Protecting your livelihood
How well protected is your business – are you ready if something went wrong?
Most business owners understand that it is wise to insure the physical assets that keep a business running – like equipment and stock in case of things like theft or a fire. However, there are several other important types of insurance policies to cover business threats that you may not see coming.
There are things that can catch business owners off guard with potentially disastrous consequences such as – business interruption from natural weather events, computer hacking or cyber crime and injury or death of key personnel. It is important to protect the intellectual capital in your business – physical assets can be replaced, but knowledge and skills provided by key staff sometimes cannot. Key person insurance is always a good idea for businesses that heavily rely on certain people to generate income.
As a business owner – you may actually be the biggest asset to the business. If you or someone critical to your business has a car accident and cannot work for six months – how would that impact your cash flow? Could the business survive?
Our team of advisors are experts in protecting your business assets, your business revenue and your share of the business. These policies can keep debt repayments covered so you do not need to sell off assets or get deeper into debt just to make your payment obligations, and also offer the flexibility buy out shares in the event of a business partner being seriously injured or killed.
Have you heard of underinsurance before? If you own a business you should have.
Being under insured can be a disastrous mistake for business owners. At Excel Financial Solutions our team members are familiar with this issue thanks to our accounting background, so we can make sure your business is adequately protected when things go wrong.
Simply put – under insurance is where your business is actually more successful and has generated more revenue than what your insurance policy accounts for. Normally you will take out insurance policies based on the gross revenue the business generates – however this is the sort of thing that business owners typically forget about or ignore until something bad happens!
Because Excel Financial Solutions is an integrated service provider, we work with business owners ahead of time – looking at long term performance trends and the business goals to calculate an adequate level of insurance. The last thing you want when something goes wrong, is for your insurer to only pay out half of what you were entitled to had your insurance been done properly. Being underinsured can send businesses bankrupt when things go really bad – have you checked your insurance policy lately?
Did You Know?
1 out of 6 Australian businesses do not have any form of insurance!
It is estimated that about 25% of small businesses are underinsured in Australia: if a serious insurable event takes place, these businesses may not be able to survive.
Lifewise found that 3 of 4 Australian workers will face a serious health problem during their career: if you or your key staff get sick or injured, what would that mean for your business? Could it survive?
Wholesale, Transport & Storage, along with Property & Business services are the most likely to be underinsured.