of any business is pivotal on the ability of that business to produce an income.  Within the business the people who significantly contribute to income producing activities are key people.  If a key person is removed from the equation the income stream of the business is significantly affected and the business will suffer, in some cases to the extent that the business will cease to exist.

Debt Protection

Many small businesses use debt as a means of finance.  In order to secure this debt the lending institutions often require personal guarantees from the business owners.  Business debt protection is designed primarily to protect the business owner and their family from these guarantees should they become totally and permanently disabled, suffer a trauma or meet with an untimely death.

Public Liability

All businesses and persons have a legal responsibility to ensure that their actions or omissions do not cause property damage or personal injury to others (third parties).

Liability can arise under common law or statute, and can arise from many sources including:

• products sold or manufactured
• premises occupied
• processes in making a product, servicing or repair of other parties' goods work in other parties' premises
• loss or damage to goods in care, custody or control        
• mistakes by employees

The General Liability Insurance policy will indemnify the Insured for any compensation they become legally liable for in respect of Personal Injury or Property Damage.  Additionally, it will pay the costs and expenses in investigating, negotiating and defending any claim.

Professional Indemity

The Professional Indemnity Insurance policy provides protection for professional businesses and people in respect of all civil liability arising from the conduct of their professional activities.

It requires a full civil wording, and provides cover against claims for third party financial loss.

Business Interuption

Protects the business in terms of its revenue/loss of profits in the event it can no longer operate due to a peril.

Plant & Machinery

This area of insurance is wide and varied based on the type of business being insured. The main area to look at is the sum insured, ensuring that items insured are for replacement value.

Stock

Where a business has stock or other people’s property, there are a number of questions to consider.

• Is there a seasonal increase, say in December and January that needs to be covered.
• Is all the stock in one place, of do you use other storage areas.
• Have you insured the retail price or the wholesale price.
• If you are importing or exporting, who is responsible for cover during transit.
• Is the current stock value correctly insured.

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