Insurance FIRST

Business Insurance

Part of any contingency plan is to evaluate the risk to your business should something unexpected happen. By having a business succession plan, combined with a risk protection plan, that offers an appropriate level of cover, you can help protect your business, your co-owner/s and any other dependants by:

Providing for an orderly business succession in the event of death
Minimise disruption to the business
Provide for the deceased’s family
Fund the purchase of a co-owner’s share
Minimise the chance of the business having to be sold
Assist with repayment of existing debt
Assist with recruitment of replacement of key personnel
Maximise your return should be business have to be sold

	Life Insurance Directors: Life Insurance is a wise and practical choice that helps provide reassurance that the future financial welfare of the business will be secure in the event of the death or terminal illness of a director or a key team member. Employees: Life insurance can help give financial protection to employees and their families. In the event of death, a lump sum can be paid, to help provide for the family financially. Either: Anyone can also be covered if terminally ill and not expected to live for more than 12 months. This won't cost anything extra and it means that expenses are covered such as medical costs, childcare or even taking a family holiday.

	Key Person Cover & Income protection Directors - Key Person Cover: What would happen to the business of Burns & Ferrall if a director or one of the key people became disabled and was unable to work for an extended period? Key Person Cover can protect the contribution that the director and the key people make to the business, and reduce the financial strain of their absence if they are unable to work for an extended period. Key Person Cover provides a monthly payment to the business if a team member, is disabled and unable to work due to illness or injury. The payment would put cash into Burns & Ferrall’s business when it’s needed most, providing time to find and train a suitable replacement, or to help with cash flow. Employees – Income Protection: Imagine what would happen tomorrow, if the unthinkable happened today and an employee was unable to work. Income protection helps financially protect their ability to receive a monthly income in these circumstances due to the serious illness or injury.

	Trauma cover Directors: Would the business survive if a director or a key team member were diagnosed with a serious illness or injury such as one of the common 'big three' - heart attack, stroke or cancer? Trauma Cover helps to reduce the strain, both financially and emotionally, of dealing with a serious illness or injury and the impact that might have on the business of Burns & Ferrall. Trauma Cover provides a one-off lump sum payment on diagnosis of one of the 40-45 trauma conditions. The payment can be used for whatever is needed, such as paying off business debts, recruiting replacement staff or assisting the family with costs such as medical treatment, rehabilitation programmes or home help. Employees: Trauma cover provides a lump sum payment to help give peace of mind if an employee ever suffers one of the 40-45 critical illnesses or injuries. When recovering from a serious illness or injury employees don’t also want to be recovering from a financial set back also. A heart attack, stroke and cancer are traumatic enough events without having to worry about the financial strain they pose to the employee and their family.