What to Consider as a Business Owner
SHOULD THE UNTHINKABLE HAPPEN, LIFE INSURANCE CAN PROTECT YOUR BUSINESS AND YOUR FAMILY.
If you are involved in your own business you MUST be able to satisfactorily answer these questions:
- If I or one of my partners were to become disabled and unable to work for any period of time, would the business be able to continue paying that person’s salary?
- What happens if my partner gets divorced and his/her share of the company is included in the divorce settlement? Will cash be available to buy out his/her shareholding or will we be forced to sell the business or take in a new partner?
- If one of the partners suddenly dies, is there enough cash available to buy out his/her share and at what price?
- When I, or one of my partners, retires one day, what will happen to that share of the business? Is a buy-out plan in place?
- What happens if one of my key employees, with unique skills or contacts, dies unexpectedly? How will I keep the business going while I try to replace him or her?
- How will my family or partners meet the estate duty obligations of my estate when I die?
- Have I done all that is possible to minimise my personal tax liabilities?
Contact our experts at G and S Insurance Brokers in Alberton today to help you get through the maze of business life insurance decisions that can prevent disaster later.