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Business Insurable Risks
Insurable risks of a general business nature include, but are
not limited to:
| Death |
Risk of death by natural
causes, accident or foul play of principals or employees of
the business
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Trauma
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Risk of a terminal
or potentially fatal illness or condition to principals or
employees of the business
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| Illness |
Risk of loss of income through
extended illness of principals or employees of the business
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| Disability |
Risk of loss of income
through partial or total, temporary or permanent disability
of principals or employees of the business
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Personal Injury
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Risk of loss of income
and incurring medical and rehabilitation expenses through
injury to principals or employees of the business
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Third Party
Property
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Risk of damage to other people's
property caused by the negligence of the principals or employees
of the business
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| Buildings |
Risk of loss or damage
to your business buildings, offices and associated structures
from fire, storm and tempest, flood, vandalism, etc
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| Building Contents |
Risk of loss or damage
to your building or office contents from fire, theft, loss,
accidental damage or vandalism
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| Plant and Equipment |
Risk of loss or damage to your
businesses plant and equipment from fire, storm and tempest,
flood, vandalism, etc
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| Public Risk |
Risk of death or injury to other
people or damage to other people's property caused by the
negligence of the principals or employees of the business
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| Travel |
Risk of expenses incurred due to
cancellation of business travel arrangements by travel providers,
official action or illness or disability
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| Motor Vehicle |
Risk of death or injury to other
people or damage to other people's property caused by your
business's motor vehicles, and risk of damage to your motor
vehicles (possibly not including death or injury of driver)
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| Plate Glass |
A special category
of insurance risk involving risk of damage to plate glass
windows through storm and tempest, flood, accident or malicious
act, etc.
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| Removal |
Risk of loss or damage
to your business's plant, equipment, furniture, records and
employees' personal effects are in transit from one premises
to another
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Risk Insurance Planning
A responsible
business owner considers business risk insurance planning so that
at a time of change their business and dependants will enjoy uninterrupted
financial security.
Ask yourself a few simple questions:
- Have you given any thought to what will happen to your financial
plan in the event of illness, disablement or even death of yourself,
business partner or key employee?
- How would the remaining business principal(s) buy out the
financial interest of a deceased business principal, or one
that wishes to exit the business due to poor health?
- How would you replace lost business income, which has descreased
due to the loss or illness of a key person or partner?
- How would business debts be paid in the event that creditors
or the bank called debts due to the loss or illness of a key
person or partner?
- Whgo drives the sales/revenue generation of the business and
what if they exited the business due to poor health or even
death?
- Is your business your family's retirement plan?
- What is the impact of CGT on transfer of business ownership?
- Have you considered working with your fellow proprietor's
partner or spouse?
- How long would it take to replace your key staff member/fellow
proprietor and what business expenses would you incur in the
transitional period?
What to do about business insurable
risks .....
Protecting your business investment is justifiably a step you
should take - a priority of today and not a thought parked for
tomorrow. To find out which business insurable risks are
applicable to you, whether you are adequately covered against
those risks and how you can protect your business investment,
call us on (08) 8382 4288 or contact us (see menu above)
soon to make a time to speak to a AAA Financial Intelligence adviser.
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