Red Dog Financial Services also offer businesses Partnership Insurance and Keyman Insurance.
When you are in a business partnership, large or small, you want to make sure you protect your hard work and financial investment. Generally, businesses will insure their cars, buildings, equipment and also have professional indemnity insurance.
But all too often business partnership and keyman insurance is over looked.
Partnership Insurance is a requirement for any business which operates with partners. Partnership insurance protects each partner in the business in the event that one of them is unable to continue in the business due to injury, illness or death.
The insurance provides the continuing partner/s the funds to buy the shares from the partner that is unable to continue in the business due to injury, illness or death. Partnership insurance is designed to protect ALL partners.
What would happen to your business if you lost vital employees due to injury illness or death?
Keyman Insurance is another vital part of safeguarding your business.
The purpose of keyman insurance is to protect you from the above situation. If a key employee can no longer work for you due to injury, illness or death how will that affect your bottom line? If they can be easily replaced then keyman insurance is not required HOWEVER if your staff is vital and difficult to replace than keyman insurance is required. The purpose of keyman insurance is to provide a lump sum payment to the business in the event a key staff member can no longer work due to injury, illness or death. This provides funds to educate or train another person in that role, or recruit a person with equal knowledge.
So if you are in a business partnership or have valuable staff then we encourage you to pick up the phone and call us to make sure your business is not vulnerable to the above circumstances.
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Yoannidis Corporation Pty Ltd t/a Red Dog Financial Services and Steven Yoannidis are authorised representatives of Synchron, AFS Licence No 243313
The information contained herein is of a general nature only and does not constitute personal advice. You should not act on any recommendation without considering your personal needs, circumstances and objectives. We recommend you obtain professional financial advice specific to your needs, circumstances and objectives.