Keyman and business life insurance

There are 3 main types of life insurance for business

1) Keyman insurance is required when an employee is of great importance to the company, and if they are needed to be replaced it would cost the company to find, train and replace this key person to your company.

2) Buy and sell life insurance
If you and your partner have a successful business, and either of you had an accident and can no longer work, would you want them to still be working with you?

A buy and sell is a life insurance product that pays your partner if you die or get disabled. Your partner will then have enough money to buy your portion of the company from you or your estate. There needs to be signed contract between the partners that they agree to sell the company to each other.

3) Contingent liability insurance is taken out when the director or an employee stands surety for a loan the company has taken out. Banks will often want someone who has this kind of insurance because then they will be able to get their money back if anything happens to the person insured.

Sit with our financial planners and discuss what kind of cover you need for your business and your partners.