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
Trauma	Risk of a terminal or potentially fatal illness or condition to principals or employees of the business
Illness	Risk of loss of income through extended illness of principals or employees of the business
Disability	Risk of loss of income through partial or total, temporary or permanent disability of principals or employees of the business
Personal Injury	Risk of loss of income and incurring medical and rehabilitation expenses through injury to principals or employees of the business
Third Party Property	Risk of damage to other people’s property caused by the negligence of the principals or employees of the business
Buildings	Risk of loss or damage to your business buildings, offices and associated structures from fire, storm and tempest, flood, vandalism, etc
Building Contents	Risk of loss or damage to your building or office contents from fire, theft, loss, accidental damage or vandalism
Plant and Equipment	Risk of loss or damage to your businesses plant and equipment from fire, storm and tempest, flood, vandalism, etc
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
Travel	Risk of expenses incurred due to cancellation of business travel arrangements by travel providers, official action or illness or disability
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)
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.
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

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 decreased 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?
Who 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 1800 661 890 or contact us (see menu above) soon to make a time to speak to a Super Smart adviser.